Final Approvals Received for Madman Drill Program
Released
Released
Announcement PDF
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ASX Release Buxton Resources Ltd (ASX: BUX, BUXO) 10 March 2026
Final Approvals Received for Madman Drill Program
Buxton Resources Ltd is pleased to advise that key licences and regulatory approvals
have been granted for the 100% owned Madman copper-gold Project. All permits
are now in hand to commence site works and undertake the maiden drilling program.
Exploration at Madman is targeting a "Havieron-style" discrete magnetic anomaly
located approximately 220 metres below surface.
Key Operational Milestones
• Tenement Status: Miscellaneous Licence L69/67 is now Live. The rapid grant
of L69/67 is a direct result of Buxton’s proactive engagement with the
Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation (MNRAC).
• Drill Pads, Camp & Track Construction Approval: Buxton’s two Programme of
Work (PoW) applications (on E69/4182 & L69/67) have been approved.
• Earthworks: Preparatory activities are scheduled to commence in early April
2026 to facilitate a two-hole deep diamond drilling campaign.
• Drilling Contractor Secured: Buxton has engaged McKay Drilling to execute
the maiden drilling program. Rig mobilisation is scheduled for mid-April.
Buxton's Managing Director Marty Moloney commented "Buxton has a track record
of making province-defining discoveries. With the rig secured and all permits in hand
for our 100% owned Madman Project, we can again look forward to putting the first-
ever drill holes into yet another exciting frontier target."
Exploration Rationale
The upcoming program targets a ~200 nT magnetic anomaly covering ~1 km²
(Figure 1). The anomaly bears a striking resemblance to the Havieron gold-copper
deposit, the third largest undeveloped underground gold reserve in Australia.
Inversion modelling indicates the top of the Madman anomaly is located
approximately 220 metres below surface (Figure 2). This modelling also indicates
This Announcement is supported by a video overview from Managing Director Marty Moloney
available on Buxton’s InvestorHub
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the Madman anomaly has very similar magnetic remanence component to that
reported at Havieronix
.
Madman is situated near the Marloo Fault, a major transcrustal structure on the
western margin of the Paterson Orogen (Figure 3). Regional prospectivity is
supported by nearby gold-barium mineralisation at Quadrio Lake and the GSWA
Trainor 1 stratigraphic hole. Trainor 1 intersected a zone of quartz-pyrite veinlets
with highly anomalous gold and pathfinder elements including tellurium, bismuth,
and copper. Hyperspectral analysis of the Trainor 1 core indicates extensive
bleaching and k-feldspar alteration is associated with the veining. The host rocks at
Trainor 1 are likely to be the same that host the Madman magnetic anomaly.
These observations indicate a large-scale, gold-bearing hydrothermal system has
overprinted the Madman basement rocks, and the timing of this hydrothermal event
is consistent with world-class copper-gold systems of the Paterson Orogen.
Logistics and Forward Plan
To facilitate the drilling program, Buxton will firstly improve approximately 6 km of
track along an existing seismic line and then establish ~56 km of new access tracks
along with drill pads & sumps and a camp pad. This work will be overseen by MNRAC
Aboriginal Monitors and will commence as soon as is practicable. Buxton currently
anticipates drilling activities will commence in mid-April, subject to weather
conditions, Monitor and continuing rig availability.
The maiden Madman drill program currently aims to test the geophysical anomaly
with two deep mud rotary + diamond drill holes (Figure 2). Buxton has secured
funding under WA Government Exploration Incentive Scheme co- award for up-to
A$180,000 to offset the cost of this drill program.
---o0o---
This announcement is authorised by the Board of Buxton Resources Ltd. For further
information, please contact:
Martin Moloney Sam Wright
Managing Director Company Secretary
marty@buxtonresources.com.au sam@buxtonresources.com.au
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About the Madman Project
The Madman Project is focussed on a Havieron “look-a-like” ~200nT magnetic feature ~1
km2
in extent (Figure 1).
Figure 1: GSWA statewide magnetic imagery comparing the Madman geophysical anomaly to the
Havieron magnetic feature. Madman lies under shallow cover and close to the Marloo Fault – a major
crustal boundary. The line of the cross section (Figure 2) is indicated.
Madman is located 375 km northeast of Wiluna and is accessible via the Gunbarrel and Eagle
Highways, then along a historic seismic line track in good condition. Buxton will be improving
the last ~6 km of this seismic line, then establishing 56 km of new access tracks.
Thorough review of historical records indicates there has been no previous on-ground
exploration at Madman, including over the discrete geophysical anomaly which is the focus
of initial exploration.
The Project straddles the Marloo Fault, which is part of a major transcrustal structure that
defines the western margin of the Paterson Orogeni
(Figure 3).
Prospectivity for gold is supported by records arising from a GSWA mapping program that
resulted in the discovery of vein-hosted gold-barium mineralisation at the Quadrio Lake and
Phenoclast Hill prospectsii
.
The nearby stratigraphic drillhole GSWA Trainor 1 intersected a zone of quartz-pyrite
veinlets from 397.1 – 417.55 metres downhole with distinctly anomalous gold up to 33 ppb
associated with tellurium up to 823 ppb (>800 times average crustal abundance), along with
a suite of other anomalous pathfinder elements including arsenic (137 ppm), antimony (2.73
ppm), molybdenum (36 ppm), copper (402 ppm) and bismuth (772 ppb) iii & iv
.
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Hyperspectral analysis of this drill core reveals extensive zones of bleaching and k-feldspar
(assumed to represent alteration) enveloping the anomalous geochemistry, suggesting
mineralisation is associated with an extensive hydrothermal eventv
.
The GSWA interprets the timing of the gold-related mineralisation and alteration event in
the Madman region as being coeval with other deposits in the Paterson Orogen Au/Cu
deposits (~650 Ma)vi
including Telfer, Winu, Havieron and others which collectively represent
over 34.6 million ounces of gold and 3.3 Mt coppervii
. Over 50% of this gold endowment,
and virtually all the copper, has been defined within the last decade underscoring the low
exploration maturity of this highly prospective region.
Buxton’s updated forward and inversion modelling of the Madman anomaly is based on
recently released 200m lines spaced magnetics data. This modelling indicates the target is
likely around 220 metres below surface (Figure 2). Buxton’s modelling also indicates a very
similar magnetic remanence component to the Madman anomaly to that described at
Havieronviii
, supporting the interpretation that the two features share a similar timing.
The initial drilling aims to test the Madman geophysical anomaly with two deep drill holes
(Figure 2). To that end, Buxton has:
- secured funding under WA Government Exploration Incentive Scheme co- award for
up-to A$180,000 to offset the cost of this drill program (see ASX 01 May 2025).
- completed heritage surveys for drill & camp pads and access track construction (see
ASX 01 Jul 2025).
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Figure 2: Inversion modelling of the Madman magnetic coverage indicates the target is around 220m
below surface. The image (cross section looking NW) illustrates the proposed exploration program,
consisting of 2 deep drill holes (see Figure 1 for cross section location).
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Figure 3: Regional setting of the Madman Project showing the key supporting geological elements
including the Marloo Fault and extensions and the nearby gold-bearing mineral occurrences at
Quadrio Lake and in the GSWA Trainor 1 stratigraphic drillhole. The extent of the Paterson Orogen
and related major mineral deposits is also shown. Buxton’s new application E 69/4283 will expand
Buxton’s 100% owned tenure position to ~530 km2
on grant.
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Competent Persons
The information in this report that relates to Exploration Results is based on information compiled by
Mr Martin Moloney. Mr. Moloney, (B. App Sc. Hons) is a Member of the Australian Institute of
Geoscientists and Society of Economic Geologists. Mr Moloney is a full-time employee of Buxton
Resources Ltd. Mr Moloney has 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 consents to the inclusion in this report of the matters based on the
information in the form and context in which it appears.
Previously Reported Information - Madman
There is information in this announcement relating to exploration results previously announced on:
1. 18 Mar 2025 – BUX Corporate Presentation
2. 01 May 2025 – Madman Project – EIS Drilling Grant Awarded
3. 01 Jul 2025 – Heritage Clearance Survey Completed at Madman Project
4. 16 Sep 2025 – Buxton Exploration Update
5. 02 Feb 2026 – Madman Project Advances Towards Maiden Drilling
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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JORC Table: 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.
The assay results presented in this release relate to a
stratigraphic hole by GSWA in 1995 and resampled by
FMG in 2022. The drilling used industry standard
methods to produce diamond drill core from 5.8 metres
to 709 metres (end of hole). All known details can be
found in Stevens & Adamides (1998).
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.
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).
Stevens & Adamides (1998) report that the hole GSWA
Trainor 1 was drilled by Western Deep Hole Drilling using
a UDR 1000 (Warman 1000 Mk 4) drill rig mounted on an
8 x 4 UD (Rig No. 5) as HQ (5.8m – 198.5m) and NQ2
diameter core (198.5 – 709m EOH).
The hole was spudded on 1 Nov 1995 and completed on
10 Nov 1995.
Drill sample recovery Method of recording and assessing core and chip sample
recoveries and results assessed.
Stevens & Adamides (1998) report 100% recovery from
5.8 m to the end of hole at 709 m depth.
Trainor 1 was drilled virtually trouble free, with excellent
core recoveries in both the HQ and NQ cored intervals.
The only significant problems were the need to dump
and replace the mud at 454 m, and the relatively short
coring runs achieved in the NQ hole due to fractured
ground.
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.
Logging 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.
See Stevens & Adamides (1998). Visual geological
logging is supported by an extensive array of supporting
data collection, including wireline logging, petrology,
palynology, geochemistry and petrophysics.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques and
sample preparation
If core, whether cut or sawn and whether quarter, half or
all core taken.
Diamond drilling samples were collected for FMG from
the GSWA core library under sampling approval P1492.
GSWA technicians used a diamond core saw to provide
quarter core or half core HQ samples from the
highlighted drill intervals. GSWA did not report sample
weights. GSWA sample lengths averaged 0.31 metres.
FMG do not report sample weights or lengths.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
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.
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Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of assay data
and laboratory tests
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
GSWA’s samples were analysed by AMDEL by ICP (IC3E
and IC3M), XRF, and Fire Assay (see Stevens & Adamides
(1998).
FMG’s method records indicate their samples were
submitted to ALS Laboratories for multielement
geochemistry by ME-MS61L, ME-MS81 and ME-XRF26.
FMG did not assay for gold.
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.
The geophysical inversion results discussed herein were
generated using magnetic data recently made open-file
by the GSWA (MAGIX RN71649).
The “Madley A1” survey was acquired by Magspec
Airborne Surveys in July 2020. The survey used a 200 m
line spacing with 2000 m tie lines. A Cessna 210 fixed-
wing aircraft was fitted with a tail sensor mounted in a
stinger housing. Key specifications include
• Model / Type - G-823A caesium vapour
magnetometer
• Resolution - 0.001 nT resolution
• Sensitivity - 0.01 nT sensitivity
• Sample Rate - 20 Hz (approximately 3.5 m)
• Compensation - 3-axis fluxgate
magnetometer
• Integrated Novatel OEM719 DGPS receiver
L1/L2 + GLONASS Multi Frequency / 555-
channel
Remanence characteristics of the Madman feature were
interpreted by comparing magnetic inversion results
from Geosoft (MVI) and UBC (susceptibility) models.
Forward modelling in IGMAS+ software was then used to
inform the interpretation of inversion results in relation
to remanence measurements of Havieron drill core as
published by Hanneson & Baxter 2022.
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.
Quality Control and Quality Assurance procedures were
not reported by GSWA or FMG.
GSWA reported results for 4 duplicate samples vs 28
primary samples and no blanks or standards. FMG did
not report any duplicates, blanks or standards.
Verification of
sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.
Not applicable – the release does not report significant
intersections.
The use of twinned holes. Not applicable – the release does not include new
drilling results. GSWA did not drill any twin holes.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Unknown - GSWA did not specify these details in their
reporting.
Discuss any adjustment to assay data. Assay data are presented as “up-to” values and are from
three different samples from between 400.19 m –
415.45 metres downhole in GSWA Trainor 1 as follows:
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Operator Sample ID Depth
Analyte
Reported in
Announcement
Text
FMG* D682617 400.19 Bi, Te, Sb
GSWA 133283 410.10 As, Au, Mo
GSWA 133284 415.45 Cu
*FMG did not assay for gold.
Location of data
points
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.
GSWA do not record the survey methodology, handheld
GPS accurate to +/- 100m is assumed.
Specification of the grid system used. All figures are presented in GDA2020, MGA zone 51S.
Quality and adequacy of topographic control. The quality of topographic control is deemed adequate
for the reconnaissance nature of the results presented.
Data spacing and
distribution
Data spacing for reporting of Exploration Results. See tables and figures in the body of the release for
sample locations.
The sampling reported is reconnaissance in nature and is
insufficient to establish any degree of geological grade
continuity.
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
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
The airborne magnetic survey lines were oriented 033-
121, approximately normal to the geological strike.
The degree to which the sampling may bias the actual
grade and extent of mineralisation is highly uncertain.
GSWA Trainor 1 was drilled vertically. No structural
orientation was undertaken. GSWA note that the zone
of widespread fracturing between 137.7m and 158.8m
downhole, in the Cornelia Formation is associated with
thin quartz veining, local bleaching and fracture guided
hematitic staining that is mainly oriented parallel to core
axis. The orientation of this hole with respect to the
mineralised structures is therefore highly likely to have
introduced a sampling bias.
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.
Sample security The measures taken to ensure sample security. Neither GSWA nor FMG report the measures taken to
ensure sample security.
Audits or reviews The results of any audits or reviews of sampling
techniques and data.
No Project-specific external audits or reviews have been
undertaken.
JORC Table: 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 have a 100% interest in granted Exploration License
E69/4182 and Miscellaneous License L69/67, and
application E69/4356 which together form the Madman
Project.
No royalties encumber these tenements.
The Project lies within the Birriliburu Determination
Area. The Birriliburu Native Title Holders hold native title
rights to the Determination Area including the right to
possess, occupy, use and enjoy the land and waters of
the Determination Area to the exclusion of all others.
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Mungarlu Ngurrarankatja Rirraunkaja Aboriginal
Corporation (MNRAC) is the RNTBC for this
Determination. Central Desert Native Title Services
(CDNTS) is authorised by MNRAC to act as its agent in the
administration and implementation of agreements with
exploration companies. Buxton has executed a Land
Access Agreement with the MNR via CDNTS.
A review of the Department of Planning, Lands and
Heritage (DPLH) online ACHIS identified no Aboriginal
sites or places within the Project area.
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.
The tenement is in good standing with DMPE and there
are no known impediments for exploration on this
tenement.
Exploration done by
other parties
Acknowledgment and appraisal of exploration by other
parties.
Several exploration parties have held portions of the area
covered by BUX tenure previously, however the only
substantive / relevant work was by AusQuest Ltd, who
flew the airborne magnetic survey discussed herein.
No on-ground exploration for Cu/Au has been
undertaken.
Geology Deposit type, geological setting and style of
mineralisation.
The Madman Project lies along the Marloo Fault, a major
transcrustal structure which extends & links with the
Vines Fault. Together these structures define the
Western margin of the Paterson Orogen. The Madman
Project magnetic anomaly is most likely situated either
within rocks now assigned to a) the Neoproterozoic
McFadden, or b) the Mesoproterozoic Cornelia
Formation. These Proterozoic rocks are basement to the
northwestern part of the Officer Basin. Isolated
exposures of Cretaceous rocks of the Canning Basin cover
these older successions which are in turn covered by the
active dune system of the Gibson Desert. In Trainor-1,
these pre-Officer rocks comprise the Cornelia Formation
(equivalent to the Edmund Group), consisting
predominantly of indurated shale with minor amounts of
sandstone and chert. The majority of the unit was
deposited in an offshore marine-shelf setting, but
intervals with abundant pyrite and claystone suggest
deposition in a euxinic barred basin. Numerous faults
with both normal and reverse offsets were noted in the
core. The strata have been gently folded with dips
typically varying between 20° and 50°.
Sitting unconformably above the Cornelia Formation is
the McFadden Formation (equivalent of the Collier
Group), which consists of a basal conglomerate and
poorly sorted sandstone of the was deposited during a
marine transgression. Overlying carbonate and
interbedded shale and sandstone within the formation
were deposited on a shallow-marine shelf. The basal
clastic and carbonate. See Hocking et al (2020)ix
for more
information on the stratigraphy of the Madman area.
Exploration at the Madman Project is focussed on a
Havieron look-a-like magnetic anomaly. Supporting the
prospectivity of this feature are reports of alteration,
vein-style mineralisation (hosting gold) and pathfinder
geochemical anomalism arising from GSWA’s mapping,
stratigraphic drilling and regolith sampling 1996-2002 at
the nearby Quadrio Lake and associated occurrences and
from the GSWA Trainor 1 stratigraphic drillhole.
The shallow depth of the magnetic inversion model
suggests that a relatively inexpensive exploration
program could be undertaken to test this target.
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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:
FMG provide drillhole information in WAMEX A115509
and related statutory technical reports.
The samples presented in this report come from GSWA
Trainor 1, with coordinates in GDA2020, MGA zone 51S.
Hole ID East (m) North (m) RL (m) TD (m) Dip Azi
GSWA
Trainor 1
473780 7287555 455 709 -90 360
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o 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 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.
No data aggregation methods have been applied.
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.
Relationship between
mineralisation widths
and intercept lengths
These relationships are particularly important in the
reporting of Exploration Results.
The basis of reporting assay results is described above.
GSWA and FMG sampling of GSWA Trainor 1 was highly
selective and the results presented are not
representative of the entire hole.
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’).
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.
See text and figures in body of release.
Balanced reporting 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.
The reporting presented in this Release is intended to
demonstrate the presence of mineralisation styles
supporting the target deposit model. The data sources
are open file and referenced below such that the
sampling can be independently verified.
Other substantive
exploration data
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.
All exploration data which may be meaningful and
material to the interpretation of the drilling results is
presented within this release.
Further work 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.
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