“Buxton Resources (BUX) has entered into joint venture (JV) arrangement with Independence Group (IGO), whereby IGO can acquire a 90% interest in BUX’s Fraser Range exploration tenure by paying upfront cash of A$1.5m. Under the terms of the deal, IGO covers all exploration expenditure, and if successful, and warranted, finances full feasibility studies to a decision to mine, while BUX retains a free-carried project interest of 10%. If the “decision to mine” point is achieved, BUX may elect to participate, sell its interest to IGO at market value, or dilute to an undisclosed NSR.”
The Zanthus Ni-Cu Project is located approximately 60km along strike from the Sirius Resources' (ASX:SIR) Nova-Bollinger Ni-Cu discovery in the emerging Fraser Range Nickel Province, Western Australia. The project covers an area of 367km2. Gravity data was gathered over an area of 137km2 of the potential gneiss units interpreted as being similar to those that host "the Eye" mafic - ultramafic intrusive that contains the Nova-Bollinger deposit.
Buxton commenced a HeliVTEM survey over the Zanthus (E28/1959) Project in August 2013. The survey covered 145km² and was flown at 250m spacing using the VTEM max system. If conductors indicating potential sulphide bodies are encountered, additional infill lines will be considered.
The survey area is focused on possible mafic‐ultramafic intrusive bodies identified in the recent gravity survey. From the 15 targets identified from the gravity survey, 3 have been designated as high priority (priority 1) targets and include.
- Z‐01: Very strong remanent magnetisation with coincident gravity high located on fold axis of dome structure and margin of a large intrusive body. Surface copper geochemistry high 112ppm.
- Z‐02: Magnetic features including discrete positive anomalies and remanent magnetisation. Localised gravity high located along fold axis of large dome‐type structure on the margin of intrusive body.
- Z‐06: Moderate to weak magnetic remanence on the margin of intrusive body. Located along regional shear zone with both broader and discrete gravity highs. Surface nickel geochemistry high 95 ppm.
Buxton has planned a 3,000m RC drill program to test up to 20 conductors, some with nearby calcrete geochemical anomalies, defined in the recent ground EM survey for Ni-Cu sulphide mineralisation.
Heritage clearances have been received, whilst POW clearances are pending.
In the first quarter of 2014, the RC drill program commenced and in May 2014, the program confirmed the presence of ultramafic and mafic units including those in which the presence of preserved magmatic nickel-copper sulphides indicates excellent prospectivity for larger accumulations of nickel-copper sulphide mineralisation.
Important observations from the drilling program include;
- Confirmed magmatic nickel-copper sulphides within ultramafic rock
- Thick intercepts of ultramafic to mafic (gabbro) rocks with weak to strongly disseminated sulphides (mainly pyrrhotite)
- Confirmation of the broad geology interpreted from previous magnetic, gravity and electromagnetic surveys