Australian miner Buxton Resources has announced a breakthrough in its Copper Wolf project in Arizona.
The first drillhole at the site has reached a depth of 611.67m, intersecting 81.93m of basement rocks with mineralisation throughout.
The find is a major milestone for Buxton and its option partner IGO.
“Buxton is absolutely delighted with this result,” the company said in an ASX statement.
Buxton and IGO already have a deep commercial and technical relationship with four active joint ventures in the Fraser Range and West Kimberley regions of WA. Significantly, IGO is Buxton’s largest shareholder.
The Copper Wolf project hosts a large Co-Mo enriched Laramide porphyry system extending over an area of about 12 square kilometres in Arizona.
Under this agreement, IGO has an exclusive right to earn a 51 per cent interest in the Copper Wolf tenements by sole funding expenditure totalling $350,000 within two years.
The company has paused drilling for changeover to a drilling contractor with a larger drill rig with greater technical and depth capabilities.
Buxton’s geologists have logged potassium feldspar, silica, sericite, chlorite, clays and hematite from the drilling.
This is the first time that surveys have been contacted at the site in 60 years. Buxton said past drilling was widely spaced and shallow, with the focus being on supergene blanket mineralisation.
Buxton will have the capacity to extend the drilled hole if it sees encouraging geology and mineralisation.