Buxton Resources (ASX:BUX) is engaging with the Wajarri Yamaji Aboriginal Corporation (WYAC) to conduct a heritage survey at the Bandito and Ranger prospects within its Narryer Project in Western Australia.
The $23.12 million market capitalisation company will also conduct further ground geochemical follow-up work on multiple airborne electromagnetic (EM) and radiometric targets.
This announcement comes after Buxton executed a Heritage Protection Agreement (HPA) with WYAC and was granted an exploration licence that secures the along-strike extension of the Bandito prospect.
Exploration licence (E09/2922) brings Buxton’s wholly owned landholding at Narryer to 1,918km-square across 4 granted exploration licences along the ‘highly prospective’ Yilgarn Western Margin.
Buxton’s share price closed 11.11% at $0.15 on Wednesday afternoon (2 August).
Meanwhile, the company says a field reconnaissance program uncovered a previously unknown outcrop of mafic volcanic rocks at the Prodigy prospect. A rock chip sample returned a result of 0.45% total rare earth oxide (TREO).
Buxton says this and other rare earth element (REE) results from the area are an ‘impressive’ 22 to 93 times higher than background for basaltic rocks, which average about 0.01% TREO.
…this and other rare earth element (REE) results from the area are an ‘impressive’ 22 to 93 times higher than background for basaltic rocks
The company also completed a highly targeted moving loop electromagnetic (MLEM) survey at 3 sites within the Narryer Project on tenements E09/2427 and E09/2428.
A total of 3 individual plates were modelled with conductance values between 100 to 2,100 Siemens.
Buxton notes that results from the EM modelling and the ‘unprecedented’ REE rock chip results have encouraged the company to plan an initial exploration reverse circulation (RC) drill program of 4 holes for 835.
These RC holes will test for carbonatite-associated REE mineralisation at Bandito and nickel-copper sulphide mineralisation at Ranger.
Buxton Resources is an ASX-listed exploration company focused on the discovery and development of metalliferous ore deposits, including nickel, copper, gold, iron, and graphite.
As of 30 June 2023, the company had $4.145 million cash at hand, according to its latest quarterly report published on 28 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Buxton Resources Ltd
