IGO (ASX:IGO) partner Buxton (ASX:BUX) gains on high-grade nickel in West Kimberley
IGO partner Buxton Resources is up 37% on finding high-grade nickel at its Dogleg nickel-copper-cobalt prospect in Western Australia’s North West region near Derby.
Dogleg is part of the company’s West Kimberley Project, with the company announcing results from its first diamond drill hole at the project.
The assay featured 13.85 metres at 4.35% Ni, 0.34% Cu, and 0.15% Co from 177.34 m.
A highlight section of the assay was 5.86m at 7.47% Ni, 0.31% Cu, and 0.25% Co from 179.08m.
“The Buxton and IGO technical teams are extremely excited to report high grade nickel and cobalt mineralisation in sulphides from the first diamond hole at the Dogleg Prospect within our West Kimberley Project JV,” Buxton Resources CEO Marty Moloney said.
“This result, along with previous exploration success at the Merlin prospect, validates our view that the West Kimberley project can potentially host Nova-Bollinger style nickel sulphide deposits.
“We look forward to reporting the assays from the second hole in this program and hope to build on this momentum with future drilling programs designed to fully reveal the emerging exploration potential at Dogleg.”
The company said the sulphide mineralisation species logged in the drill hole supported a view they were a combination of pyrrhotite, pentlandite and chalcopyrite.
Results from the second hole are expected in 3-7 weeks.
Once Buxton gets all its results, it will design a future work program, including further drilling.
The latest result earns Buxton a $500,000 payment from its West Kimberley JV Projects partner IGO.
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