Buxton Resources: A new copper/moly discovery – paid for by one of the biggest mining houses in Australia
Buxton Resources CEO Marty Moloney on 3AW, 2GB, 4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed Buxton Resources CEO Marty Moloney talk to Matt Birney on the Bulls N’ Bears Report about Buxton’s big farm-in partner that nailed a new porphyry discovery in the USA with the very first drill hole.
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Buxton Resources has a string of exploration projects scattered across WA and the Copper Wolf porphyry copper-molybdenum project in Arizona. Its WA focus is largely on the Graphite Bull project in the Gascoyne region however more recently Copper Wolf delivered in spades after farm in partner IGO nailed some long copper-molybdenum drill intersections that point to a serious porphyry discovery.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by mineral explorer, Buxton Resources
Matt Birney - ASX code: BUX
Matt Birney - I'm Matt Birney and I'm joined now by the CEO of Buxton Resources, Marty Maloney
Matt Birney - Hi Marty
Marty Maloney - G'day Matt
Matt Birney - Okay, so Buxton Resources has a string of exploration projects scattered across WA and also the Copper Wolf porphyry copper-molybdenum project in Arizona.
Matt Birney - Its WA focus is largely on the Graphite Bull project that has been throwing up some uber high-grade results in the Gascoyne region of WA but more recently Copper Wolf delivered in spades out of Arizona, after farm-in partner IGO nailed some very long copper-moly drill intersections that point to a potentially serious porphyry discovery.
Matt Birney - Okay Marty, your maiden drill hole into Copper Wolf, funded by IGO I take it, seemed to nail a new discovery. Hit me with the best numbers from that first hole.
Marty Maloney - So Matt we got 83.76 meters at 0.4 per cent copper and 0.65 per cent moly. 0.86 per cent copper equivalent from 527.91 meters and these are some seriously good grades for a porphyry system.
Matt Birney - Okay, I know you're still waiting for assays from that second hole but what did you learn from that second hole at this stage if anything?
Marty Maloney - So the second hole extended the first, we drilled to 1174 meters and importantly we finished in mineralisation because we'd already hit 626 meters of it and we could see this stuff looked like what we were looking for.
Marty Maloney - We're gonna wait for another maybe five or six weeks to get assays, mid to late October, the message is if the first hole shows that Copper Wolf can cough up the grade, the second hole shows that this is a system of serious scale.
Matt Birney - What caused you to drill were you drilled?
Marty Maloney - Our partner IGO has a earn in right to earn up to 70 per cent by spending five million dollars on this project. They drilled this hole essentially as a due diligence hole but really they wanted to test if this project could really be a system of scale and that's what we're seeing.
Matt Birney - How much have they spent on it so far and how much will they spend?
Marty Maloney - So they've got to spend five mil to get to seventy per cent, they've spent about 2.3 mil so far.
Matt Birney - Now IGO is a shareholder of Buxton as well, did I see that somewhere on your register?
Marty Maloney - They've got 18.2 per cent of Bux, and yeah they love what we do now.
Matt Birney - Back in WA, you've got the Graphite Bull project near Meekatharra that has put down some pretty big drill intersections in terms of grade, just very quickly what are the best of them?
Marty Maloney - So we've got 32 two meters at 23.4 per cent including seven at 32.6. We've got 31 meters of 22.5 per cent including 6 at 33. These are some of the highest grades for a natural graphite project globally and you know while a lot of people are focused on lithium and nickel because they're in the cathode of a battery, graphite forms up to 50 per cent by volume of a battery and so our Graphite Bull project speaks to that battery mineral fanatic.
Matt Birney - Marty Maloney from Buxton Resources
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears
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