Base metals: Has Buxton found the next Fraser Range or Paterson Province?
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Buxton Resources (ASX:BUX) thinks it has stumbled onto a major new nickel and copper province in the West Kimberley of Western Australia.
The junior explorer told investors this morning that its recent efforts in “defining and de-risking this frontier search space could be compared with recent discoveries in other exploration belts such as the Paterson Province and the Fraser Zone”.
This moved shares up 4.2 per cent to 12.5c on Tuesday morning.
The Fraser Range shot to fame back in 2012 when Sirius uncovered the Nova-Bollinger nickel, copper and cobalt mine, which eventually earned the company’s backers the very large sum of $1.8 billion.
The Paterson Province, meanwhile, is now abuzz with activity following confirmation of a big copper discovery by mining heavyweight Rio Tinto earlier this year.
Buxton made a grassroots discovery at its Merlin prospect after drilling returned hits of up to 8.14 per cent nickel, 5.26 per cent copper and 0.69 per cent cobalt.
Interestingly, Independence Group — which now owns the Nova-Bollinger mine in the Fraser Range – has a two-year option to earn up to a 70 per cent stake in the Merlin prospect.
Independence is planning to undertake an electromagnetic survey at Merlin in mid-June, followed by drilling in August.
Buxton has also recently uncovered fresh outcropping nickel and copper sulphides on ground it picked up from New World Cobalt (ASX:NWC).
The company plans to start drilling this new prospect, known as Quick Shears, in July.
Odin Metals (ASX:ODM) has identified multiple new volcanogenic massive sulphide (VMS) targets from a recent helicopter electromagnetic survey at its Sturgeon Lake zinc and copper project in Ontario, Canada. VMS deposits are a type of large metal sulphide ore deposit, mainly copper and zinc, that range in size from 4 million to 25 million tonnes. Odin plans to undertake 6,000m of drilling one processing of the new targets is complete.
St George Mining (ASX:SGQ) has uncovered a number of new, high priority nickel and copper sulphide targets at its Mt Alexander project in Western Australia. So far, high-grade nickel and copper sulphides have been intersected across a 4.5km strike of the Cathedrals Belt. St George will start drilling once it has regulatory approval.
Valor Resources (ASX:VAL) has started drilling at its Berenguela copper and silver project in Peru. The initial program includes 3,000m of diamond drilling across six to eight holes to extend the mineralisation laterally and at depth.