How Significant Are Buxton Resources Findings at Dogleg Prospect? Igo Limited

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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