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BUXTON RESOURCES LIMITED Capital/Financing Update 2024

Oct 3, 2024

64585_rns_2024-10-03_94da9bce-dfd4-4d18-adf1-f2841c0e3fb4.pdf

Capital/Financing Update

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ASX Release

4[th] October 2024

Narryer Project: Ranger RC drillhole NY001RC intersects 20 m @ 9.06% TGC within a 57.7 m thick graphitic zone

  • NY001RC intersects 60 metres @ 4.34% TGC from 192 m, including 20 metres @ 9.06% TGC from 231 m

  • Ground EM review suggests graphite mineralisation extends close to surface

  • AEM review defines 19.1 km of strike prospective for similar mineralisation

  • Results highlight the discovery of a potentially significant new graphite province within BUX’s 100% owned Narryer Project

Buxton Resources Ltd (‘Buxton’; ASX:BUX) is pleased to update shareholders on activities at the 100% owned Narryer Project, in the Murchison region of WA. Assay results just received from NY001RC have returned composited intersections including 20 m ( 19.2 m true thickness) @ 9.06 % TGC within an overall mineralised zone of 60 m (57.7 m true thickness) @ 4.34 % TGC - see Table 1 . The maximum grade reported for a single 1 metre RC sample was 14.95 % TGC from 240 m.

Table 1: Composited Total Graphitic Carbon (TGC) assay results for NY001RC. Intersections in bold have been quoted in the text. True thickness is estimated to be 96.2% of the drilled width.

From
(m)
To
(m)
Interval
(m)
Estimated
True
Thickness
(m)
Lab
TGC
Grade
(%)
Lab Received
Sample
Weight
(kg)
Grade
cutoff for
composite
(TGC %)
Lithology
192 252 60 57.7 4.34 1.79 0.5 graphitic
schist
196 210 14 13.5 1.9 2.12 1
213 251 38 36.6 6.01 1.65 1
227 230 3 2.9 5.12 2.02 5
231 251 20 19.2 9.06 1.53 5
232 234 2 1.9 10.19 1.35 10
236 242 6 5.5 11.35 1.2 10
246 248 2 1.9 10.7 0.8 10

Cautionary Statement: Samples for the intervals reported were affected by water return resulting in varying sample weights as also composited above. A twinned hole to is required to assess grade representivity. See JORC Table 1 for more detail.

Buxton’s ground EM coverage at both the Ranger and Oculus Prospects has been re-modelled by an independent consultant to incorporate additional early-time channels. This work indicates that the graphite mineralisation at Ranger likely

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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projects up-dip to within 60 metres of the surface. The new model is approximately 2.9 times more extensive than the previous model.

Buxton’s ground EM coverage at the nearby Oculus Prospect was similarly revisited. These new models also project to shallower depths. The graphite mineralisation likely projects even further upwards to the interface between the cover sequence (transported sediments) and the Archean rocks which host the graphite mineralisation. This unconformity is located around 20 metres below ground level in NY001RC (Figure 1).

Buxton’s airborne EM coverage maps a cluster of linear conductors which extend over 19.1 strike kilometres and define seven Prospects with high potential to host graphite mineralisation (Figure 2). These AEM anomalies have confirmed legitimate bedrock sources at both Ranger and Oculus based on the ground EM modelling.

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Figure 1: Cross section through NY001RC showing composited Total Graphitic Carbon assays and new & previous ground EM models.

The combined results indicate the discovery of a large new graphite province within Buxton’s 100% owned Narryer Project, located just 100 km south of Buxton’s 100% owned Graphite Bull Project.

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15 Robinson Av T: 08-9380 6063 Belmont WA 6104 E: [email protected] W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au

PO Box 661 Nedlands WA 6009

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Buxton is currently preparing work programs for follow-up ground EM along with additional assessment of the sample material from NY001RC.

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Figure 2: Narryer Project graphite targets and HeliTEM[2] AEM dBz channel 25 image.

Table 2: Collar location details for August 2024 RC hole at the Ranger Prospect

Hole ID Easting (m) Northing (m) RL(m) Azimuth(grid) Incl. Total Depth(m)
NY001RC 402100 7081045 314.7 290 -75 252

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au

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This announcement is authorised by the Board of Buxton Resources Ltd. This announcement is supported by a video overview from CEO Martin Moloney on the Buxton Resources Investor Hub. For further information, please contact:

Martin Moloney

Chief Executive Officer [email protected]

Sam Wright Company Secretary [email protected]

About the Narryer Project

The Narryer Project is comprised of five Exploration Licenses covering 519.5 km[2] located within the Narryer Terrane of Western Australia. Buxton has now identified that the Narryer Project has potential for flake graphite, carbonatite-related Niobium / Rare Earth Element (REE) style deposits and regolithhosted REE within the Archean and adjacent both Proterozoic successions. Recent RC drilling at Ranger has resulted in the discovery of thick, high-grade graphite mineralisation. Future exploration will test if the AEM conductors which define a cluster of Prospects in the southern part of the Project are also related to similarly thick & high-grade graphite mineralisation as intersected in NY001RC.

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Figure 3: Buxton’s Graphite Bull & Narryer Projects are located within the Gascoyne / Murchison Region of Western Australia and are readily accessible year-round.

15 Robinson Av Belmont WA 6104

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PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Martin Moloney, Member of the Australian Institute of Geoscientists and Society of Economic Geologist. Mr Moloney is a full-time employee of Buxton Resources Ltd. Mr Moloney has 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 Moloney 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 presented herein that relates to Exploration Results from analysis of the Ground Electromagnetic survey results is based on information compiled and reviewed by the Russell Mortimer, a Competent Person who is a Member of The Australian Institute of Geoscientists and fairly represents this information. Mr Mortimer has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities 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 Mortimer is an independent Consultant Geophysicist at Southern Geoscience Consultants Pty Ltd and 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 Information – Narryer Project

There is information in this announcement relating to exploration results previously announced on:

  1. 13[th] October 2022 - High priority AEM anomalies detected at Narryer Project

  2. 22[nd] May 2024 - High Conductance Ground EM Plates Modelled at Ranger & Oculus Prospects

  3. 27[th] August 2024 - Graphite Bull & Narryer Update

  4. 29[th] August 2024 – 54 m of graphite mineralisation at Ranger

Validity of Referenced Results

Buxton confirms that it is not aware of any new information or data that materially affects the information from previous ASX announcements which has been referenced in this announcement.

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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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.

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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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 was completed using
standard industry practices.
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 site 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.
Laboratory analysis was undertaken by ALS
Geochemistry in Perth and include Total Graphitic
Carbon with other parameters as necessary.
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).
Reverse Circulation (RC) drilling was undertaken by
Topdrill PL using a Schramm T685 truck mounted rig
(RC).
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.
Measures undertaken to maximise sample recovery and
ensure the representative nature of samples typically
include:
-
Terminating RC holes when recovery amounts
are reduced at depth
-
Terminating RC holes when excess water is
encountered
Given that NY001RC is the first hole in the Narryer
Project, drilling continued despite significant water
inflow, so as to assess the thickness of the graphite
mineralisation intersected at the target depth.
Table 1 indicates that a relationship between sample
recovery and grade is apparent, although the R-squared
value of TGC vs Lab Received Sample Weight (weight of
calico bags from the RC rig cyclone splitter) = 0.08
indicating no statistical association.
Graphite is typically fine grained and tends to float and
may therefore be preferentially lost to the drill sumps
during RC operations with excess “inside” water return.
The reported results may potentially underestimate the
true grade, however this relationship requires a twinned
hole to assess.
No such relationship has been identified at the Buxton’s
nearby Graphite Bull Project where RC and diamond
holes have been twinned, although groundwater inflows
were not reported in those programs.
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.

E: [email protected]

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063

W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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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 Graphite Bull Project,
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.
Photographs of all RC chip trays are taken at BUX’s core
processing facility at the Project, and in Perth and
retained on file with the original chip trays stored at
BUX’s storage facility in Peth.
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. A 200g
subsample of these
For material assessed as low-grade (0.5 – 5% TGC), or at
intervals assessed as <0.5% TGC and adjacent to non-
composited samples, four or five metre composites were
collected on site using a 50mm PVC spear from the
600mm x 900mm biodegradable bags to produce a 200g
sample.
RC samples for the intervals reported were affected by
water return with sample weights varying from 0.45 kg –
5.05 kg. The average sample weight was 1.84 kg with a
standard deviation of 0.93 kg.
Implications for grade representivity are unknown.
This sampling procedure is considered to be suitable and
representative for the purpose of reporting the
discovery of a thick zone of graphite mineralisation,
although these results should not be used in Resource
estimation until a “twinned” diamond hole is completed
alongside NBY001RC to confirm the relationship, if any,
between sample recovery and grade.
A total of 72 1m RC intervals in 58 samples with 5 QA/QC
samples were submitted to ALS Geochemistry for sample
preparation. Samples were pulverised to better than
85% passing -75 micron and analysed for %TC by C- IR18
method where Graphitic C is determined by digesting
sample in 50% HCl to evolve carbonate as CO2. Residue
is filtered, washed, dried and then roasted at 425C. The
roasted residue is analysed for carbon by oxidation,
induction furnace and infrared spectroscopy..
This method has a lower detection limit of 0.02% TGC
and an upper detection limit of 50% TGC.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
For all sample types, the nature, quality and
appropriateness of the samplepreparation technique.
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.

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected] W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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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.
See ASX announcement 13thOctober 2022 for details
relating to the airborne EM and ASX announcement 22nd
May 2024 for details relating to the ground Moving Loop
EM.
The release does not include data from other
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.
Quality Control and Quality Assurance 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. The
Standard and Blank results indicate that an appropriate
level of laboratory precision and accuracy has been
established. Variance in the duplicates is likely related to
water inflow as discussed above.
Verification of
sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.
Senior company geological personnel onsite for the
entirety of the drilling and logging process.
The logging is be validated by a BUX on-site geologist
and in Perth and compiled onto the BUX MX Deposit drill
hole database
Assay data is be imported directly from digital assay files
from contract analytical company ALS (Perth) and
merged in the Company MX Deposit drill hole database.
Data is backed up regularly in off-site secure servers.
No new geophysical results are used in exploration
results reported.
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 into a
digital database.
Discuss any adjustment to assay data. Not applicable, the release does not include laboratory
assayresults.
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.
The surface hole collar location was surveyed using a
handheld Garmin GPS unit with an expected accuracy of
±6m for easting and northing with elevation also
recorded.
Drill path gyroscopic surveys were at 0m and at
subsequent 30m downhole intervals to final hole depth
usingan Axis Gyro tool.
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 SRTM dataset which
provided a DEM with a +/- 3.5m vertical accuracy
(Elsonbaty et al 2023).
This is deemed adequate for first-pass exploration
drilling, particularly given that topographic relief is
extremelylow.
Data spacing for reporting of Exploration Results. See drill tables for drill hole location.

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15 Robinson Av Belmont WA 6104

PO Box 661 Nedlands WA 6009

T: 08-9380 6063 E: [email protected]

W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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Data spacing and
distribution
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.
Only a single hole has been drilled at the Ranger
prospect, and so this spacing and distribution is not
considered suitable for mineral resource estimation.
Sample compositing is detailed above.
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 approximately normal to the
interpreted angle of the strike and dip of the mineralised
unit.
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. The chain-of-sample custody is managed by the BUX
staff from collection at the rig to the submission of the
samples to ALS Limited – Perth for analysis.
Samples are being stored at the drill site before being
transported and processed at BUX’s secure sample
processing and storage facility in Belmont, Perth.
Sample reconciliation advice is sent by ALS-Perth to
BUX’s Geological Database Administrator on receipt of
the samples.
Any inconsistences between the despatch paperwork
and samples received is resolved with BUX before
sample preparation commences.
Sample preparation and analysis is completed at one of
the ALS laboratories in Perth.
The risk of deliberate or accidental loss or contamination
of samples is considered verylow.
Audits or reviews The results of any audits or reviews of sampling
techniques and data.
Sampling procedures are identical to those followed by
Buxton at the company’s Graphite Bull project, 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 granted exploration licenses
E09/2027, E09/2028, E09/2029 and E09/2722 which
cover 452 km2. New application E09/2980 covers an
additional 67.5 km2
No royalties encumber these tenements.
Native Title is held by the Wajarri Yamatji native title
determination and claim covers approximately 100,701
square kilometres of land in the Yamatji region. Horizon
Heritage Management (Horizon Heritage) was engaged
by Heritage Link to facilitate and undertake an AHA Work
Program Clearance Aboriginal heritage survey with
Wajarri Yamatji (Simpson) Traditional Owners for the
Narryer – Ranger Prospect survey area. A review of the
Department of Planning, Lands and Heritage (DPLH)
online ACHIS identified no Aboriginal sites or places
within the Narryer – Ranger Prospect survey area.
The eastern portion of the Narryer Project lies within the
Radio Quiet Zone of the Inyarrimanha Ilgari Bundara, the
CSIRO Murchison Radio-astronomyObservatory. The

PO Box 661 15 Robinson Av Nedlands WA 6009 Belmont WA 6104

E: [email protected]

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T: 08-9380 6063

W: www.buxtonresources.com.au

Visit our investor hub: investorhub.buxtonresources.com.au

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RQZ does not cover the Ranger, Oculus or any other
graphite exploration targets identified in this Release.
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. No substantive
historical exploration for graphite has been undertaken.
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 Narryer Project area is located on the north western
margin of the Yilgarn Craton.
The surface geology of the Narryer Project is dominated
by tertiary lateritic weathering profiles and Tertiary-
Quaternary drainage basin sediments that largely
obscure the basement geology.
Basement geology consists of Archean rocks of the
Narryer Gneiss Terrane and, in the far northwest, the late
Mesoproterozoic - Neoproterozoic Badgeradda Group.
These two distinct geological terranes are juxtaposed
along the Meeberie fault.
The Narryer Gneiss Terrane is composed of a tectonically
interleaved and poly deformed mixture of granite, mafic
intrusions and metasedimentary rocks in excess of 3.3
billion years old, with the majority in excess of 3.6 billion
years old.
The rocks have experienced multiple metamorphic
events at amphibolite or granulite conditions, resulting in
often complete destruction of original igneous or
sedimentary (protolith) textures.
The Narryer Gneiss Terrane is divided into four major
rock sequences (Myers 1990); the Dugel Gneiss,
Meeberrie Gneiss, Manfred Complex, and unassigned
polydeformed leucocratic gneisses and metasediments.
Graphite mineralisation is hosted by quartz-felspathic
and hornblende gneisses and chloritic schists that are
most likely from the Mount Narryer gneissic complex.
The hornblende gneiss includes slivers of graphitic schist.
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,

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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.
Simple composites were calculated using Micromine
software at varying cutoff grades to allow for assessment
of TGC grade variability and continuity.
The
intersections
reported
are
length-weighted
averages. The TGC results do not show a strong log-
normal distribution and a nugget effect is therefore not
apparent - no high-grade cut-off has been used.
The background TGC levels outside the reported intervals
are < 0.02% TGC. The lowest cut-off grade applied
(0.05%) is therefore >25 x background.
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.
See text and figures in body of release for the
orientation of drillholes.
Modelling of Ground EM results, indicate that graphite
mineralisation at the Ranger prospect has a shallow dip
(plunge) of 23.87 degrees toward 164 degrees grid
north. Graphite mineralisation was intersected when
the RC hole was plunging 66.5 degrees towards 303.73
grid north.
The true thickness of drilled intersections reported
herein is therefore approximately 96.2% of the
measured thickness in drilling.
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 is described
above. The release is therefore 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.

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