Buxton Resources Reports Major Graphite Discovery at Graphite Bull Project
BUX (BUX) Share Update July 2024 Wednesday 24th
Buxton Resources Announces Significant Graphite Mineralization at Graphite Bull Project
Buxton Resources Ltd (ASX:BUX) has announced a significant discovery at its Graphite Bull project in Western Australia, with drill hole GB006DD intersecting 84.60 meters of graphite mineralization, including a 50.35-meter zone of high-grade graphite.
Instant Summary:
- 84.60 meters of graphite mineralization intersected.
- 50.35 meters of high-grade graphite within a 52.2-meter Main Zone.
- Mineralization extends 240 meters down-dip from the 2014 Resource.
- EM model successfully predicts mineralization at depth.
- Drilling continues along strike with GB007DD commenced 600 meters east.
Discovery Details
Buxton Resources Ltd (ASX:BUX) has reported a major intersection of graphite mineralization at its Graphite Bull project in Western Australia. Drill hole GB006DD intersected 84.60 meters of graphite mineralization, including a 50.35-meter zone of high-grade graphite within a 52.2-meter Main Zone. This discovery is located 240 meters down-dip from the existing 2014 Resource, effectively doubling the depth extent of drill-confirmed mineralization.
The Main Zone intersection was predicted by the EM model, which has proven highly effective in targeting mineralization at depth. To date, no false conductors have been drilled, providing a significant boost to drill planning and resource modeling confidence.
Ongoing Drilling and Future Plans
Buxton Resources has commenced drilling of GB007DD, located 600 meters east along strike from GB006DD. This drilling aims to test the down-dip extensions of mineralization intersected in previous drill holes GB003RC and GB004RC. The mineralization remains open along strike, indicating further potential for resource expansion.
Sampling of the Main Zone core has been expedited, and laboratory results are expected later this quarter. Buxton Resources has also started detailed structural mapping and is preparing for an extensive program of RC drilling.
CEO's Statement
Buxton's CEO, Marty Moloney, expressed optimism about the findings, stating, 'We’ve found what we’re looking for in the place we expected and 240 meters below the existing Resource. This indicates the Main Zone at Graphite Bull is large, structurally simple, and highly predictable - all positive characteristics for project economics.'
Moloney added that the new intersection is a significant step forward for the project, with further drilling planned to test the system at depth and along strike.
The discovery of significant graphite mineralization at the Graphite Bull project is a positive development for Buxton Resources. The successful prediction of mineralization by the EM model boosts confidence in the project's potential. This news is likely to have a favorable impact on Buxton's stock price as investors respond to the promising exploration results. The ongoing drilling program and upcoming laboratory results will be crucial in determining the project's future potential.
Investor Reaction:
Analysts have reacted positively to the news, noting the successful prediction of mineralization by the EM model and the significant depth extension of the resource. Investors are optimistic about the potential for further resource expansion and the economic viability of the project.
Conclusion:
Investors should keep an eye on the upcoming laboratory results and the progress of the ongoing drilling program. Buxton Resources' strategic approach to exploration and resource development at the Graphite Bull project will be key to maintaining investor confidence and unlocking the project's full potential.