Buxton Resources Limited (ASX: BUX) has provided an update to shareholders in relation to the Copper Wolf Project, in Arizona, USA.
IGO Limited has elected to earn an additional 19% interest, which if completed will bring its stake to 70%, by investing an aggregate A$5.35M in exploration and development.
Buxton believes that this decision underscores the strategic value of Copper Wolf and represents a major endorsement of the project’s potential by a leading ASX- listed mining company.
IGO had previously sole-funded a drilling programme that resulted in exceptional intersections of porphyry mineralization with assay results including 405.38m @0.35% Cu and 0.05% Mo in CPW002DD and 83.76m @ 0.4% Cu and 0.06% Mo in CPW001DD.
Building on these successes, the JV operating committee has advised that exploration through to June 2025 is focused on assessing the feasibility of conducting geophysical surveys to target high-grade porphyry mineralization at depth. This funding commitment not only advances the technical understanding of the project but also significantly de-risks Buxton’s investment by leveraging IGO’s
financial and technical resources.
Buxton maintains a free-carried interest in the JV Tenements through this stage of exploration while retaining a 100% interest in a 30.5 km2 area surrounding the JV tenements which covers the highly prospective and undrilled extension to the Copper Wolf porphyry system at Wolverine in the East and drilling targets beneath intense veining and alteration at the Sun Devil & Aztecs prospects.
To find out more, please visit www.buxtonresources.com.au
To read more articles like this, please visit www.theassay.com/news
