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Buxton Resources Limited ( (AU:BUX) ) has issued an update.
Buxton Resources has advanced preparations for its maiden drilling campaign at the 100%-owned Madman Project in Western Australia, securing all key licences and regulatory approvals and engaging McKay Drilling, while also expanding its tenure there to about 530 square kilometres. The drilling will test a discrete magnetic anomaly analogous in setting to major regional discoveries, signalling a potential step-change target in the company’s exploration pipeline.
The company also agreed to sell its 49% joint venture interest in the Copper Wolf Project in Arizona to partner IGO for approximately A$6.15 million, with IGO to assume full ownership of the core JV tenements and Buxton released from future liabilities in that area. Importantly, Buxton will retain 100% ownership of surrounding tenure hosting key copper-molybdenum targets, benefit from the removal of IGO’s right of first refusal over its Arizona copper projects, and bolster its balance sheet with a post-quarter A$3 million placement to fund ongoing exploration.
More about Buxton Resources Limited
Buxton Resources Limited is an Australian exploration company listed on the ASX, focused on discovering and advancing copper and other base metal projects. Its portfolio includes the Madman Project in Western Australia and copper-molybdenum porphyry targets in Arizona, with an emphasis on early-stage exploration in highly prospective mineral belts.
Average Trading Volume: 386,802
Technical Sentiment Signal: Hold
Current Market Cap: A$19.71M
For detailed information about BUX stock, go to TipRanks’ Stock Analysis page.