Buxton Resources (ASX: BUX) has revealed a 54m graphite zone, with 20m estimated to be grading more than 10 per cent total graphitic carbon (TGC), in a maiden drillhole at its Ranger prospect in Western Australia’s Murchison region.
Sitting within the company’s Narryer project, the discovery has bolstered its efforts to expand its graphite footprint, complementing the promising nearby Graphite Bull project.
The drilling, which targeted a ground electromagnetic (EM) anomaly at Buxton’s 100 per cent-owned Ranger prospect, unearthed graphite mineralisation at 198m downhole, with drilling continuing to 252m – at which point the hole was abandoned due to waterlogging. While the rig has now been released, assaying of the mineralised interval has already started, with results expected by mid-October.
The new discovery has rapidly sharpened the company’s focus on the potential of a more extensive graphite-bearing trend at its nearby Oculus prospect, where more than 7km of similar EM conductors have lit up. It suggests the possibility of a far more significant discovery.
The drilling at the prospect – which sits within part of the Western Yilgarn Craton and hosts Chalice Mining’s Julimar nickel-copper-precious metals project, 600km further to the south – has now reduced its nickel potential. But with the evidence instead of abundant coarse-flake graphite, the company has now started additional “early-time” ground EM modelling and surveys to explore up-dip and shallower extensions of the confirmed mineralisation, as well as similar features at Oculus.
Earlier this week, Buxton reported further results from its nearby Graphite Bull deposit, including a 68m intercept featuring about 10 per cent TGC from 43m. Two earlier diamond holes reported earlier in the month intersected a 52m section of more than 10 per cent visible TGC from 481m, 240m below the known extent of the 4 million-tonne 16.2 per cent TGC resource defined in 2014.
Management says it expects to see its first TGC results from the laboratory within a fortnight.
Having opened up the potential for a much bigger orebody with the 1221m of diamond drilling, the company has also rushed forward a 3534m reverse-circulation (RC) program of 22 holes across 11 sections along a 1.1km strike as it bids to produce a year-end mineral resource.
As part of the ongoing program, two RC holes have already been drilled in the original resource area to gather data for an anticipated upgrade to the indicated resource category, with the potential for additional holes to soon be drilled.
With Buxton laser-focused on the potential to develop a sizeable graphite resource at both Ranger and Graphite Bull and the demand for graphite anode concentrate material for the booming lithium-ion battery market set to remain strong, the company has high hopes of one day becoming a tier-one supplier.
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