Join our daily newsletter At The Bell to receive exclusive market insights
- Buxton Resources’ (BUX) recent drilling “over-delivers” on grade, thickness and additional strike at its Graphite Bull project in WA’s Gascoyne region
- The program involved five wide-spaced reverse circulation holes for 991 metres
- The drilling returned “outstanding” graphite hits, including 33 metres at 18.7 per cent total graphitic carbon
- Meanwhile, Buxton has appointed Ecologia Environmental Consultants to begin baseline biological surveys to support environmental assessments and approvals
- Buxton Resources is up 20.56 per cent and trading at 20.5 cents at 1:38 pm AEST
Buxton Resources (BUX) shares spiked on Wednesday after the company reported its recent drilling at its Graphite Bull project in WA’s Gascoyne region “over-delivered” on grade, thickness and additional strike.
Buxton said it was “delighted” with the outcome of the reverse circulation campaign, which returned “outstanding” graphite hits including 33 metres at 18.7 per cent total graphitic carbon and 18 metres at 16.2 per cent total graphitic carbon.
The program involved five wide-spaced reverse circulation holes for 991 metres to test recent ground electromagnetic modelling.
The company said the two largest step-out holes and a newly-discovered graphitic zone “delivered in spades”.
The combination of the assay results, plus the electromagnetic modelling, provided “categoric evidence” that graphite mineralisation occurred across at least two kilometres of strike that remained open.
The company said its existing JORC resource of four million tonnes at 16.2 per cent total graphitic carbon was merely the “tip of the iceberg”.
Meanwhile, Buxton has appointed Ecologia Environmental Consultants to begin baseline biological surveys to support environmental assessments and approvals.
Buxton Resources shares were up 20.56 per cent and trading at 20.5 cents at 1:38 pm AEST.
