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Why are Buxton Resources' Copper Wolf Project assay results significant for the company's future?
The Australian mineral exploration company, Buxton Resources Ltd (ASX: BUX), has shared encouraging assay results from its Copper Wolf Project, with the second diamond drillhole (CPW0002DD) yielding promising outcomes. This development marks a significant milestone in the company's journey as it continues to explore the rich mineral potential of the region.
Extensive High-Grade Mineralisation
The assay results from CPW0002DD have unveiled a substantial 405. 38 meters of mineralisation, with a copper equivalent (CuEq) grade of 0. 70%. This intriguing find is situated at a depth of 618. 38 meters, below the initial CPW0001DD drilling site.
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Notably, within this extensive interval, there is a remarkable section spanning 105. 77 meters, characterized by an impressive CuEq grade of 0. 86%, commencing from 700. 43 meters.
These significant findings follow the earlier discovery at CPW0001DD, where 83. 76 meters of mineralisation at a 0. 90% CuEq grade were recorded from a depth of 527. 91 meters. When these two intervals are aggregated, they result in a remarkable combined intersection of nearly 485. 85 meters, boasting an average CuEq grade of 0. 73%.
Expert Validation and Recommendations
The project received an additional boost in November when independent expert Alan Wilson conducted a technical site visit and core review. Mr. Wilson's evaluation confirmed the presence of a large, mineralized porphyry copper-molybdenum (Cu-Mo) system at the Copper Wolf Project. Intriguingly, the hypogene Cu-Mo grades observed were on par with or exceeded those reported by previous explorers, indicating the project's significant potential.
Furthermore, the site visit revealed multiple Cu-Mo mineralizing vein events and associated potassic alteration over an impressive vertical extent of over 600 meters. Mr. Wilson's comprehensive assessment led to a compelling recommendation for a Phase 2 step-out drilling program, underscoring the belief in the project's prospects.
Funding and Collaboration
It's important to note that the maiden drilling program at the Copper Wolf Project was entirely funded by Buxton Resources' joint venture (JV) partner, IGO Limited. This collaborative effort has allowed for the exploration and validation of the project's mineral potential, leading to these promising results.
CEO's Perspective
Marty Moloney, CEO of Buxton Resources, expressed his enthusiasm regarding the latest developments, stating, "Buxton is delighted to report that the maiden drilling program at Copper Wolf has intersected over 485 meters of porphyry mineralisation exceeding a 0. 7% CuEq grade. These assay results and independent expert Alan Wilson’s review and recommendation for further drilling is a fantastic validation of the Copper Wolf Project’s prospectivity. "
Moloney also shared the company's strategic focus on the 100%-owned tenure surrounding the JV, where mapping and sampling activities are currently underway.
Deepening Understanding
CPW0002DD delves deep into mineralized basement rocks, extending beyond post-mineralization volcanic geology. Importantly, it was drilled just approximately 10 meters away from the CPW0001DD site, which was concluded before reaching the target depth.
The collaboration with IGO Limited has introduced a valuable dimension to the project, as the partner has requested deferral of assaying for the interval equivalent to CPW0001DD. This deferral allows for comprehensive geo-metallurgical testwork before geochemical assay, enhancing the understanding of the mineralization.
Vein of Potential
The results from Buxton Resources' Copper Wolf Project are a testament to the rich potential that lies beneath the earth's surface. With high-grade mineralization, extensive intervals, and validation from independent experts, the company's pursuit of copper and molybdenum resources is poised to unlock significant value. As the project advances, it holds the promise of contributing substantially to Australia's mineral exploration landscape.
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