Buxton Resources (ASX:BUX) Madman maiden drilling program completed

Buxton Resources has completed its maiden diamond drilling program at the 100% owned Madman Cu-Au Project in the Paterson Orogen of Western Australia.

The program comprised 2 diamond drill holes, MD002DD and MD003DD, for a combined 1,367.05 m, supported by water bore MD001WB, with both diamond holes drilled to completion, geologically logged and samples submitted for multi-element analysis.

Highlights

The drilling program was designed as a first-pass test of a large, discrete magnetic anomaly interpreted to lie in basement beneath Officer Basin cover sequences.

MD002DD was completed to 635.76 m and MD003DD to 731.29 m, with both holes intersecting Officer Basin cover sequences over the Skates Hills Formation and the basal conglomerate member unconformably underlain by crystalline basement at 488.5 m in MD002DD and 614.0 m in MD003DD.

The hydrothermal system is developed from just above the base of the Skates Hills Formation and intermittently over several hundred metres of the cored basement sequence.

Magnetite-bearing gneissic basement was intersected at the base of both holes, while localised replacement of magnetite by sulphide was observed.

The magnetite-bearing basement provides a direct geological explanation for the approximately 200 nT, approximately 1 km² magnetic anomaly that defined the original drill target.

Downhole electromagnetic surveying of MD002DD identified a discrete off-hole conductive response located approximately 350 m north of the drillhole.

Approximately half the anomaly wavelength was recorded before logging reached the end of hole, with a suite of equivalent conductive plate models derived as alternative solutions to the same anomaly rather than separate conductive bodies.

Modelled conductance ranges from 200 to 1,000 Siemens and modelled areal size ranges from 500 x 500 m to 1,000 x 1,000 m across the solution set.

Plate orientation is consistently resolved across all models, striking northwest and dipping 60 to 80° to the southwest.

The conductor lies outside the sections drilled by both holes and is untested.

The Madman Project comprises granted Exploration Licences E69/4182 and E69/4356 and Miscellaneous Licence L69/67, in which Buxton holds a 100% interest. No royalties encumber these tenements.

Madman is located 375 km northeast of Wiluna and is accessible via the Gunbarrel and Eagle Highways, then along a historic seismic line track, with Buxton improving approximately 6 km of this seismic line and establishing 56 km of new access tracks.

Buxton Managing Director Marty Moloney said:

“The maiden drilling program at Madman has concluded with multiple intersections of veining, alteration and mineralisation styles consistent with the major Paterson Orogen copper-gold deposits. We expect assay results for these holes by the end of September, with partial gold assays available earlier.”

DHEM surveying of MD003DD is expected to be completed by the end of August 2026.

Planning for a follow-up program will then be finalised, with timing subject to drill rig availability and completion of heritage clearance requirements under the company’s Land Access Agreement with the Native Title Holders.

New heritage work program requests are currently under review and include scope for additional areas for drilling, plus ground EM and gravity surveys.

Full multi-element assay results for the basement sections of MD002DD and MD003DD are expected by the end of September 2026 and will be reported when received and validated.