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Buxton Resources uses magnetics to define WA copper-nickel targets


Buxton Resources is searching for copper and nickel at its Narryer project in WA’s Gascoyne region. Credit: File

Buxton Resources (ASX: BUX) has revealed plans to drill-test three new target areas unveiled by high-tech ground moving-loop electromagnetic (MLEM) surveys at its Ranger and Oculus prospects in an upcoming campaign at its Narryer project in Western Australia’s Gascoyne region.


The company says the surveys provided high-conductance EM plate levels up to 10,000 Siemens, indicating the potential for iron-bearing copper-nickel or graphite mineralisation. A second MLEM survey completed at the Oculus prospect also defined two new EM plates, with conductance values between 5000 and 10,000 Siemens.


Buxton says both are about 750m in strike length, starting at 100m below surface and extending 1000m down-plunge.


Management noted that a 2023 MLEM survey at its Ranger prospect has been reinterpreted, providing a value of 6000 Siemens, with the EM plate about 150m in strike length, starting at 195m and extending 800m down-plunge. The survey was undertaken following nickel-copper geochemical anomalies derived from more than 400 samples.


The survey area is near to where the $6 billion ASX-listed IGO completed an MLEM survey that resulted in a reading of 2100 Siemens.


If this ground EM response is caused by sulphide, then we’ve got over 7km strike of highly-prospective geology for magmatic nickel deposits at Oculus. Alternatively, we may have another graphite deposit.
Buxton Resources chief executive officer Martin Moloney

Moloney said management was now prioritising extensions to the ground EM and heritage clearances to allow drill testing at both Oculus and Ranger.


The company is planning for its maiden drill program at Ranger, where it has already obtained program of works (POW) approval and heritage clearance. It is also aiming to obtain POW and heritage clearance for Oculus in the near term to enable drilling the prospective MLEM defined plates.


Buxton believes the geological setting at the Narryer project is similar to the renowned Thompson nickel belt in Canada, with the conductive features resulting from nickel-bearing small ultramafic intrusions being trapped within pipe formation meta-sediments.


The company holds 1918 square kilometres across four granted exploration licences along the Yilgarn Western Margin complex, which includes the Narryer Terrane. The Yilgarn Craton hosts Chalice Mining’s world-class Julimar nickel-copper-platinum group elements (PGE) project and consists of many similar mineral occurrences along a more than 1000km strike length.


Buxton has several other promising projects on its hands, with its 100 per cent-owned Graphite Bull resource consisting of 4 million tonnes at 16.2 per cent total graphitic carbon (TGC) in a strike length of 460m and a depth to 220m. Management is poised to launch an infill drilling program along a 2.1km potential strike zone where drilling last year confirmed further high-grade graphite mineralisation.


Results from the company’s 2023 scout drilling program comprised several thick intersections of 33m at 18.7 per cent TGC from 11m, 32m going 17.7 per cent from 49m and 18m at 16.2 per cent from 145m. Narrow higher-grade intervals included 5m at 24.8 per cent from 20m and 5m at 24.5 per cent TGC from 123m.


The highly-promising Copper Wolf project has recently thrown out eye-watering drill hits of 405.38m at 0.7 per cent copper equivalent from 608.38m including 105.77m at 0.86 per cent from 700.43m. The thick interval sits below a previously-reported 83.76m at 0.9 per cent copper-equivalent from 527.91m.


Management also noted that recent coincident geochemical and magnetic anomalies at its Wolverine prospect, in addition to rock chip samples returning 1.2 per cent copper and 383 parts per million molybdenum adjacent to the proposed drill site, provide further cause for the enthusiasm with the project.


Anomalous recent rock chip results from its Sun Devil and Aztec prospects within Copper Wolf returned up to 3.08 per cent copper, 156ppm molybdenum and 9.34ppm silver. Management says geochemical results indicate that upper levels of a porphyry system are exposed, with potentially buried copper targets at depth.


Mining giant IGO is earning into the project as part of a joint venture (JV) agreement with Buxton.


The company has a diverse mix of projects across a compelling range of critical and valuable minerals, giving itself every opportunity to be an interesting participant in the coming clean energy transition.


Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au


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