Buxton Resources Ltd (ASX:BUX) believes it has made a “major breakthrough” at its Copper Wolf Project in Arizona.
The company’s first drill hole, CW0001DD, has reached a depth of 611.67m and has so far intersected 81.93m of basement rocks with veining, alteration, and mineralization throughout which is consistent with a Laramide Cu-Mo porphyry system.
Buxton’s management says the result is a major milestone for both Buxton, its Option partner, IGO Limited, and the project.
Drilling is currently paused for changeover to a drilling contractor with a larger drill rig with greater technical and depth capabilities. Coring is expected to recommence soon. The contract with the new drilling company is executed and they are currently mobilizing to site.
Diamond coring from surface has penetrated the expected 543m of Tertiary cover to intersect Proterozoic gneissic rocks with metagranitic dykes and Laramide porphyry dykes. All rock units have been heavily altered and mineralized by up to six stages of quartz-sulphide veining and accompanying disseminated style mineralisation which is evident throughout the entire 81.93m of basement rocks.
CW0001DD is the first drillhole in the project area since 1993 and was sited to test around and beneath the 1970s Utah International hole RC-UC-17 which ended in identified primary porphyry copper-molybdenum sulphide mineralization.
The veining, alteration and mineralisation observed in CPW0001DD is consistent with the Laramide Cu-Mo porphyry system as discovered by Phelps Dodge in the mid-1960s.
Alteration minerals being logged by Buxton’s geologists include potassium feldspar, silica, sericite, chlorite, various clays, and hematite. This is consistent with observations and data from previous work completed since discovery by Phelps Dodge in 1963.
All budgeted work is 100% funded by IGO Limited, who is earning equity in the project under an earn-in option and JV agreement. IGO technical staff recently visited Buxton’s Arizona site to view CW0001DD core.
Aside from Buxton’s 2022 airborne magnetics survey, no geophysical surveys have been conducted in the area for 60 years. Historical drilling was widely spaced and relatively shallow, mostly focussed on supergene blanket mineralization.
This hole is planned to reach an initial target depth of 1,100m, at least 320m deeper than RC-UC-17. Buxton will have the capacity to extend the hole if warranted by encouraging geology and mineralization.
For further information please visit: https://buxtonresources.com.au/
