Buxton Resources Begins Diamond Drilling at Dogleg Ni-Cu-Co Prospect in West Kimberley
BUX (BUX) Share Update July 2024 Wednesday 31st
Buxton Resources Commences Diamond Drilling at Dogleg Ni-Cu-Co Prospect
Buxton Resources Ltd (ASX:BUX) has announced the commencement of the 2024 field season in the West Kimberley, featuring an extensive diamond drilling program at the Dogleg Ni-Cu-Co Prospect and MLEM surveys across the Quick Shears Project area.
Instant Summary:
- 2024 West Kimberley field season has commenced.
- Drill rig onsite at Dogleg Ni-Cu-Co Prospect with 6-8 drill holes planned.
- Extensive MLEM surveys planned across the Quick Shears Project.
- All exploration 100% funded by IGO.
Drilling Program Details
The 2024 field season has officially started for Buxton Resources Ltd in the West Kimberley region. The company has initiated an extensive diamond drilling program at the Dogleg Ni-Cu-Co Prospect. The program plans to drill 6-8 holes to follow up on the promising results from the 2023 field season.
The Dogleg Ni-Cu-Co Prospect is located within tenement E04/1972 of the Quick Shears Project. The drilling aims to further test the Dogleg MLEM conductor, which corresponds to a thick intersection of high-grade massive Ni-Cu-Co sulphides discovered in 2023. The 2023 drilling season revealed significant intersections, including 13.24 meters at 4.35% Ni, 0.34% Cu, and 0.15% Co from 177.34 meters.
Geophysical Surveys
In addition to the drilling, Buxton Resources will conduct extensive Moving Loop Electromagnetic (MLEM) surveys across the Quick Shears Project area. These surveys aim to generate further targets for diamond drill testing. The MLEM surveys are expected to recommence within the next fortnight.
The company aims to establish a geophysical platform that will enable Downhole Electromagnetic (DHEM) survey techniques to detect conductivity anomalies related to Ni-Cu-Co sulphide mineralization. Previous DHEM surveys conducted in 2023 showed strong in-hole responses, limiting the technique's effectiveness to see away from the holes in terms of both strike and plunge.
Future Prospects
The Dogleg drilling program also aims to intersect the interpreted Dogleg Intrusion along strike. Understanding if the intrusion is open along strike may lead to future follow-up drilling at depth and along strike. The Dogleg Intrusion formed and hosts the Ni-Cu-Co sulphide mineralization at the Dogleg Ni-Cu-Co Prospect.
Buxton Resources and IGO look forward to providing regular updates to shareholders on this emerging nickel sulphide discovery. The exploration activities are 100% funded by IGO, showcasing a strong partnership and commitment to uncovering valuable mineral resources in the region.
The commencement of the 2024 field season and the planned drilling at the Dogleg Ni-Cu-Co Prospect are likely to generate positive sentiment among investors. The discovery of high-grade nickel sulphides in 2023 has already set a promising precedent. If the upcoming drilling program yields similar or better results, it could significantly boost Buxton Resources' stock price. The extensive MLEM surveys also indicate a thorough and strategic approach to exploration, which can further enhance investor confidence.
Investor Reaction:
Analysts are likely to view this announcement positively, given the high-grade nickel sulphide intersections reported in 2023. The 100% funding by IGO also reduces financial risk for Buxton Resources, making it an attractive investment. However, investors will be keenly watching the results of the upcoming drilling and surveys to gauge the potential for future discoveries.
Conclusion:
Investors should keep a close eye on the updates from Buxton Resources regarding the 2024 drilling season. The initial results from the Dogleg Ni-Cu-Co Prospect could provide significant insights into the project's potential. Subscribe to our newsletter for regular updates and in-depth analysis on Buxton Resources and other stock market news.