How Significant Are Buxton Resources Findings at Dogleg Prospect?

Buxton Resources Announces Impressive Results from Dogleg Prospect

Buxton Resources (ASX:BUX), in partnership with IGO Limited (ASX:IGO), has announced encouraging assay results from the second diamond drill hole at the Dogleg Ni-Cu-Co Prospect in the West Kimberley Project, Western Australia. This development marks a significant advancement in the exploration of nickel sulphide deposits.

High-Grade Nickel Sulphide Discovery

The second drill hole, labeled 23WKDD004, yielded remarkable results, including an interval of 2. 89 meters (True Width 2. 63 meters) at 4. 17% Ni, 0. 83% Cu, and 0.

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14% Co from a depth of 233. 63 meters. These results follow the high-grade nature established by the first hole, 23WKDD003.

CEO's Comments

Buxton Resources CEO Marty Moloney commented on the outstanding grades for semi-massive sulphide mineralization. He emphasized the importance of these results, especially given their location outside the modeled ground EM plate.

The Dogleg Prospect: A Growing Interest

The Dogleg Prospect, part of the Quick Shears Project in the Proterozoic belt of West Kimberley, initially drew interest based on magnetic data suggesting a similarity to the Merlin Ni-Cu-Co Prospect. A moving-loop electromagnetic (MLEM) survey in 2022 identified a significant conductor in the area.

Drilling Program and Results

The initial drilling program, which included a single diamond drill hole, targeted this conductor and intersected massive sulphides. The second hole, drilled 65 meters down-plunge from the first, intersected semi-massive sulphides, reinforcing the potential of the area.

Advanced Geophysical Surveys and Interpretation

Downhole surveying of both drill holes revealed strong in-hole responses from sulphide mineralization. Although the DHEM technique's effectiveness in detecting extensions is limited, it suggests potential down-plunge extensions of the MLEM conductor.

Modelling of DHEM Surveys

Modelling combined DHEM surveys has resulted in identifying a 15,000 Siemen conductor, superseding previous DHEM conductors but not the original MLEM conductor.

The West Kimberley JV Projects

The West Kimberley Project aims to discover Nova-style magmatic Ni-Cu-Co sulphide mineralisation. The Merlin Prospect, discovered in 2015, led to a joint venture agreement with IGO Limited. IGO can earn up to 70% in the Double Magic Project tenements for $8M over four years.

Expansion and Agreement Amendments

In October 2022, Buxton received shareholder approval to amend the existing joint venture, allowing IGO to increase its interest to 80% for a cash payment to Buxton of $1,000,000.

A Promising Future for Nickel Exploration

The assay results from the Dogleg Prospect highlight the potential for high-grade nickel sulphide mineralization in the region. With IGO planning a follow-up drilling program for the 2024 field season, Buxton Resources is poised for further discoveries and development in this promising area.

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