Join our daily newsletter At The Bell to receive exclusive market insights
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.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
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.”
More market news
Trims: An RBA cut was locked. Beijing’s identical chop spotlights larger macro forces
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
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.
Join the discussion: See what HotCopper users are saying about Buxton Resources and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
