Buxton Resources’ mission to deliver battery anode concentrate material from its Graphite Bull project in Western Australia’s Gascoyne region has gained momentum after recent drilling hit multiple new zones of high-grade graphite.
The company says substantial graphitic core zones are visible in the first hole from the new campaign as its confidence builds in relation to its chances of delivering significant resource growth. Additionally, surface earthworks have exposed highly-graphitic zones at surface, similar to its high-grade total graphitic carbon (TGC) hits revealed last year.
Buxton has strategically designed its first drillhole to probe below last year’s RC drilling, targeting down-plunge from its initial hole that intercepted a standout shallow hit of 33m at 18.7 per cent TGC from 11m. The second drillhole, about 600m east of the first hole, will delve into the mineralised zone at a similar depth.
Now at 456.8m, with plans to reach between 650m and 750m, the drill bit is entering the target zone rich in graphitic mineralisation, as identified by electromagnetic (EM) plates.
Visual graphite estimates from the geological logging of 32.31m of graphitic material cored to date has shown grades exceeding 5 per cent TGC. In particular, a 55m intersection drilled between 269m and 324m – but yet to be logged – has also thrown up a visual grade estimate exceeding 5 per cent.
The zone lies 275m down-dip and to the south-west of the shallow intersections encountered during last year’s drill program.
Intriguingly, ongoing earthworks have also exposed multiple high-grade graphitic zones at the surface, some 280m directly up-dip from the 55m graphitic zone intersected in the current drilling program. It throws up a tantalising suggestion that a new plain of mineralisation up-dip from the existing resource could possibly run the whole way from surface to 325m.
Buxton Resources chief executive officer Martin Moloney said: "Our exploration and extension drilling continue to deliver new high-grade graphitic intersections at Graphite Bull. These visual results underscore multiple growth opportunities and the project's rising potential as a long-term producer of battery anode concentrate material."
The initial findings from the diamond drill program have spotlighted three significant growth opportunities – open pit mining potential from zones along the existing resource's strike, underground mining prospects beneath the current resource that will necessitate higher cut-off grades, and shallow, parallel zones in the hanging wall that are ideal for open pit extraction.
It is still early days, but once logged and analysed for grade and information regarding impurities or deleterious material, Buxton will have a better overall picture of what could potentially be a significant moment for the company. As the newly-defined graphitic zones lie outside Buxton's current inferred resource of 4 million tonnes at 16.2 per cent TGC, it highlights substantial opportunities for expansion.
Graphite Bull, which lies 200km east of Carnarvon in the Gascoyne, has been in the hands of Buxton for more than a decade. But its growing prospectivity may mean it will now start getting a bit more love.
In a salutary lesson in holding quality assets until a cycle turns, it wasn’t until the surging demand for lithium-ion batteries, which hinge critically on graphite – their largest component – kicked in, that Buxton reignited its efforts at site. Since then, management has been conducting metallurgical tests and refining processes to a final product of activated anode material in a bid to bolster both the confidence and scale of its resource.
Graphite Bull is proving to be a treasure trove of high-grade graphite, with significant new intersections that hint at much bigger resource potential than previously imagined.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By James Pearson
