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Buxton Resources’ Identify Outstanding Shallow Conductors at Graphite Bull

23 October 2023 11:32
ASX: BUX
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Buxton Resources (ASX:BUX) has published the outcomes of a recent Loupe Electromagnetic (EM) survey conducted at its flagship Graphite Bull Project in Western Australia’s Gascoyne region, facilitating the identification and prioritisation of multiple near-surface targets within and around the established Inferred Resource.

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Figure 1: Graphite Bull Project Location Map

Buxton’s Loupe EM Surveys

The innovative Loupe EM surveys are a new portable mobile time domain EM system that takes advantage of a wide range of recent developments in electronics and signal processing for conductivity mapping in near-surface applications.

The survey was undertaken at the Graphite Bull Project to improve the resolution of conductivity mapping in the top 50 metres of the subsurface, covering an area of four kilometres by 0.8 kilometres for a total of 56.5 line kilometres.

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Figure 2: Map showing the outline of Loupe conductors interpreted to indicate the presence of shallow graphite mineralisation. Prioritised targets for shallow resource expansion are outlined.

Buxton has interpreted the new Loupe EM data to have identified numerous conductive zones, whose relationship to the known resources and mineralisation are classified as follows:

  • Directly adjacent to the existing resource (which remains open at to the East and West end and at depth)
  • In the hanging wall (South) of the existing resource as confirmed in GB001RC (33 m @ 18.7% TGC from 11 m)
  • In the foot wall (North) of the of the existing resource (previously undrilled)
  • Along strike from the existing resource as confirmed in GB0004RC (9 m @ 15.7 % TGC from 16 m and 32 m @ 17.7% TGC from 49 m).
  • A large area in the South West which was not identified by the Buxton’s 2023 High Power EM (HPEM) survey.

The Company is pleased with the results returned as it provides encouragement for significant resource increases at shallow depths amenable to open pit mining.

Buxton will employ the data to aid in exploration and resource definition drill programs which are currently being planned, subject to expanded heritage clearance surveys currently scheduled for early November.

The Graphite Bull Project

Situated in Western Australia’s Tier 1 jurisdiction, the Company’s Graphite Bull Project was acquired by Buxton in 2012, followed by an airborne EM survey in 2014 and subsequent drilling programs, culminating in two resource estimates.

Presently, the Graphite Bull Project boasts a JORC (2012) compliant Inferred Resource of 4 Mt @ 16.2% TGC.

Drilling to date at the Project has confirmed that graphite mineralisation is the only conductive geological material in the area, and EM anomalies are therefore highly likely to represent concentrations of graphite mineralisation.

In August this year, Buxton announced testing was conducted by ProGraphite in Germany and showed that the bulk concentrate sample exceeded the benchmarks necessary for the sample to be considered Li-ion battery quality, easily reaching a total graphitic carbon grade of 99.97 per cent while retaining low contaminant values.

With the rising demand for high-quality graphite for Li-ion battery anodes and a tightening global supply, the Graphite Bull Project stands out as a world-class opportunity in graphite development.

From the Loupe EM survey, Buxton has now identified numerous new targets which it is planning to test in further drilling and exploration conducted int he future.

Buxton’s Comments on the Results

Buxton Resources CEO Marty Moloney commented on the findings.

“Our wholly owned Graphite Bull Project in the Gascoyne Region of WA is rapidly shaping into one of Buxton’s most exciting assets,” he said.

“To date we’ve found that electromagnetic anomalies are highly correlated with graphite mineralisation across the project. We’re confident that the shallow targets identified from the recent Loupe EM survey provide us with substantial potential upside to this high-grade graphite resource located in a world class mining investment destination.”

“With global electrification trends supporting predicted long term global graphite demand, and indications that Graphite Bull enjoys highly favourable metallurgical qualities for anode precursor material production, we believe that this project can emerge as a company-maker for Buxton.”

BUX’s Australian Stock Exchange-listed share price has risen 2.564% and is currently trading at $0.20 (11.00am UTC+ 8 hours).

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