Buxton Resources (ASX:BUX) sets sights on large scale copper gold system at Centurion

As Buxton Resources (ASX:BUX) prepares to drill one of its most promising targets to date, CEO Marty Moloney shares insight into the significance of the Centurion prospect in Western Australia.

With encouraging geophysical indicators, favourable market timing and strong local partnerships in place, the company is preparing to unlock the potential of what could be a major copper gold system.

Why is Centurion considered such a compelling target?

“Centurion exhibits every hallmark of a large scale Iron Oxide Copper Gold (IOCG) system, the style responsible for world class deposits such as Olympic Dam and Carrapateena, and its geophysical signature is especially persuasive.”

A semi coincident magnetic gravity anomaly extends roughly 3.5 kilometres by 5 kilometres, with a 1,500 nanoTesla magnetic amplitude and a 10.1 milligal gravity response, both pointing to a dense, potentially mineralised alteration system.

The target also sits in a highly prospective structural setting at the intersection of several crustal scale geological boundaries, the exact ingredients sought when chasing major IOCG systems.

Historical support comes from CRA’s 1991 hole, which stopped short of basement yet recovered boulder sized clasts of strongly pyritic, chlorite altered bimodal intrusives in Permian conglomerate.

The clast size suggests the basement unconformity lies close to the end of that hole, and the lithology plus alteration style dovetail perfectly with IOCG characteristics.

Together these lines of evidence make Centurion a credible host for the kind of high value copper gold system that underpins multiple bulk underground mines in Australia and worldwide.

 What is the purpose of the initial 1,000 metre drill hole?

The first vertical diamond hole, CN001DD, is planned to 1,000 metres and targets the interface of the modelled magnetic and gravity anomalies, where the core of any mineralised system is predicted to sit between about 520 and 700 metres depth.

Beyond this initial test, the hole will serve as a parent for daughter wedges, allowing us to steer follow up holes precisely into features highlighted by the first pass.

“This staged approach minimises both logistical delays and the cost of repeatedly drilling through cover, ensuring that we maximise technical return from day one.”

What makes this the right time to drill Centurion?

Market sentiment for copper and even more so gold is currently favourable, while on ground preparations are complete. We have finalised heritage surveys, secured access agreements with traditional owners, obtained all regulatory permits and identified multiple sites for follow up drilling.

Construction of upgraded tracks and drill pads, briefly delayed by unseasonal winter rain, is now in progress, and rig mobilisation is on track for the next fortnight.

Financially, our position is bolstered by a 220,000 dollar grant from the WA Government’s Exploration Incentive Scheme, meaning we are operationally and fiscally ready to test this high impact target.

How confident are you in reaching basement compared with CRA’s past attempt?

CRA’s 1993 hole VE001 ended at 432 metres without hitting basement, largely due to single shift drilling, an early switch to diamond coring at 198 metres and limited mud pump capacity.

In contrast, we will employ continuous drilling with a deeper mud rotary precollar, leverage a far larger mud pump and work with a contractor experienced in these conditions.

These measures materially reduce technical risk.

Given CRA’s logs and our geophysical models, we are confident of reaching the target zone and properly evaluating the basement mineral system.

What is the significance of the traditional owner agreements?

“Our heritage and access agreements with the Ngurra Kayanta and Parna Ngururrpa Aboriginal Corporations provide the social licence that underpins the entire project.”

They ensure operations proceed respectfully and responsibly on Country and reflect our commitment to long term collaboration with traditional owners.

A comprehensive July 2024 heritage survey identified and protected culturally important sites, and an additional agreement grants safe passage through Kiwirrkurra People’s land for our team and contractors.

Without these relationships the program would not advance, so we are proud of the trust built with these communities and grateful for their support as Centurion moves forward.

Looking Ahead

With a compelling target, robust technical planning, and strong community partnerships in place, Buxton Resources is well positioned to commence drilling at Centurion in the coming weeks.

As the company tests the depth of this large scale IOCG system, the outcomes of CN001DD could mark a major turning point in Buxton Resources exploration journey.

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