“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.”
Buxton’s Widowmaker Project is located in the newly identified Fraser Range Nickel Province, Western Australia, and covers an area of approximately 225km2. The Fraser Range Nickel Province is host to a number of significant discoveries, most notably Sirius Resources’ (ASX: SIR) Nova discovery with Buxton’s Widowmaker Project located 22km along strike.
Approximately 20km of strike length of the favourable lithological host-rock package is interpreted to underlie the Widowmaker Project with multiple, significant Ni, Cu and PGE anomalies identified in a historical calcrete soil sampling database.
Recently, the Company completed an Airborne VTEM survey at the Widowmaker Project, which identified a minimum of 14 interpreted bedrock conductors that will be part of an aggressive planned exploration program. Of these, 7 have been defined as priority targets and 4 were located on or immediately adjacent to the interpreted Nova Structure.
The Company is currently focussed on compiling and assessing all historical surface geochemistry, drilling and geophysical data and the immediate commencement of an infill calcrete surface geochemistry program.
The outcomes of this activity will drive the planned program that includes a reverse circulation and diamond drilling campaign to test the highest priority bedrock conductors.
The Widowmaker Project represents a strong opportunity in the emerging Fraser Range Nickel Belt. With the proximity to Sirius Resources’ Nova Ni-Cu sulphide discovery along strike from Widowmaker, and encouraging historical geochemical results over the project, the project provides a compelling exploration opportunity for the Company.
Project Background and Historical Results
During the period 1997-2001 Geographe Resources conducted a detailed aeromagnetic survey, and a broad 1km x 1km regional calcrete sampling program over the current Widowmaker Project area. The calcrete sampling program highlighted at least 3 broad, multi-element Ni±Cu±PGE anomalies.