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- First new Arizona project since completion of the Copper Wolf asset sale agreement with IGO
- Acquired at pegging cost of US$11,000
- Rock chips from historic mine dumps return up to 6.21% Cu, 3.55% Cu and 1.1% Cu
- No modern drilling or systematic exploration known within the tenure permits
Buxton Resources (ASX: BUX) has been granted 14.2 sq. km of tenure at the Arivaca project in southern Arizona’s Laramide porphyry belt.
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The tenure is located approximately 30 km southwest of Freeport-McMoRan’s Sierrita copper-molybdenum mining complex and consists of eight mineral exploration permits acquired for application and two-year rent fees totalling US$11,000 with initial expenditure commitments being US$35,000 per annum.
Buxton has completed initial reconnaissance rock-chip sampling at Arivaca, which returned assay results up to 6.21% copper and 1,355 grams per tonne (g/t) silver, along with high levels of gold (up to 0.55 g/t) plus lead, zinc and antimony.
“Arivaca is exactly the kind of opportunity Buxton is pursuing in Arizona — 100%-owned, acquired at low cost, with high-grade surface mineralisation in an under-explored setting within the proven Laramide porphyry belt,” CEO, Marty Moloney, said.
“The geochemistry, veining, alteration and magnetics all point to potential for a porphyry-style mineral system at depth at Arivaca. We’re looking forward to commencing detailed mapping and geophysics ahead of our first drill program.”
The highest-grade samples were collected from dumps adjacent to historic mine workings.
A prominent airborne magnetic low is semi-coincident with the area of anomalous geochemistry. This magnetic anomaly may indicate a deeper felsic intrusion — such bodies typically underlie porphyry mineral systems.
“Buxton’s generative and reconnaissance dataset provides strong encouragement for further exploration for porphyry-style Cu-Mo mineralisation at Arivaca. Geological Field Operations Plans (GFOPs) have been submitted to the Arizona State Lands Department to allow Buxton to undertake detailed mapping and surface sampling, detailed airborne magnetics, and drill testing,” Mr Moloney said.
BUX was up 8.57% to 3.8¢. Mkt cap $14.99M.
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