Buxton Resources Ltd - Graphite Bull Project Drilling Program Commences

About this update from Buxton Resources Limited

Buxton Resources Ltd ('Buxton'; ASX:BUX) is pleased to announce that drilling operations have commenced at the 100% owned Graphite Bull project in Western Australia Buxton's CEO Marty Moloney said; 'We've previously seen that the upper margins of the EM targets at Graphite Bull represent thick zones of high-grade graphite, so now we're very excited to see what lies in the heart of some of these plates'. The initial diamond drilling program aims to test the mineral system at depth where 2023 EM surveying (ASX 07/02/2023) and scout RC drilling (ASX19/04/2023) indicates there is a significant opportunity to expand the current Resource. The first of the two holes will test a position approximately 300 metres below of the existing drilling and down plunge from the outstanding intercept in GB001RC (33m @ 18.7% TGC from 11m, 20m @ 18.3% TGC from 170m). The second hole (P2) is planned to test a similar depth around 600 m to the East and down plunge from 2023 RC holes GB003RC (18m @ 16.2% TGC from 145m) and GB004RC 5m @ 24.8% TGC from 20m, 5m @ 19.7% TGC from 34m & 32m @ 17.7% TGC from 49m. Contact: Martin Moloney Sam Wright Chief Executive Officer Company Secretary Email: [email protected] About the Graphite Bull Project The at-surface, high-grade Graphite Bull (formerly Yalbra) Project is in the Tier 1 mining jurisdiction of Western Australia , Gascoyne region, on granted Exploration License E09/1985. Graphite Bull was acquired by Buxton in 2012 and by 2014 an airborne EM survey, several drilling programs and two resource estimates were completed. The Graphite Bull project currently has a JORC (2012) compliant Inferred Resource of 4 Mt @ 16.2 % TGC (ASX 24/10/2014). Due to projected growth of the global Lithium-ion battery market, and the essential part graphite will play in that - graphite is the single largest component of Li-ion batteries - Buxton recommenced work at Graphite Bull in 2022. Work since then has been focused on metallurgical test work through to final product (Activated Anode Material), and increasing Resource confidence and size, with very promising results to date. Forecast battery-related demand (Benchmark Mineral Intelligence) means that by 2027, global graphite production needs to double and that, by 2040, eight times current production will be required to supply the world's lithium-ion battery anode market. Non- China battery anode capacity, and investment, is being spurred by US IRA legislation. Graphite Bull is therefore a very attractive project, being a high-grade deposit located in a Tier 1, US FTA mining jurisdiction, with ore materials having demonstrated excellent electrochemical performance and with outstanding Resource growth potential Cautionary Note Regarding Forward-Looking Information This Announcement contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of publication. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the timing required to execute the Company's programs, and the length of time required to obtain permits, certifications and approvals. Wherever possible, words such as 'anticipate', 'believe', 'expect', 'intend', 'should', 'intend', 'may' and similar expressions have been used to identify such forward-looking information. Forwardlooking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions, and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained on in this Announcement is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forwardlooking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this Announcement. (C) 2024 Electronic News Publishing, source ENP Newswire

View stock analysis, news, and events for Buxton Resources Limited