Buxton Resources (ASX:BUX) is expecting to conduct an updated mineral resource estimate for the Graphite Bull Project in Western Australia, between January and February next year.
The updated resource estimate will be based on drilling programs conducted in 2023 and 2024.
Graphite Bull’s current mineral resource totals 4 million tonnes @ 16.2% total graphitic carbon (TGC) in the inferred category, at a 4% TGC cut-off grade.
This news comes after Buxton received the remaining assay results from the 2024 drilling program, which returned 50m @ 24.9% TGC from 38m and 10m @ 37.3% TGC from 12m, including 6m @ 47.3% TGC.
Buxton, which has a market capitalisation of $9.33 million, says the drilling program aimed to support a substantial resource estimate for the Graphite Bull Project.
CEO Marty Moloney says the company is now finalising inputs to the resource upgrade, which is a key short-term priority.
“Incredibly high-grades and an investment-friendly location are two of Graphite Bull’s defining qualities,” Moloney says.
“These results, along with qualification feedback from BTR New Material Group will then guide Buxton’s strategy at Graphite Bull.”
BTR is a fully vertically integrated Chinese anode manufacturer, from upstream natural graphite mining to downstream lithium-ion battery materials.
Buxton has provided BTR with a 750kg bulk sample of ore at 13.75% TGC, derived from four drillholes within the existing resource. BTR has previously tested Graphite Bull flake concentrate and are now conducting qualification testwork. The results are expected in early February 2025.
Buxton adds that it is completing a 3D geological interpretation along a 1,500m strike length where mineralisation starts at surface and remains open at depth.
The company notes several zones appear to have “good potential” to support resource classification with reasonable prospects for economic extraction by open-pit methods. These zones include the existing resource and a 440m zone in the east.
Buxton Resources is a mineral explorer focused on its wholly owned Graphite Bull Project. The company is also managing exploration at the Copper Wolf Project in Arizona, US.
Write to Aaliyah Rogan at Mining.com.au
Images: Buxton Resources
