Buxton Resources (ASX:BUX) is planning more exploration and resource definition drilling work at its Graphite Bull Project in Western Australia after uncovering new ‘outstanding’ shallow conductors.
The $33.39 million market capitalisation company identified these conductors through a Loupe Electromagnetic survey over the project area, which allowed it to identify and prioritise several new near-surface targets within and around the existing defined inferred resource.
Buxton reports this is an ‘exceptional’ result as it provides encouragement for ‘significant’ resource increases at shallow depths amenable to open-pit mining.
The company’s planned drilling work in the area is subject to expanded heritage clearance surveys currently scheduled for early November this year (2023).
Buxton reports all drilling to date demonstrates a direct correlation between EM anomalies and graphite mineralisation. These conductors are therefore ‘highly likely’ to represent concentrations of graphite mineralisation.
Buxton Resources Chief Executive Officer (CEO) Marty Moloney says this project is shaping up to be a ‘company-maker’.
“Our wholly owned Graphite Bull Project in the Gascoyne Region of WA is rapidly shaping into one of Buxton’s most exciting assets.
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 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.”
“we believe that this project can emerge as a company-maker for Buxton”
Buxton Resources is a nickel, copper, gold, iron, and graphite explorer focused on its Graphite Bull project in Western Australia.
The project is located in the Gascoyne Region in Western Australia and was acquired by Buxton in 2012. Graphite Bull currently holds a JORC 2012-compliant inferred resource of 4 million tonnes @ 16.2% total graphitic carbon (TGC).
Buxton Resources had $4.145 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Buxton Resources
