- Buxton Resources (BUX) launches a diamond drilling program at its Copper Wolf project in Arizona, USA
- The WA-based company has begun drilling its maiden hole, marking the first exploration drilling program in the area since 1993
- The new hole will target a zone beneath a historical hole that ended in porphyry-style copper-molybdenum mineralisation, with an initial target depth of 1100 metres
- The company estimates the drilling will take around a month to complete until it reaches its initial target depth
- Buxton Resources last traded at 20 cents
Buxton Resources (BUX) has launched a diamond drilling program at its Copper Wolf project in Arizona, USA.
The WA-based company has begun drilling its maiden hole, marking the first exploration drilling program in the area since 1993.
The new hole will target a zone beneath a historical hole that ended in porphyry-style copper-molybdenum mineralisation. The drilling is planned to continue roughly 320 metres deeper than the historical hole, with an initial target depth of 1100 metres.
Buxton said it will have the capacity to further extend the hole, if “favourable” mineralisation is intersected.
The exploration drilling will be funded by major shareholder IGO (IGO) as part of a pre-earn-in option, which also includes two of Buxton’s other assets – Narryer and West Kimberley.
Under the current arrangement, IGO holds an exclusive right to earn a 51 per cent interest in the Copper Wolf tenements by sole funding expenditure totalling $350,000 within two years.
The company estimates the drilling will take around a month to complete until it reaches its initial target depth.
Buxton Resources last traded at 20 cents.