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Buxton Resources (ASX:BUX) has locked in key contracts for a major drilling program – set to commence next month – which focuses on its Centurion IOCG (iron oxide, copper-gold) target in Western Australia.
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This will be the maiden program for this target, which is located in WA’s West Arunta region. Buxton has earmarked JB Contracting to do earthworks.
The drilling itself will be done by DDH1 Drilling, the company has confirmed today.
Centurion is being targeted on a large-scale geophysical signature defined by coincident magnetic and gravity anomalies, The latter often indicate the presence of major IOCG deposits such as Carrapateena and Olympic Dam.
This anomaly will be tested through an initial 1,000-metre vertical diamond drillhole, and follow-up ‘daughter’ holes will then assess both the gravity and magnetic features
from the parent hole.
Buxton views this approach as one that optimises the initial exploration phase and allows
for rapid evaluation of the target.
“The imminent maiden Centurion drilling program represents a significant step in unlocking the potential of this substantial IOCG target,” CEO Marty Moloney said. “We are therefore delighted to partner with highly reputable and experienced contractors, JB Contracting and DDH1 Drilling, for this pivotal campaign.
‘Their established presence and operational experience in the West Arunta region provide cost efficiencies and the invaluable leverage of their local knowledge.”
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BUX shares have moved up since the news, and at 10:21 AEST, they were trading at 3.8 cents – a rise of 8.57% since the Oz markets opened.
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