Buxton Resources (ASX:BUX) CEO outlines Centurion assay results and next exploration steps

Buxton Resources Ltd (ASX:BUX) has released new assay results from drilling at the Centurion Project, with analysis highlighting strong silver and multielement anomalies that point to a nearby mineralised source.

Martin Moloney, Chief Executive Officer of Buxton Resources, explains what the results mean, why the company applied specific assay techniques, the drilling challenges faced, the planned next steps, and how the geological setting underpins the project’s potential.

What do the silver and multielement assays from CN002DD indicate about the Centurion Project’s potential?

The CN002DD assays provide a strong indication that the Centurion Project is highly prospective.

At the end of hole, partial leach testing returned silver results up to 4.57 grams per tonne, around 77 times higher than average continental crust abundance.

Tungsten, molybdenum, rhenium, copper and zinc were also anomalous compared to background material, confirming a geochemical dispersion anomaly.

“The very high silver levels strongly suggest that the source of mineralisation is nearby, most likely within hundreds of metres, and even though CN002DD did not reach the basement rocks we were targeting, the results are highly valuable because they confirm that the project lies within a fertile environment for precious and base-metal mineralisation.”

Why is Buxton using partial leach assays, and what confidence should investors place in these results?

Partial leach assays are widely used in exploration programs where post-mineralisation cover can obscure underlying mineralisation.

The method applies weak acids and sensitive instrumentation to detect metals that groundwater has transported into porous cover rocks, and at Centurion, the sands at the base of CN002DD were an ideal medium for this approach.

Both the partial and total leaches show very high silver levels, however the benefit of using both analyses is that the comparison between the two revealed a clear metal association which accompanies the high sliver levels.

In this case we have elevated levels of silver, tungsten, molybdenum, rhenium, copper, zinc and several other elements, which underpins our interpretation that these metals are being deposited by the naturally occurring groundwater processes.

“While partial leach assays are not typically suitable for resource estimation because they are chemically biased, they are an industry-recognised way of identifying anomalies that can guide explorers toward mineralised systems, and in this context they are telling us that a sulphide deposit is probably nearby.”

What were the main challenges encountered during the drilling of CN002DD, and how do they affect the program?

CN002DD was drilled to a depth of 808.9 metres before being abandoned after intersecting loose sands of the Elsa Sandstone member at the base of the Canning Basin cover sequence.

These conditions affected recovery in the final metres and prevented the hole from reaching Proterozoic basement rocks, which are interpreted as the target host.

Even with these challenges, the drillhole produced valuable technical outcomes.

We now have confirmed metal anomalies, with particularly high silver levels, from assaying of these loose sands at the end of hole.

This interpreted to represent a chemical dispersion anomaly, the result of groundwater movement, with the hole being relatively close to the source.

The geology of this sandstone also provides important information.

This is a lithic sandstone with diverse pebble clasts support this interpretation of a nearby basement high, providing additional encouragement for follow-up exploration.

“These findings confirm that, despite the operational challenge of not reaching the basement, the drillhole still generated highly valuable data that helps us refine our geological model and strengthen the case for further exploration.”

What are the next steps for exploration at Centurion following these results?

Buxton has several activities in progress that build on the drilling outcomes.

Core petrology and micro-XRF studies are underway, with results expected by mid-October, and these aim to provide more clarity about the source of the metals.

Heavy mineral separates are also being prepared to determine whether the sands contain metal-bearing sulphides or key indicator minerals such as zircon, iron oxides, garnets, monazite, spinels and apatite.

Elemental compositions will be analysed using laser ablation techniques, offering further insight into potential basement sources.

In parallel, the company is planning a magnetotelluric survey co-funded by the Western Australian Government.

This will map the elevation of the basement interface and, when combined with the laboratory and geophysical datasets, provide the framework for designing the next drilling program.

How does the geological setting of the Centurion Project support the exploration model?

The Centurion Project covers approximately 80 square kilometres in the Great Sandy Desert, situated close to a triple junction of major crustal boundaries.

Such structural settings are widely recognised as favourable for hosting large-scale mineral systems.

The project is focused on a dipolar magnetic and gravity anomaly, which is a characteristic feature of iron oxide copper gold deposits.

This is the same style of geophysical signature seen at globally significant IOCG systems such as Olympic Dam, Prominent Hill and Carrapateena.

However, since so little is known about the rocks that host these geophysical features, there could be other mineralisation styles present in the tenement.

Historic drilling by CRA in 1991 encountered altered intrusive clasts containing chlorite and pyrite, consistent with hydrothermal activity, and Buxton’s 2025 drilling has now added geochemical anomalies, lithic sandstone fragments of the basement rocks, plus highly magnetic material that can help refine our understanding of the basement rocks that host the geophysical anomalies.

Buxton’s forward analytical program includes petrology and heavy minerals analysis on this material which is intended to pinpoint which specific deposit styles could be present in the project.

Next steps for shareholders

“With petrology, micro-XRF and heavy mineral analyses underway, and a government co-funded magnetotelluric survey soon to be conducted, we are building a strong technical foundation that will guide future drilling at Centurion.”

Buxton Resources is committed to advancing Centurion systematically and with technical rigour.

The combination of encouraging assay results, favourable geology and co-funded exploration support provides shareholders with a clear path forward as the company works to define future drill targets.

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