Buxton Resources (ASX:BUX) commences drilling at Madman Project
Buxton Resources has commenced drilling activities at its 100% owned Madman Project, with McKay Drilling now onsite.
The program comprises a water bore and 2 deep diamond drill holes targeting a discrete magnetic anomaly with strong similarities to the Havieron gold copper deposit.
Site preparation works, including access track clearing and drill pad construction, were completed in advance of rig mobilisation.
Highlights
McKay Drilling has commenced activities at the 100% owned Madman Project
Program comprises a water bore and 2 deep diamond drill holes
Target is a discrete magnetic anomaly with strong similarities to the Havieron gold copper deposit
Madman targets a Havieron “look a like” ~200nT magnetic feature ~1 km² in extent
Modelling indicates the target is likely around 220 m below surface
Further updates will be provided as the program progresses and results become available
The drilling program consists of a water bore followed by 2 deep diamond drill holes designed to test the Madman geophysical feature, which is a discrete Havieron style gold copper magnetic anomaly identified through geophysical modelling.
Madman is located approximately 375 km north east of Wiluna and is accessible via the Gunbarrel and Eagle Highways, followed by an existing seismic line track, with Buxton stating it will improve the final ~6 km of this line before establishing 56 km of new access tracks.
The project straddles the Marloo Fault, a major transcrustal structure defining the western margin of the Paterson Orogen.
A review of historical records indicates there has been no previous on ground exploration over the discrete geophysical anomaly that is the focus of the current drilling program.
Prospectivity for gold is supported by GSWA mapping that identified vein hosted gold barium mineralisation at the Quadrio Lake and Phenoclast Hill prospects.
The nearby GSWA Trainor 1 stratigraphic drillhole intersected quartz pyrite veinlets from 397.1 m to 417.55 m downhole with anomalous gold up to 33 ppb associated with elevated tellurium up to 823 ppb, as well as anomalous arsenic, antimony, molybdenum, copper and bismuth.
Hyperspectral analysis identified zones of bleaching and k feldspar alteration associated with the anomalous geochemistry.
Forward and inversion modelling based on recently released 200 m line spaced magnetic data indicates the target is likely around 220 m below surface.
The magnetic remanence component of the Madman anomaly is stated to be very similar to that described at Havieron, with the Havieron comparison provided for geological context only and not implying similar mineralisation will be encountered.
Buxton Managing Director Marty Moloney said,
"Commencing the Madman drilling program is a landmark and exciting moment for Buxton shareholders, who will be the first to test this target, a compelling geophysical anomaly with the hallmarks of a Havieron style gold copper system. Our team has done exceptional work to get us to this remote site under unseasonal conditions. We look forward to reporting results as the program progresses."
The program is now underway at site following completion of preparation works and rig mobilisation, with geological observations to be recorded during drilling as the program advances.
Buxton will provide further updates as drilling progresses and results become available.
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