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Buxton Resources Limited (ASX:BUX)

ALERT: Price-sensitive ASX Announcement for BUX
Current share price for BUX : $0.020 -0.015 (-42.86%)+
Announcement
Release
15 Oct 2026 8:11AM
Price at Release
$0.035
Full Release
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Summary
Buxton Resources Ltd announced that diamond drill hole MD004DD at its 100%-owned Madman Cu-Au Project in Western Australia was completed at 627.20 m and intersected pyritic graphitic metasediments from about 505 m to end of hole, which the company interprets as the source of the off-hole electromagnetic conductor previously identified by downhole EM surveys rather than evidence of a separate sulphide body; while rare thin quartz-sulphide veins and broader quartz vein stockwork zones with only trace sulphides, including minor observed chalcopyrite, were logged, no assay results are yet available and core logging and sampling are continuing with assays expected in December 2026, while the broader update also notes MD004DD was drilled to test a conductor model developed from earlier holes MD002DD and MD003DD, supports an evolving structural interpretation involving fault-controlled basin architecture and hydrothermal fluid pathways, confirms the project remains at an exploration stage with no economic mineralisation or Mineral Resource identified, and states Buxton remains well funded as it prepares additional exploration activities including airborne magnetics and drilling programs in Arizona over the Australian summer and upcoming northern winter field season.
Key Points
  • MD004DD was completed to a final depth of 627.20 m at the Madman Cu-Au Project.
  • Graphitic metasediments were intersected from approximately 505 m to end of hole and are interpreted as the source of the targeted EM conductor.
  • Graphite had not previously been observed at Madman.
  • Rare thin quartz-sulphide veins and quartz vein stockwork zones with trace sulphides were observed, including minor visual chalcopyrite in one vein.
  • No assay results were reported in this announcement and assays are expected in December 2026.
  • Buxton said electromagnetic plate models are non-unique and should not be taken as evidence of sulphide mineralisation by themselves.
  • MD004DD was terminated short of planned depth after intersecting the graphitic unit considered to explain the conductor.
  • The hole supports an updated structural interpretation involving fault displacement and possible hydrothermal fluid conduits.
  • The Skates Hills Formation conglomerate was not intersected in MD004DD, indicating an abrupt northern pinch-out of the conglomerate-filled depression.
  • Buxton stated no mineralisation of economic tenor has been identified at Madman and the company has no Mineral Resource at the project.
  • The Madman Project is 100% owned by Buxton and comprises granted exploration licences E69/4182 and E69/4356 and miscellaneous licence L69/67.
  • Buxton remains well funded and is preparing airborne magnetics and drilling activities in Arizona.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.