Copper Wolf Project - Wolverine prospectivity enhanced
Released
Released
Announcement PDF
ASX Release
1 May 2024
Copper Wolf Project: Wolverine prospectivity enhanced (BUX 100%)
•
1,200 m x 250 m cluster of magnetic anomalies coincide with NE trending,
Cu-Mo bearing porphyry dykes
•
Rock chip sample returns 1.2% Cu & 383 ppm Mo adjacent to drill site
•
Laramide age date confirms link to Copper Wolf porphyry system
•
Outcropping mineralisation & no previous drilling in the area
•
Permits to drill at Wolverine received from BLM
•
Next steps include IP geophysical surveys & additional mapping / sampling
Buxton Resources Ltd (ASX:BUX) is pleased to report that recent drone magnetics
has revealed a large cluster of NE trending magnetic anomalies which correspond to
mineralised porphyry dykes at the Wolverine prospect (Figure 1).
Figure 1: Drone magnetics survey image (RTP 1VD) of the Wolverine, Hawkeye & Copper Chief area
with Buxton's proprietary mapping, a new Laramide age date and location of BLM permit to drill.
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The magnetic features at Wolverine are likely caused by mafic host rocks, and / or
high concentrations of porphyry "B" veins (Wilson, 2023). Both features were
observed to strongly favour copper mineralisation in CPW0002DD (ASX 14/12/2023).
Potential exists for both features to coincide which would be strongly favourable for
a high-grade porphyry Cu discovery at Wolverine (e.g. Sillitoe & Perelló 2023).
The 69.6 Ma (Laramide) age date confirms that this area of 100% BUX tenure is part
of the Copper Wolf porphyry mineralisation system. Highly anomalous geochemistry
has now been returned from widespread sampling at Wolverine, including the new
chip assay (12,150 ppm Cu and 383 ppm Mo - Figure 1). This sample is located
adjacent to previously reported 1,255 ppm Cu and 1,160 ppm Mo (ASX 11/1/2024,
Figure 4).
In summary, the coincidence of encouraging geological, geochemical and
geophysical features at Wolverine highlights this as an extremely compelling
porphyry Cu-Mo target, particularly given that mineralisation outcrops in this area,
and that there has been no previous drilling of Buxton's emerging targets.
Given the extent of magnetic anomalism revealed by the drone survey, Buxton will
also look to undertake additional mapping/sampling and IP geophysical surveying
aimed at providing additional targets to the follow-up drill program.
Furthermore, the Bureau of Land Management have now provided necessary
approvals to drill at the Wolverine prospect.
Buxton looks forward updating shareholders on progress from this exciting project.
This release is authorised by the Board of Buxton Resources Limited. For further
information, please contact:
Martin Moloney
Chief Executive Officer
marty@buxtonresources.com.au
PO Box 661
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Suite 1, First Floor
14-16 Rowland Street
Subiaco WA 6008
Sam Wright
Company Secretary
sam@buxtonresources.com.au
T. 08-9380 6063
E. info@buxtonresources.com.au
www.buxtonresources.com.au
Figure 2: Copper Wolf Project tenure situation showing ~25.9 km2 area (coloured polygons) for which
Buxton has 100% unencumbered interest in the subsurface estate (except for IGO's First Right of
Refusal, see Table 1, Section 2). These areas include substantial basement exposures indicating
potential for copper porphyry mineralisation at shallower depths in comparison to the Bobcat, Rattler
and Coyote prospects. The BUX / IGO JV covers ~12.5 km2 and includes the supergene blanket which
has been the focus of previous exploration including historical resource estimates.
Competent Persons
The information in this report that relates to Exploration Results is based on information compiled by
Mr Martin Moloney, Member of the Australian Institute of Geoscientists and Society of Economic
Geologist, and Mr Dale Cameron, Member of Australian Institute of Geoscientists. Mr Moloney and
Mr Cameron are full-time employees of Buxton Resources Ltd. Mr Moloney and Mr Cameron have
sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent
Person” as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Moloney and Mr
Cameron consent to the inclusion in this report of the matters based on the information in the form
and context in which it appears.
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About the Copper Wolf Project
The Copper Wolf Project has multiple historical resource estimates available that confirm the presence of
a large porphyry Cu-Mo system. Porphyry Cu-Mo mineralisation at Copper Wolf has been dated at
70.3 Ma (Laramide age, based molybdenite from drillhole CC-1A) and is largely concealed by a postmineral (Tertiary) sequence of volcanic and sedimentary rocks. The Project is located within one of
the most prolifically endowed copper belts in the world (Figure 3), yet it has not seen any drilling since
the early 1990s. Buxton’s 2022 airborne magnetic survey was the first geophysical work undertaken
since the early 1960s. Historic exploration has consisted of relatively wide spaced drilling which
focussed on significant supergene copper mineralisation located where the NW trending Cow Creek
Fault intersects Laramide hypogene porphyry style mineralisation. Buxton is targeting high grade,
underground bulk mineable copper-molybdenum mineralisation. In this context, Buxton’s exploration
approach can leverage the significant advances and ready availability of modern geophysical targeting
tools and mineral systems knowledge that have been developed since exploration in this area ceased
many decades ago.
Figure 3: Buxton’s Copper Wolf project is located in the prolific porphyry copper belt of SW USA /
Northern Mexico - most of the porphyry Cu-Mo deposits marked are current or historical mines.
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Figure 4: Buxton's geological mapping at the 100% owned Wolverine Prospect with Cu & Mo results
from recon rock chips & samples currently at the lab. Outcropping veining & alteration is related to
porphyritic dykes that intrude Proterozoic granitoids. Labels “a” - “f” refer to photos in Figure 5 (from
previous ASX Release 11/1/2024 - Extension to Cu-Mo Porphyry System Discovered at Surface).
Previously Reported Information
There is information in this announcement relating to exploration results previously announced on:
1.
2.
3.
4.
5.
6.
7.
25th October 2021 - Copper Wolf Copper Project; Arizona USA
22nd August 2022 - Buxton and IGO enter into 3 interdependent transactions
4th October 2022 - Results of Annual General Meeting
7th November 2022 - Magnetics defines setting of porphyry Cu-Mo system
6th September 2023 - 626.8m porphyry Cu-Mo sulphide observed in CPW0002DD
14th December 2023 - Assay Results from CPW0002DD at Copper Wolf Project
11th January 2024 - Extension to Cu-Mo Porphyry System Discovered at Surface
Validity of Referenced Results
Buxton confirms that it is not aware of any new information or data that materially affects the
information from previous ASX announcements which has been referenced in this announcement.
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External Reports Referenced in this Release
Sillitoe, R.H., Perelló, J. 2023. Exploration Guides for High-Grade Hypogene Porphyry Copper
Deposits. SEG Discovery 2023; (135).
Wilson. A.J. 2023. Comments on the geology and exploration potential of the Copper Wolf porphyry
Cu-Mo deposit, Arizona, USA, Internal report for IGO Ltd Nov 23rd 2023.
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JORC 2012 Table 1: Section 1 – Sampling Techniques and Data
Criteria
JORC Code explanation
Commentary
Sampling
techniques
Nature and quality of sampling (eg cut channels,
random chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down-hole gamma sondes, or
handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of
sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (e.g. ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases,
more explanation may be required, such as where there
is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed
information.
Rock chip samples were collected as representative
samples from the above locations. Each individual
grab sample weighs between 1 – 2.5kg with all
samples submitted to ALS Laboratories in Tucson.
Drone surveying was undertaken during March 2024
by Storm Exploration LLC on 30 m spaced lines, with
a flight heigh of 25m using a GEM DroneMAG system.
The drone magnetic sensor has specifications as
follows;
Sensitivity: 0.0002 nT @ 1 Hz
Resolution: 0.0001 nT
Absolute Accuracy: +/- 0.1 nT
Heading Error: + / – 0.05 nT
Dynamic Range: 15,000 to 120,000 nT
Gradient Tolerance: 50,000 nT/m
Sampling Intervals: 1, 2, 5, 10, 20 Hz
Operating Temperature: -40°C to +55°C
Age dating was undertaken by Department of Earth,
Energy and Environment University of Calgary
utilising U-Pb LAICPMS geochronology of zircon.
Ages are reported as 206Pb / 238U weighted mean
age (Ma) ± 2 SE. 40 grains were analysed. 35 grains
give a weighted mean age of 69.6 ± 0.4. 3 grains with
age range 1362.7 - 1644.4 Ma (classified as
inherited). All uncertainties on both 206Pb/238U and
207Pb/206Pb ages of the age standards were ≤ 1.6
% during the analytical session. Decay constants of
Jaffey et al. (1971) used with modification after
Mattinson (1987).
Drilling techniques
Drill type (e.g., core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (e.g. core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Not applicable – the announcement does not refer to
new drilling results. Previous results for CPW0002DD
can be found in BUX ASX Announcement 14/12/2023
“Assay Results from 2nd Diamond Hole at Copper
Wolf Project”.
Drill
recovery
Method of recording and assessing core and chip
sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
Not applicable – the announcement does not refer to
new drilling results. Previous results for CPW0002DD
can be found in BUX ASX Announcement 14/12/2023
“Assay Results from 2nd Diamond Hole at Copper
Wolf Project”.
Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining
studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
If core, whether cut or sawn and whether quarter, half
or all core taken.
All rock chips are geologically logged onsite by
qualified and experienced geologists, recording
relevant data and photographs to a set template.
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Logging
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sample
Suite 1, First Floor
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If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
Sub-sampling
techniques
and
sample preparation
Quality of assay
data and laboratory
tests
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
Measures taken to ensure that the sampling is
representative of the in-situ material collected, including
for instance results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to the grain size
of the material being sampled.
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
Procedures, including the sample sizes, meet
industry standards, and sample sizes are appropriate
for the style of mineralisation encountered.
Samples were submitted to ALS Laboratories in
Tucson, Arizona
Sample preparation comprised of drying, crushing to
70% passing 2mm and a 250g split was pulverized to
better than 85% passing 75 micron mesh
Samples were submitted for multi-element analysis
by ME-MS61L and ME-MS61L-REE which comprise
of 4-acid digestion and ICP-MS finish for the Ag, Al,
As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er,
Eu, Fe, Ga, Gd, Hf, Ho, In, K, La, Li, Lu, Mg, Mn, Mo,
Na, Nb, Nd, Ni, P, Pb, Pr, Rb, Re, S, Sb, Sc, Se, Sm,
Sn, Sr, Ta, Tb, Te, Th, Th, Ti, Tl, Tm, U, V, W, Y, Yb,
Zn and Zr
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
Verification
sampling
assaying
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of
and
Samples were additionally assayed for Au via AuICP22 using 50g samples for fire assay and ICP-AES
finish
See notes in “Sample Techniques” above.
ALS undertakes internal industry standard laboratory
quality control procedures including insertion of
blanks and standards and QA/QC review.
All results for QAQC fall within acceptable limits.
The verification of significant intersections by either
independent or alternative company personnel.
The assay results have been reviewed by Buxton’s
geologists in Arizona and Perth.
The use of twinned holes.
Not applicable – the announcement does not refer to
new drilling results. Previous results for CPW0002DD
can be found in BUX ASX Announcement 14/12/2023
“Assay Results from 2nd Diamond Hole at Copper
Wolf Project”.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
All sample data is entered to spreadsheets by
Company personnel and validated by Company
geologists. This data is then imported into specialised
software where additional validation is completed.
Digital data is securely archived on and off-site.
Discuss any adjustment to assay data.
No adjustments were made to assay data
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Location
points
of
data
Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
Handheld GPS (+/-5m) as well as reference to
topographical, remote sensing and known reference
points (e.g., previously surveyed holes). Previous drill
collars were pickup by licensed surveyor.
Specification of the grid system used.
Locations reported here use NAD83 zone 12,
elevations are reported as NAVD 88
Topographic control is USGS NED 1/3 arc-second
n35w113 1 x 1 degree ArcGrid 2019.
Quality and adequacy of topographic control.
Data spacing and
distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing, and distribution is sufficient
to establish the degree of geological and grade
continuity appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications
applied.
Whether sample compositing has been applied.
Orientation of data in
relation to geological
structure
Sample security
Audits or reviews
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
If the relationship between the drilling orientation and
the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
The measures taken to ensure sample security.
The results of any audits or reviews of sampling
techniques and data.
The rock chip sampling programs are reconnaissance
in nature and sample spacing is deemed appropriate
for this stage of exploration.
No Mineral Resource or Ore Reserve calculations
have been performed.
No sample compositing has been undertaken.
The rock chip sampling programs are reconnaissance
in nature and sample spacing is deemed appropriate
for this stage of exploration.
Samples are stored and processed within a secure
workshop facility. Samples are regularly dispatched to
a laboratory for analysis as they are processed.
No specific external audits or reviews have been
undertaken.
JORC 2012 Table 1: Section 2 – Reporting of Exploration Results
Criteria
JORC Code explanation
Commentary
Mineral
tenement
and
land
tenure
status
Type, reference name/number, location and ownership
including agreements or material issues with third
parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
BUX’s interest comprise a 100% interest in ~37.83
km2 of tenure consisting of Federal Lode Mining
Claims SM1-SM54 and CW01-CW342 issued by the
Bureau of Land Management (BLM) and Arizona
State Lands Department (ASLD) Mineral Exploration
Permits 008-121028, 008-1213390, 008-124215 and
008-124640.
On the 4th of October 2022, Buxton satisfied all
conditions precedent for Buxton and IGO to enter into
an earn-in and joint venture agreement for the Copper
Wolf Project (Arizona, USA) then held as 100% by
BUX. By that agreement, IGO has an exclusive right
to earn a 51% interest in the initial Copper Wolf
Project tenements (SM1-SM54, CW01-CW44, 008121028 and 008-1213390, covering approximately
12.51 km2) by incurring and sole funding A$350,000
of exploration expenditure in a 24-month period from
4/10/2022. Upon IGO incurring the A$350,000 earnin expenditure, it may elect to earn-in and form a 51%
IGO / 49% BUX unincorporated joint venture. During
the earn-in period, BUX will be the project manager.
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IGO will be the initial manager of the joint venture.
Within 6 months of the commencement of the joint
venture, IGO has the exclusive right to elect to earn a
further 19% joint venture interest (to take its joint
venture interest to 70%) by sole funding exploration
expenditure of A$5,000,000 over 3 years (stage 2
earn-in). For a 5 year period from the date of the
agreement, BUX are committed to present all copper
projects it secures or generates in Arizona to IGO by
way of a right of first refusal.
On the 10th November 2023, Buxton entered into a
“Copper Chief Lease and Option Agreement” with the
private owner of 7 Lode Mining Claims (Copper Chief
#1-5 & Copper Chief #18-19) covering approximately
59 hectares (0.59 km2) and a parcel of private
property covering approximately 16 hectares which is
wholly contained within the area of the Copper Chief
Lode Mining Claims. This package of surface and
subsurface rights is contiguous with existing BUX
tenure. The agreement provides BUX the option to
acquire 100% of the surface and subsurface rights at
any time prior to 10th November 2028. Should BUX
chose to exercise the option, BUX will grant the seller
a five percent (5%) Net Smelter Returns Royalty, with
rights to purchase up to 3.5% of that Royalty.
There is a long history of exploration and mining in the
project area, so it is considered likely requisite permits
will be obtained as and when they are required.
Exploration done by
other parties
The security of the tenure held at the time of reporting
along with any known impediments to obtaining a
licence to operate in the area.
Acknowledgment and appraisal of exploration by other
parties.
Geology
Deposit type,
mineralisation.
Drill hole Information
A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material
drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
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geological
setting
and
style
of
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The Copper Wolf project does not intersect or lie
adjacent to areas with native title interests, historical
cultural sites, wilderness or national park and
otherwise sensitive environmental settings.
The tenements are in good standing with the Federal
/ State government agencies.
The Competent Person has reviewed all historic
reports. Practices employed appear to have been
consistent with those adopted at other projects in
North America around the same time.
The mineralisation at the Copper Wolf Project
comprises porphyry copper-molybdenum type, with
both hypogene (primary) and supergene (secondary)
variants. This type of mineralisation is widely
distributed in the region around the Project
Not applicable – the announcement does not refer to
new drilling results. Previous results for CPW0002DD
can be found in BUX ASX Announcement 14/12/2023
“Assay Results from 2nd Diamond Hole at Copper
Wolf Project”.
www.buxtonresources.com.au
the report, the Competent Person should clearly
explain why this is the case.
Data
aggregation
methods
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
No assay weighting or aggregating of assay results
are reported herein.
Relationship
between
mineralisation widths
and intercept lengths
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg ‘down hole length, true width not known’).
Not applicable – the announcement does not refer to
new drilling results. Previous results for CPW0002DD
can be found in BUX ASX Announcement 14/12/2023
“Assay Results from 2nd Diamond Hole at Copper
Wolf Project”.
Diagrams
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported. These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting of
both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration
Results.
Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.
The nature and scale of planned further work (e.g. tests
for lateral extensions or depth extensions or large-scale
step-out drilling).
See text and figures in body of release.
Diagrams clearly highlighting the areas of possible
extensions,
including
the
main
geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.
See figures in body of release.
Balanced reporting
Other
substantive
exploration data
Further work
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Results of all available significant historical work have
been previously reported.
All relevant, meaningful and material exploration data
pertinent to the reported observations has been
presented in this announcement.
See text and figures in body of release.
www.buxtonresources.com.au
Cautionary Note Regarding Forward-Looking Information
This Announcement contains forward-looking statements and forward-looking information within the
meaning of applicable Australian securities laws, which are based on expectations, estimates and
projections as of the date of publication. This forward-looking information includes, or may be based
upon, without limitation, estimates, forecasts and statements as to management’s expectations with
respect to, among other things, the timing required to execute the Company’s programs, and the
length of time required to obtain permits, certifications and approvals.
Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, "should", "intend",
“may” and similar expressions have been used to identify such forward-looking information. Forwardlooking information is based on the opinions and estimates of management at the date the
information is given, and on information available to management at such time. Forward-looking
information involves significant risks, uncertainties, assumptions, and other factors that could cause
actual results, performance or achievements to differ materially from the results discussed or implied
in the forward-looking information. These factors, including, but not limited to, fluctuations in
currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient
capital on favourable terms or at all, changes in national and local government legislation, taxation,
controls, regulations, political or economic developments in Australia or other countries in which the
Company does business or may carry on business in the future, operational or technical difficulties in
connection with exploration or development activities, employee relations, the speculative nature of
mineral exploration and development, obtaining necessary licenses and permits, contests over title
to properties, especially title to undeveloped properties, the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved in interpreting drill results and
other geological data, environmental hazards, industrial accidents, limitations of insurance coverage
and the possibility of project cost overruns or unanticipated costs and expenses, and should be
considered carefully.
Many of these uncertainties and contingencies can affect the Company’s actual results and could
cause actual results to differ materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, the Company. Prospective investors should not place undue
reliance on any forward-looking information. Although the forward-looking information contained on
in this Announcement is based upon what management believes, or believed at the time, to be
reasonable assumptions, the Company cannot assure prospective purchasers that actual results will
be consistent with such forward-looking information, as there may be other factors that cause results
not to be as anticipated, estimated or intended, and neither the Company nor any other person
assumes responsibility for the accuracy and completeness of any such forward-looking information.
The Company does not undertake, and assumes no obligation, to update or revise any such forwardlooking statements or forward-looking information contained herein to reflect new events or
circumstances, except as may be required by law. No stock exchange, regulation services provider,
securities commission or other regulatory authority has approved or disapproved the information
contained in this Announcement.
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