When will Buxton Resources (ASX:BUX) first test its Wolverine copper-molybdenum porphyry target in Arizona?

Sonal Goyal

04 November 2026 05:23 PM AEDT

When will Buxton Resources (ASX:BUX) first test its Wolverine copper-molybdenum porphyry target in Arizona?

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Key Highlights

Buxton has signed a drilling services contract with LSG Drilling for its first diamond core programme at Wolverine.
Wolverine is a copper-molybdenum porphyry project in Yavapai County, Arizona.
Rig mobilisation was scheduled for early November.
Assays are expected in early 2027.

Buxton Resources (ASX:BUX) has signed a drilling services contract with LSG Drilling for its first diamond core programme at the Wolverine copper-molybdenum porphyry project in Yavapai County, Arizona, about 65 kilometres north-north-east of Phoenix. Rig mobilisation was scheduled for early November.

The programme comprises three holes for about 1,650 metres. Two holes, of 650 and 550 metres, are planned at Wolverine and a third, of 450 metres, at the Copper Chief target. Neither area has been drill tested before.

Managing director Martin Moloney said signing the contract was the final step before putting a rig on the ground. The answer to the headline question, therefore, is that drilling should begin this month, with first assays expected in early 2027.

Approvals already in place

Buxton says all approvals for the programme are in place and site preparation is complete. Its Bureau of Land Management notice of operations has been extended to April 2028 and amended to cover up to four drill pads, dedicated water bores have been installed, and access tracks and pads have been built to the contractor's specification.

Permitting and access are common causes of delay for explorers in the United States, so completing these steps before mobilisation reduces one category of risk. It does not reduce geological risk, which remains high for any first drill test.

Why Buxton likes the target

Reconnaissance rock-chip samples returned up to 14.15% copper and, in a separate sample, up to 1,160 parts per million molybdenum. A drone magnetic survey flown in 2024 outlined a cluster of north-east trending magnetic anomalies measuring about 1,200 by 250 metres that coincides with mapped mineralised porphyry dykes.

Zircon dating has given an age of about 69.6 million years, placing Wolverine in the Laramide period and, according to Buxton, within the same porphyry system as the adjoining Copper Wolf project, where mineralisation has been dated at about 70.3 million years. Copper Wolf is now wholly owned by IGO, and Buxton no longer holds any interest in it; it is referenced only for geological context.

Because mineralised dykes outcrop at Wolverine, Buxton believes it can test the system at shallower depths than in parts of the district buried beneath cover.

Understanding the risk

Porphyry deposits are large, generally low-grade systems in which copper and molybdenum are spread through intrusive rock and veins. High-grade rock chips at surface are common in such districts and do not indicate the average grade at depth. Three holes can confirm whether a porphyry system is present and help vector towards better zones, but they are unlikely on their own to define a deposit.

The hole orientations reflect that approach. The two Wolverine holes are planned at a dip of 50 degrees towards the east and north-east, while the Copper Chief hole is planned at 60 degrees towards the north-west. Angled holes are designed to cut across the interpreted structures and dykes rather than run along them, giving a better sample of the system.

Tenure and costs

Wolverine covers 12.18 square kilometres of federal unpatented claims and an Arizona state exploration permit, held 100% by Buxton. Copper Chief is held under a Lease and option agreement from November 2023 covering 0.59 square kilometres, with annual payments of US$25,000 and an option to buy the property for US$700,000, subject to a 5% net smelter royalty, of which up to 3.5% can be bought back for US$5 million.

Timetable

The programme is expected to take about six weeks. Buxton will provide an update once drilling starts, with assays due in early 2027 and further mapping and sampling planned for the Arizona winter field season. Funding follow-up drilling would likely depend on what these first holes show.

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