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BUXTON RESOURCES LIMITED Capital/Financing Update 2023

Mar 1, 2023

64585_rns_2023-03-01_988a7a31-547d-46a3-b2ae-e097824f1ef2.pdf

Capital/Financing Update

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ASX Release

2[nd] March 2023

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  • Visual grade estimation confirms all five recent RC holes intersected graphite

  • Multiple and substantial zones of graphite mineralisation extend along at least 1,880 metres of strike and remain open along strike and at depth

  • Buxton’s 2014 Inferred Resource of 4 Mt @ 16.2 % TGC occupies a strike length of just 460 metres

  • Drilling results confirm EM is a reliable indicator of graphite mineralisation implying significant potential to expand the resource base at Graphite Bull

  • Buxton is delighted with this outcome, which coupled with recent and ongoing outstanding metallurgical testwork results, positions Graphite Bull as the most attractive graphite project in WA, possibly Australia

  • Buxton proceeding with bulk sample run for anode testwork

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Figure 1: Plan view of potion of E09/1985 showing modelled EM plates (blue, all South dipping), the extent of Buxton’s previous drilling (small back dots) and 2014 Inferred Resource (magenta), along with the recently completed exploration RC drilling.

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor Nedlands WA 6009 14-16 Rowland Street Subiaco WA 6008

T. 08-9380 6063 E. [email protected]

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Buxton Resources Ltd (ASX:BUX) is pleased to update shareholders on progress at Buxton’s 100% owned Graphite Bull project, Gascoyne Region, WA. This release clarifies and expands on information released 22[nd] February with visual estimates of graphite grades intersected in the recently completed exploration Reverse Circulation (RC) drill program (see Table A).

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Figure 2: Site photograph of RC chips from hole GB003RC. Shown here is 0 - 228 metres and highlighted in red are zones of intersections reported in Table A below (note that additional samples have been selected for assay).

The RC drill program consisted of five wide-spaced RC holes for 991m to test recent ground EM modelling. See Figure 1 for drillhole locations, and Table B for drillhole details.

The visual estimates indicate that all holes intersected graphite mineralisation and that several zones of thick and high-grade mineralisation (10m thick dominated by > 10% visually estimated TGC) have been intersected. These have been highlighted in Table A. This outstanding graphite mineralisation remains open along strike and depth.

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor T. 08-9380 6063 Nedlands WA 6009 14-16 Rowland Street E. [email protected] Subiaco WA 6008

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Table A: Significant Graphite Intervals – visual estimates

HoleID From
(m)
To (m) Interval (m) 0-5% TGC (m) 5-10% TGC (m) >10% TGC (m)
GB001RC 28 36 8 2 6
GB001RC 38 60 22 3 19
GB001RC 161 191 30 3 6 21
GB001RC 215 221 6 2 4
GB001RC 226 236 10 5 5
GB001RC 240 252 12 1 8 3
Total 88
GB002RC 47 63 16 8 8
GB002RC 87 92 5 2 3
GB002RC 122 124 2 2
GB002RC 171 177 6 1 3 2
Total 29
GB003RC 80 86 6 4 2
GB003RC 92 97 5 3 2
GB003RC 122 127 5 4 1
GB003RC 143 169 26 8 18
GB003RC 189 202 13 1 7 5
GB003RC 205 210 5 2 3
Total 60
GB004RC 20 24 4 2 2
GB004RC 33 39 6 3 3
GB004RC 49 80 31 3 10 18
Total 41
GB005RC 122 128 6 3 3
Total 6

*Any reference to visual estimates of graphite mineralisation in this report should not be considered a proxy or substitute for laboratory analysis for Total Graphitic Carbon (TGC), which are required to determine the widths and grade of the graphite mineralisation. Assays are pending and subject to laboratory performance will be available in approximately eight weeks. True thickness of the reported intersections is calculated to be approximately 85 to 100% of the measured thickness. The intercepts listed in Table A contain material with visually estimated graphite content above 5% and which also contain material with visually estimated graphite content above 10% over intervals longer than 2-metres. The intercepts may contain internal dilution (material less than 5% visually estimated graphite) to a maximum of 1-metre in a 6-metre length. See Figure 2 for an example of intersections from GB003RC presented on a chip tray photo.

www.buxtonresources.com.au

Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008

PO Box 661 Nedlands WA 6009

T. 08-9380 6063 E. [email protected]

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The results of the exploration drilling program confirm the interpretation of the ground EM survey (ASX 7 Feb 2023) which indicates significant potential to expand the resource base at Graphite Bull.

The visual graphite grade estimates also confirm that EM modelling is a reliable indicator of the presence of graphite mineralisation along at least 1,880m of strike length and that Buxton can use this information to target infill drilling along strike and at depth from the current Resource.

Table B: Details of all RC drillholes completed in the 2023 exploration program

HoleID Easting (m) Northing (m) RL (m) Azimuth (grid) Incl. EOH (m)
GB001RC 435175 7172723 376 330 -55 252
GB002RC 435268 7172813 377 345 -60 180
GB003RC 435489 7172796 385 345 -75 228
GB004RC 435915 7172922 393 345 -70 120
GB005RC 434068 7172528 377 345 -80 211

Samples have arrived at the laboratory in Perth for analysis with an anticipated turnaround of 4 to 8 weeks. Concurrently Buxton will commence with a bulk metallurgical run to produce concentrate for anode test work.

Buxton will keep shareholders updated on progress as results come to hand.

Demand for Li-ion batteries, fuel cells and other graphite-intensive renewables technology continues to escalate, pushing the global graphite market into deficit for the first time in modern history. Buxton looks forward to providing regular updates to shareholders on this exciting 100% Buxton-owned graphite project. For location, see Figure 3 below.

For further information, please contact:

Eamon Hannon Managing Director [email protected]

Sam Wright Company Secretary [email protected]

www.buxtonresources.com.au

Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008

PO Box 661 Nedlands WA 6009

T. 08-9380 6063 E. [email protected]

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About the Graphite Bull Project

The outcropping, high-grade Graphite Bull project, (formerly Yalbra Project) is located in the Tier 1 jurisdiction of Western Australia, Gascoyne region, on granted Exploration License E09/1985. Graphite Bull was acquired by Buxton in 2012 and by 2014 Buxton had completed an airborne EM survey, several drilling pro grams and two resource estimates. The Graphite Bull project currently has a JORC (2012) compliant inferred resource of 4 Mt @ 16.2 % TGC. In 2015 Buxton completed a detailed metallurgical program with SGS laboratories in Canada which targeted coarse flake recovery.

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 accelerated work at Graphite Bull earlier in 2022. Metallurgical test work through to final product, and increasing the Resource size, are early priorities.

According to Benchmark Mineral Intelligence, by 2040 the mining industry needs to be producing nearly 8 times as much graphite as it currently does to supply the world’s lithium-ion battery anode market. Graphite Bull is therefore a very attractive investment proposition, being a high-grade deposit located in a Tier 1 mining jurisdiction, with outstanding Resource growth potential.

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Figure 3: Graphite Bull Project Location Map

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor Nedlands WA 6009 14-16 Rowland Street Subiaco WA 6008

T. 08-9380 6063 E. [email protected]

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Competent Persons

The information in this report that relates to Exploration Results is based on information compiled by Mr Eamon Hannon, Fellow of the Australasian Institute of Mining and Metallurgy, and Mr Martin Moloney, Member of the Australian Institute of Geoscientists and Society of Economic Geologist, and Samantha Callander, Member of the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy. Mr Hannon, Mr Moloney and Ms Callander are full-time employees of Buxton Resources. Mr Hannon, Mr Moloney and Ms Callander have sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent Person”, as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hannon, Mr Moloney and Ms Callander consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information in this Report that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr David Williams, a Competent Person, who is a Member of The Australian Institute of Geoscientists. Mr Williams is employed by CSA Global Pty Ltd, an independent consulting company. Mr Williams has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Williams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Previously Reported Results

There is information in this announcement relating to results (including those relating to historical drilling) previously announced on:

  • 1) 24[th] October 2014 - Buxton Significantly Expands Graphite Resource at Yalbra

2) 23[rd] January 2023 - Breakthrough metallurgical results at Graphite Bull

3) 7[th] February 2023 – Exploration Update Graphite Bull Project

4) 22[nd] February 2023 – Exploration Update Graphite Bull Project

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor Nedlands WA 6009 14-16 Rowland Street Subiaco WA 6008

T. 08-9380 6063 E. [email protected]

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JORC Table: Section 1 – Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down-hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
Reverse circulation drilling produced samples that were
collected at one-metre intervals. A one metre ‘split’
sample was collected in pre-numbered calico bags at the
time of drilling using a cone splitter integrated into the
drill cyclone to produce an approximate 1.5kg sample,
which is considered representative of the full drill metre.
The residual material from each metre interval was
collected in 600mm x 900mm biodegradable bags
preserved at the drill sites whilst laboratory analysis is
ongoing.
Drill samples selected for analysis were limited to those
containing visible graphite (using the one metre split
samples) alongside composites containing either a two,
three or four-metre buffer either side of the visible
intervals.
Analyses will be undertaken by ALS Geochemistry,
samples received 278/02/23, in Wangara and include
Total Graphitic Carbon and Total Carbon.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (e.g. ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases,
more explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques Drill type (e.g., core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (e.g. core diameter, triple or standard tube, depth
of diamond tails, face-sampling bit or other type, whether
core is oriented and if so, by what method, etc).
RC drill holes were completed by Orlando Drilling using a
Schramm T685 WS with an onboard Sullair 500psi /
1350cfm compressor. An auxiliary booster was used on
all holes.
Drill sample recovery Method of recording and assessing core and chip sample
recoveries and results assessed.
RC recoveries were considered good with available air
for drill sample recovery being deemed adequate for the
ground conditions and depth of sampling undertaken.
Appropriate measures have been undertaken to
maximise sample recovery and ensure the
representative nature of samples, including:
-
Terminating RC holes when recovery amounts
are reduced at depth.
No apparent relationship is seen between sample
recovery and grade.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
Logging Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.
Chip trays were collected from each one metre interval
this was used to log lithology, oxidation and visual
graphite content estimate a streak test was used to
assist with visual estimates alongside historical samples.
Visual estimates for TGC were based on comparison with
historic samples from Buxton’s 2014 program, YBRC0018
and YBRC0019 which constituted 276 metres of
previously assayed material with grades from 0.1% to
30.9% TGC. This included 52 samples greater than 10%
TGC. 19 samples from 5-10% and 87 samples from 0-5%.
Samples were noted if they were wet or where recovery
was significantly impacted.
Loggingis considered to be semi-quantitative.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques and
sample preparation
If core, whether cut or sawn and whether quarter, half or
all core taken.
All RC one-metre sub-samples from drill holes were
collected from a cone splitter respectively, to produce an
~15% routine split sample for analysis.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor T. 08-9380 6063 Nedlands WA 6009 14-16 Rowland Street E. [email protected] Subiaco WA 6008

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For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Quality Control and Quality Assurance (QA/QC)
procedures implemented to check sampling and assaying
precision included duplicate samples using the same
sub-sampling technique. Standards and blanks were also
included to ensure sampling quality which were inserted
every 20 metres.
The two, three and four metre composites were
collected on site using a 50mm PVC spear from the
600mm x 900mm biodegradable bags to produce a 1.5kg
sample.
This sampling procedure is considered to be
representative of the in-situ material intersected during
the drilling program. Sample sizes are considered to be
appropriate to the grain size of the material being
sampled.
A total of 459 samples have been submitted to ALS
Geochemistryfor samplepreparation.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
Measures taken to ensure that the sampling is
representative of the in-situ material collected, including
for instance results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of assay data
and laboratory tests
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
Not applicable, the release does not include laboratory
assay results.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation,
etc.
Not applicable, the release does not include data from
geophysical or handheld XRF tools.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.
In addition to duplicate samples (detailed above),
Quality Control and Quality Assurance (QA/QC)
procedures included insertion of standards (three
different standards each certified for TGC at three
different abundance levels appropriate for the Graphite
Bull mineralisation) and blanks which were inserted
every 20 metres.
Verification of
sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.
Senior company personnel onsite for the entirety of the
drilling and logging process.
The use of twinned holes. No historic holes were twinned as part of this program.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Logging and sampling were recorded directly onto paper
logs, visual estimates were recorded directly into a
digital database.
Discuss any adjustment to assay data. Not applicable, the release does not include laboratory
assay results.
Location of data
points
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
Buxton have recorded hand-held GPS positions for all
hole collars.
Specification of the grid system used. All surface surveying was completed using a handheld
GPS to MGA94/Zone 50 Southgrid system.
Quality and adequacy of topographic control. Topographic control was provided by a Digital Elevation
Model (DEM) derived from the 2013 VTEM survey.

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor T. 08-9380 6063 Nedlands WA 6009 14-16 Rowland Street E. [email protected] Subiaco WA 6008

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A Terra TRA 3000/TRI 40 radar altimeter was used to
record terrain clearance. The antenna
was mounted beneath the bubble of the helicopter
cockpit producing the DEM with a 25m resolution which
is considered adequate for thisprogram.
Data spacing and
distribution
Data spacing for reporting of Exploration Results. See drill tables for holes positions.
This spacing and distribution is considered not suitable
for mineral resource estimations as the program was
designed to test the relationship between EM
conductors and graphite mineralisation along strike from
the known resource.
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimationprocedure(s) and classifications applied.
Whether sample compositing has been applied.
Orientation of data in
relation to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
The orientation of the drilling is not expected to
introduce sampling bias. All drill holes have intersected
the mineralisation at a sufficient angle to the strike and
dip of the mineralised units.
If the relationship between the drilling orientation and
the orientation of key mineralised structures is considered
to have introduced a sampling bias, this should be
assessed and reported if material.
Sample security The measures taken to ensure sample security. All samples were collected in calico sample bags with
sample number identification on the bag, supervised by
Buxton personnel.
Bags were then loaded into polyweave bags into bulka
bags for transport from the Project to ALS in Wangara.
Security over sample dispatch is considered adequate for
these samples at this time.
Audits or reviews The results of any audits or reviews of sampling
techniques and data.
Sampling procedures are identical to those followed by
Buxton in 2013/14 which have previously been reviewed
and found to be adequate by an independent resource
geologist.

JORC Table: Section 2 – Reporting of Exploration Results

Criteria JORC Code explanation Commentary
Mineral tenement and
land tenure status
Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or
national park and environmental settings.
BUX have a 100% interest in exploration license
E09/1985.
A 0.75% Gross Revenue Royalty was granted under a
Tenement Sale Agreement dated 31 March 2016,
between
Montezuma
Mining
Company
Ltd
(“Montezuma”) and Buxton Resources Limited. This
royalty is currently held by Electric Royalties Ltd
(TSXV:ELEC & OTCQB:ELECF).
The security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence
to operate in the area.
The tenement is in good standing with DMIRS and there
are no known impediments for exploration on this
tenement.
Exploration done by
other parties
Acknowledgment and appraisal of exploration by other
parties.
Numerous exploration parties have held portions of the
area covered by BUX tenure previously. The only
substantive historical exploration for graphite was
undertaken by CEC in 1974 – see WAMEX report A6556.
No other parties were involved in the exploration
program that generated data that was used in this
release.
Geology Deposit type, geological setting and style of
mineralisation.
The Graphite Bull Project area lies within the Errabiddy
Shear Zone, situated at the contact between the
Glenburgh Terrane of the Gascoyne Province and the
Narryer Terrane of the Yilgarn Carton, on the
southwestern margin of the Capricorn Orogen.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 Nedlands WA 6009 14-16 Rowland Street E. [email protected] Subiaco WA 6008

www.buxtonresources.com.au

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The known graphitic mineralisation occurs as lenses in
graphitic paragneiss assigned to the Quartpot Pelite. This
unit has been interpreted to have been deposited
between 2000 Ma and 1985 Ma in a fore-arc setting to
the Dalgaringa continental margin arc (part of the
Glenburgh
Terrain), and
subsequently
deformed
between 1965–1950 Ma during the Glenburgh Orogeny
within the Errabiddy Shear Zone which represents the
suture between the colliding Pilbara–Glenburgh and
Yilgarn Cratons.
All units
at
Graphite Bull
show evidence
for
metamorphism in the amphibolite to granulite facies,
with the production of voluminous leucosomes and
leucogranites within the pelitic lithologies
Drill hole Information A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material
drill holes:
See the body of the release for drillhole data as compiled
by Buxton.
o_easting and northing of the drill hole collar_
o_elevation or RL (Reduced Level – elevation above sea_
level in metres) of the drill hole collar
o_dip and azimuth of the hole_
o_down hole length and interception depth_
o_hole length_
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion
does not detract from the understanding of the report,
the Competent Person should clearly explain why this is
the case.
Data aggregation
methods
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(e.g. cutting of high grades) and cut-off grades are usually
Material and should be stated.
The visual estimates of graphite abundance were used to
manually select the intercepts listed in Table A, which
contain material with estimated graphite content above
5% and which contain material above 10% and are longer
than 2-metres. The intercepts may contain internal
dilution (material less than 5% visual estimated TGC) to a
maximum of 1-metre in a 6-metre intercept.
No weighted averages are reported and a high-grade cut-
off of 10% visually estimated TGC has been used.
No reporting of metal equivalent values has been
included in this release.
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship between
mineralisation widths
and intercept lengths
These relationships are particularly important in the
reporting of Exploration Results.
Drillholes reported in this announcement were drilled at
between 48 and 80 degrees toward the north-
northwest, with graphite mineralisation having a
consistently steep dip 75-85 degrees toward the south-
southeast. The resulting true thickness of these
intersections are approximately 85 to 100% of the
measured thickness in drilling (respective to the dip
angle of the drill hole).
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg ‘down hole length, true width not known’).
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported. These should include,
but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
See text and figures in body of release.
Balanced reporting Where comprehensive reporting of all Exploration Results
is not practicable, representative reporting of both low
and high grades and/or widths should be practiced to
avoid misleading reporting of Exploration Results.
The announcement does not relate to assay data.
The release contains information relating to visual
estimates which were estimated on each metre drilled.
The basis of reporting mineralised intervals (Table A) is

www.buxtonresources.com.au

PO Box 661 Suite 1, First Floor T. 08-9380 6063 Nedlands WA 6009 14-16 Rowland Street E. [email protected] Subiaco WA 6008

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described above. Therefore, the report is
comprehensive and balanced with respect to visually
estimated grades and widths intersected in the drilling
program.
Other substantive
exploration data
Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.
All exploration data which may be meaningful and
material to the interpretation of the drilling results is
presented within this release.
Further work The nature and scale of planned further work (e.g. tests
for lateral extensions or depth extensions or large-scale
step-out drilling).
See text and figures in body of release.
Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.
See figures in body of release.

PO Box 661 Suite 1, First Floor Nedlands WA 6009 14-16 Rowland Street Subiaco WA 6008

T. 08-9380 6063 E. [email protected]

www.buxtonresources.com.au