Buxton Resources has nailed a record 124m drill hit grading a serious 16.6 per cent total graphitic carbon (TGC) at its Graphite Bull project 300km east of Carnarvon in WA’s Gascoyne region, further boosting confidence in the modelling of the deposit ahead of a resource update due in December.
The hole, drilled as part of a 29-hole reverse circulation (RC) program intersected the monster hit at a depth of just 44m and has extended the strike of Graphite Bull by an extra 240m outside the existing resource.
Assays from a further six holes - including one which recorded 56m at 14.4 per cent TGC from just 8m – have now been returned, with the balance of results due by the middle of next month.
Intriguingly, the majority of the holes yet to be assayed were drilled in a 500m section between the known strike extent and the recently assayed holes that include the 124m hit. If the outstanding assays return meaningful mineralisation, it could be a breakout moment for the project that could potentially extend the strike to more than one kilometre in length.
In August, the company revealed a game-changing discovery after a diamond hole hit visible graphite from 481m in a bid to test down-dip extensions to the 2014 resource estimate of 4 million tonnes at 16.2 per cent TGC. Given the resource is defined within a 240-metre section starting from surface, that visible hit at almost double the existing resource depth has triggered a dramatic rethink of the potential size of the deposit. The recent assays show a true width of 27m grading 9.1 per cent TGC from 494m which has revealed the potential for a much bigger deposit.
The assays from a second diamond hole - drilled 600m to the east, reaching similar depths - are still pending. After receiving the second set of diamond results and the data from the remaining 22 RC holes the company will look to publish an updated mineral resource estimate by mid-December, which will feed into a pre-feasibility study.
Simultaneously, the structural geological desktop studies have also landed. Management says their findings have boosted confidence in the resource modelling. Site rehabilitation has also wrapped up and two 1000kg bulk samples for ongoing test work have been collected.
Buxton Resources chief executive officer Marty Moloney said: “These thick intersections, the excellent continuity of mineralisation and our improving geological model provide us with great confidence as we work toward a Mineral Resource update and PFS for Graphite Bull. In parallel, we are continuing to undertake qualification test work with major anode manufacturers. We’re now looking to cement Buxton’s position in the anode material supply chain.”
The company believes the growing demand for graphite, a key component in lithium-ion batteries, has positioned Graphite Bull as a strategic asset. Industry forecasts predict global production of graphite to quadruple by 2040 to meet the anticipated demand from battery manufacturers, particularly with supply chain shifts driven by the U.S. Inflation Reduction Act (IRA) legislation.
Buxton’s latest 124m hit going 16.6 per cent TGC boasts both grade and length and begs the question, how many more hits like this can Graphite Bull produce? Just a couple more will no doubt have the market meerkats sitting bolt upright.
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By James Pearson
