As this article indicates BUX is starting to be noticed and watched by industry heavy wieghts .
Extract from Mining News .
Home > Field Work > Dollar decisions before Buxton drilling
Dollar decisions before Buxton drilling
TO RAISE, or to punt, that is the question! Buxton Resources is getting set to drill what could be a great discovery … or will it be something a bit more complex or tricky than hoped.
Michael Quinn08 Feb 201722:56
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TOPICS (select for more information):
Copper NickelBuxton ResourcesAustralia
With $A1.9 million in the bank at the start of the year, the company is not short of funds needed to begin drill testing its much heralded Double Magic nickel-copper project east north-east of Derby – with site works planned for next month and drilling following thereafter.
Despite its treasury, will it look to lock-in some insurance money by undertaking an equity raising?
Especially given a current share price of about 20c, an 18-month high.
To put that into context, Buxton shares spent most of 2016 circa 200-300% lower.
It last raised funds back in August 2015 at 19.5c, just after its drilling discovered nickel sulphides at Double Magic.
In 2016 it boosted its exploration kitty by effectively selling a 90% stake in exploration ground in the Fraser Range to Independence for $1.5 million cash.
Buxton is confident it’s onto something, as again evidenced by company comments late last month.
“For over 18 months the Double Magic project has ticked all the key technical criteria required to host a large sulphide body,” Buxton’s managing director Eamon Hannon said.
“The latest round of results has added yet another layer of strong supporting evidence for the existence of a large nickel-copper mineralised system.
“The Buxton team believes that we could have a tiger by the tail and all of the work to date suggests there is a high possibility for a significant nickel-copper deposit to exist at our Double Magic project.
“Very exciting times ahead!”
Current expenditure forecasts suggest the company will have $1.5 million at the end of next month.
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BUX Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
