Announcement PDF  Drilling has recommenced. A second hole to test below the first is now at 625.5 m depth and back in mineralisation  Buxton’s first hole terminated in mineralisation at 611.67 m. Assays are expected in 4 weeks  Additional tenure has been pegged, doubling Buxton’s holding to 29.5 km 2 1 PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au 2 ASX announcement 7 June 2023 - Clarification to Copper Wolf Project Drilling PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Hole Id CPW0001DD CPW0002DD Hole Id CPW0001DD CPW0002DD From (m) 546.6 540.45 UTM Easting 375104 375111 To (m) Length Pyrite (%) 546.75 540.65 0.15 0.2 2.25 3 UTM Northing 3767349 3767357 Elevation (m) 892 891 Chalcopyrite (%) 0.75 1 Azimuth 020 020 Dip -85 -85 Molybdenite (%) Current Depth (m) 611.74 625.5 0.2 0.25 Hole Status Complete Current 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. PQ and HQ diamond core samples have been obtained during drilling. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 Drill core was geologically logged, and selected intervals were selected for sampling and analysis. The diamond core was cut in half along the long axis using a diamond blade rock saw. Half-core was sampled. The samples lengths ranged from 0.3m to 1.82m to within geological boundaries with all samples submitted to SGS Laboratories in Burnaby. T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Drilling techniques Drill sample recovery Logging 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). 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. Diamond core was drilled from surface to the end of the hole. 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. Drill core is logged by Company geologists with appropriate detail to support mineral resource estimates. HQ diamond core diameter (shown in all photos) is 63.5mm Drill core recoveries were routinely recorded by the drilling contractors on core blocks are the end of each core run. Intervals are cross-checked by the Company’s geologists. No material core loss is recorded in the intervals being reported. Insufficient data from the modern drilling program exists to establish a relationship between sample recovery and grade. Historical data indicates there is no relationship between sample recovery and grade. Systematic geological and geotechnical logging is being undertaken. Data collected includes: Nature and extent of lithology. Relationship between lithology and mineralisation Identification of nature and extent of alteration and mineralisation. Location, extent and nature of structures such as bedding, cleavage, veins, faults etc. Structural data (alpha & beta) are recorded for orientated core. Geotechnical data such as recovery, RQD, fracture frequency, qualitative IRS, microfractures, veinlets and number of defect sets may be collected. Magnetic susceptibility recorded at 1m intervals Comments on estimates of the proportion of visible sulphides (e.g. chalcopyrite): Systematic logging of HQ diamond drill core with an estimate of the proportion of sulphide species present is completed on an interval basis. Estimates on an interval basis vary from trace (~0.1%) to 4.5%. This estimate is a guide only as it is difficult to estimate accurately due to the variable nature of the mineralisation. Actual metal grade will be determined using analytical method at a certified laboratory. The sulphide species (pyrite, chalcopyrite, chalcocite, bornite and molybdenite) occur as irregular blebs (~10mm diameter) in fine (~0.1mm) to medium (~0.5mm) disseminations, narrow stringers, irregular PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au - vein infill, irregular to laminated, narrow (1-10mm but up to 50mm+) pyritechalcopyrite-molybdenite veins, as well as narrow (2-15mm) centreline quartz-pyritechalcopyrite veins. Identification of sulphide species is completed by or under supervision of experienced geologists and supported by a handheld portable XRF. To assist with the selection of intervals for reporting visual sulphides, Buxton records visual intersections of porphyry vein style mineralisation by estimating for each foot of core: 1) the average width of the veins (w), and 2) the number of veins (n). Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. 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 subsampling 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 equation w * n / interval length yields the volume percent of the rock that is constituted by veins. Drill core has been halved with a core saw; with one half of the core sent to a laboratory for assay and the other half retained on site in ordered core storage trays for future reference. If core is broken, then a representative selection of half the core is taken. Core is photographed wet at site prior to transport. Further sample preparation in advance of assay (weighing, crushing, splitting, pulverising) is then undertaken at SGS Burnaby. Buxton retains all residual laboratory pulps in a secure storage facility. This procedure, including the sample sizes, meets industry standards where 50% of the total sample taken from the diamond core is submitted. The sample sizes are appropriate for the style of mineralisation encountered. 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. 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. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 The retention of the remaining half-core is an important control as it allows assay values to be viewed against the actual geology; and, where required, further samples may be submitted for quality assurance. No resampling of quarter core or duplicated samples have been completed at the project to date. Not applicable – no assays are reported in this announcement. Not applicable – no assays are reported in this announcement. Magnetic susceptibility was taken for every foot using a Terraplus KT-10 magnetic susceptibility T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au meter. No geophysical tools or other handheld XRF instruments were used to determine grade. Handheld PXRF was used only to confirm presence of minerals and not to determine grade. Verification of sampling and assaying 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. The verification of significant intersections by either independent or alternative company personnel. Blanks, duplicates and standards are included in every 10 samples submitted to the laboratory for analysis. The use of twinned holes. Drillholes CPW0001DD and CPW0002DD is located within 100m of historic hole RC-UC-17, drilled to 774.19 m (2540 feet) and for which historical logs and assays are available. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All drillhole data is entered to spread sheets by Company personnel and validated by Company geologists. This data is then imported into the Leapfrog software where additional validation is completed. Digital data is securely archived on and off-site. Not applicable – no assays are reported in this announcement. 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. Discuss any adjustment to assay data. 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. Specification of the grid system used. 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. Not applicable – no assays are reported in this announcement. Location 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. CW0001DD is the first drillhole in several decades at the Copper Wolf project and is designed to establish short range continuity of mineralisation with RC-UC-17. No Mineral Resource and Ore Reserve estimation procedures / classifications have been applied in this Announcement. No sample compositing has been applied at this stage. Orientation of data in relation to geological structure Sample security PO Box 661 Nedlands WA 6009 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. Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 The assessment of sampling bias in relation to drilling orientation will require additional drilling. Drill core is being stored and processed within a secure workshop facility. Samples are regularly dispatched to a laboratory for analysis as they are processed. T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Audits or reviews The results of any audits or reviews of sampling techniques and data. Not undertaken. 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 29.5 km2 of tenure consisting of Federal Lode Mining Claims SM1SM54 and CW01-CW215 issued by the Bureau of Land Management (BLM) covering 21.9 km2 and Arizona State Lands Department (ASLD) Mineral Exploration Permits 008-121028 and 1213390 covering 5.1 km2. On the 4th of October August 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, 008-121028 and 008-1213390) by incurring and sole funding A$350,000 of exploration expenditure in a 24month period from 4/10/2022. Upon IGO incurring the A$350,000 earn-in 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. 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). 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. 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. A summary of the history of previous exploration activities is included in this announcement. The Competent Person has reviewed previous reports on drilling at the Copper Wolf Project and confirmed in the field and from discussions with a PD site geologist that historic drilling has been undertaken. Practices employed appear PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au to have been consistent with those adopted at other projects in North America around the same time. Geology Deposit type, geological setting and style of 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: o easting and northing of the drill hole collar 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 Drill hole collar details and significant intersections of mineralisation in drilling are tabulated in this announcement. 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 Data aggregation methods 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. 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. Visual estimated intercepts have been selected to have internally consistent grade distributions, and these have not been aggregated. Metal equivalent values have not been reported in this Announcement. 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’). All intersections of mineralisation in drill holes reported in this announcement refer to down‐hole thicknesses of mineralisation as, to date, Buxton has had insufficient time to evaluate the data to estimate true thicknesses. 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. Maps and cross sections in the announcement illustrates the proximity of CW0001DD with respect to the closest zones of historical mineralisation intersected in RC-UC-17. Balanced reporting PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au Results of all available significant historical work have been summarised and reported in this announcement. www.buxtonresources.com.au Other substantive exploration data Further work PO Box 661 Nedlands WA 6009 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). All relevant, meaningful and material exploration data pertinent to the reported observations has been presented in this announcement. 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 diagrams in the body of the text. Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au The nature and scale of further exploration will be determined at the completion of the current drill program. www.buxtonresources.com.au