Buxton Resources Limited (ASX: BUX) has reported that outcropping Ni-Cu sulphide was discovered 5km along strike from Buxton’s flagship Merlin Project on recently acquired New World Cobalt Project tenure contiguous with Merlin Project in the West Kimberley region of Western Australia.
Buxton noted that the discovery underpins the regional prospectivity of the Ruins Dolerite for magmatic nickel copper sulphide mineralisation and emphasises the value of Buxton’s significant land position in the belt.
Buxton – New World JV
Buxton had entered into an agreement with New World to acquire its West Kimberley Project. This includes New World’s interest in three tenements, E04/1972, E04/2314, and E04/2423 adjacent and contiguous to Buxton’s flagship Merlin Project. As per the agreement, BUX would earn 80%.
It may be noted that the historical exploration on the NWCL tenements was limited to a helicopter EM survey (VTEM), ground EM and three diamond drill holes on E04/1972.
The company has recently commenced mapping and sampling in the West Kimberley region.
Mapping and sampling update
BUX has now announced an encouraging update on its recent geological mapping and rock chip sampling.
The company reported that fresh Nickel-Copper sulphide mineralisation was identified on the recently acquired New World Cobalt (NWCL or New World) ground contiguous and along strike from Buxton’s Merlin tenure.
It may be noted that a continuation of the Ruins dolerite exists at the Merlin tenure. The Ruins Dolerite is a medium- to fine-grained mafic-ultramafic intrusive that is host to the known nickel-copper sulphide mineralization.
BUX reported that sulphides were observed at several locations within E04/1972 over a strike of approximately 1 km, located 5 km from the centre of the Merlin Project.
The company noted that these observations make the NWCL tenure highly prospective for additional Ni-Cu sulphide mineralisation and/or continuations of the Merlin mineralised system.
BUX said that the observed sulphide mineralisation occurs as disseminations and is interpreted to comprise pyrrhotite, chalcopyrite, and pentlandite within mafic-ultramafic intrusive rocks.
Meanwhile, the company reported that the on site portable XRF readings also support visual observations by Buxton geological staff, confirming the presence of nickel and copper bearing sulphides within a host-rock that exhibits the lithogeochemical characteristics of the mineralised Ruins Dolerite at Merlin.
The company said that a selection of the rock chip samples will immediately be sent for laboratory analysis. Buxton reported that it is looking forward to continued exploration on the highly prospective NWCL tenure.
The company expressed confidence that this discovery underpins the regional prospectivity of the Ruins Dolerite for magmatic nickel copper sulphide mineralisation and emphasises the value of Buxton’s significant land position in the belt.