This is why I bought in and what I believe is driving the action. Fact, BUX’s Fireant prospect was ann’d back in Nov 2015 at the end of the field season , right before the wet season (http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01689427). The prospect imo is extremely attractive but the reality is at the time with a 6 month work hiatus impending to upgrade the prospect BUX succumbed to the well entrenched downtrend from the 30s and bottomed out in a ~6 to 7.5c range marking time. Going on the April quarterly (http://www.asx.com.au/asxpdf/20160502/pdf/436y0y4vg3vlb6.pdf) “Buxton advises that the next exploration program at Double Magic is progressing well”. Translation – it’s possible that mapping, rock chip sampling and soil sampling over the Fireant prospect has commenced, if it hasn't look at their 2015 ann's and you will see May/June the action started at Double Magic, the market is anticipating this news flow spigot being turned on. This is speculation, but if they can locate gossans/geochem ni/cu anomalies over Fireant, as they did over conductors A,C and D (http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=bux&timeframe=Y&year=2015) this will lead to a pretty significant rerate prior to drilling even commencing.
. Fireant Prospect – WA
So figure 7 below are the A,C and D conductors, all hosted in the Ruin Dolerite which yielded disseminated, matrix and massive nickel/copper sulphides, theres too many ann’s to list. Figure 8 shows the Fireant prospect conductors to the east, key takeaway - look at the bloody size of em'. Their morphology also makes me quite excited as they appear to possibly be a folder chonolith (pipe geometry), which is imporatant as far as pipes vs layered intrusions go, World Class deposits are always hosted in pipes, not the layered complexes. There are no false positives at Double Magic so far (ie graphite), also the fact that the VTEM anomalies appear to conform to the interpreted bedrock geology (Ruin Dolerite) is also a big tick (Figure 2 at the end, I have crudely drawn on the approximate location of the Fireant VTEM anomalies onto the interpreted bedrock geology). The fireant prospect looks like it runs into the neighbouring tenement held by Strategic Metals.
Not investment advise, DYOR.
Cheers,
FB
BUX Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)