Buxton Resources (ASX:BUX) has commenced maiden diamond core drilling at its 100%-owned Wolverine copper-molybdenum porphyry project in Yavapai County, Arizona, with LSG Drilling undertaking a three-hole program totalling approximately 1,650 metres across the Wolverine and Copper Chief target areas.

Key Points

  • Three diamond core holes planned for approximately 1,650 metres: two holes (P1 and P2) at Wolverine and one hole (P3) at Copper Chief
  • Neither the Wolverine nor Copper Chief target areas has previously been drill tested
  • Reconnaissance rock chips adjacent to drill sites returned up to 1.2% Cu and 1,160 ppm Mo at Wolverine, and up to 14.15% Cu at Copper Chief
  • Drone-magnetic surveying mapped a 1,200 m × 250 m cluster of NE-trending magnetic anomalies coincident with mineralised Cu-Mo-bearing porphyry dykes at surface
  • First assay results are expected in early 2027, with the program expected to take approximately six weeks to complete

Maiden Drill Program Details at Wolverine and Copper Chief Targets

The program comprises three diamond core holes across two target areas. Hole P1 is planned to 650 metres at an azimuth of 65° and dip of −50°, and hole P2 to 550 metres at 85° azimuth and −50° dip, both at the Wolverine target. Hole P3 is planned to 450 metres at 330° azimuth and −60° dip at the Copper Chief target. The Wolverine Project comprises Buxton's 100%-owned claims together with the adjoining Copper Chief ground, which Buxton holds under a lease and option agreement. The program is expected to take approximately six weeks to complete, with first assay results expected in early 2027.

Geochemical and Geophysical Target Definition

Targets were defined by drone-magnetic surveying that mapped a 1,200 m × 250 m cluster of NE-trending magnetic anomalies coincident with mineralised, Cu-Mo-bearing porphyry dykes exposed at surface. Reconnaissance rock-chip sampling adjacent to the drill sites returned up to 1.2% Cu and 1,160 ppm Mo at the Wolverine target area, and up to 14.15% Cu at the Copper Chief target area. A U-Pb zircon age date of 69.6 ± 0.4 Ma confirmed a Laramide age for the system. Outcropping mineralised porphyry dykes at Wolverine intrude Proterozoic granitoids, with neither target area having been previously drill tested.

Copper Chief Lease and Option Agreement Terms

The Copper Chief ground, on which hole P3 is located, is held by Buxton Resources Arizona LLC under the Copper Chief Lease and Option Agreement, effective 10 November 2023. Under the agreement, Buxton holds exclusive exploration rights over a private fee parcel and unpatented lode mining claims covering 0.59 km² for an initial five-year term, in return for annual payments of US$25,000. The agreement also includes an option to acquire the property for US$700,000 at any time during the term, subject to a 5% net smelter return royalty, of which up to 3.5% may be bought back for a total of US$5 million.