Buxton Resources (ASX:BUX) will soon start reverse circulation drilling of nickel sulphide targets at its Zanthus Nickel-Copper Project in Western Australia’s Fraser Range.
Zanthus is located 60 kilometres along strike from Sirius Resources’ (ASX:SIR) Nova-Bollinger nickel-copper discovery.
One of the primary targets is Oaktree North, a strong MLTEM bedrock conductor along strike from early magmatic nickel sulphides previously intersected at Oaktree South.
Four additional targets will also be drilled under the 1,500 metre program, including one with previously intersected nickel sulphides.
The project is considered to have a “fertile” environment for the discovery of nickel-copper sulphide mineralisation as it contains the right mafic-ultramafic rocks and right sulphides.
A regional MLTEM program targeting deeper conductors in the favourable “Oaktree Structural Corridor” will also begin shortly.
Buxton is raising $2.6 million for drilling at Zanthus as well as the Yalbra Graphite Project in Western Australia.
This consists of a $1.6 million placement of up to 8 million shares priced at $0.20 each and a share purchase plan to raise $1 million.The company had $1.3 million in cash as of 30 June 2014.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.
Add to My Watchlist
What is My Watchlist?
