Buxton Resources : Airborne EM detects bedrock conductor at Narryer Project

For personal use only

ASX Release

23rd March 2022

Government airborne survey detects bedrock EM anomaly at

Buxton's 100% owned Narryer Project

• Recently released AusEM Murchison SkyTEM survey reveals a strong bedrock conductor along strike from Buxton's Ministry Prospect
• Buxton has contracted XCalibur Multiscience to undertake a minimum 1,990 line km infill HeliTEM2 AEM survey due to commence mid-June
• Less than 2% of the project has seen modern airborne EM
• Buxton's 100% owned Narryer Project comprises three contiguous EL covering > 1,800 km2 in the West Yilgarn Ni-Cu-PGE province

Buxton Resources Limited (ASX:BUX) updates the market that recently released data from the government funded AusEM Murchison survey has revealed a bedrock conductor along strike from the Ministry Prospect (see Figure 1) at the 100% owned Narryer Project, Western Australia (see Figure 5).

The AusEM Murchison survey is a government-funded airborne EM (AEM) survey which has a nominal 20 km line spacing. Three east-west oriented lines intersect Buxton's Narryer Project (see Figure 4). A strong anomaly is apparent on line 300801 around 1.8km south-southwest along geological strike from the Ministry Prospect (see Figure 1).

Figure 1: Ministry Prospect showing SkyTEM conductivity model cross section.

The Ministry Prospect AEM anomaly is apparent in the original SkyTEM survey dataset (Figure 1) and is confirmed by Geoscience Australia's subsequent inversion modelling (see Figure 2).

PO Box 661	Suite 1, First Floor	Tel: [phone]	www.buxtonresources.com.au
Nedlands WA 6009	14-16 Rowland Street		[e-mail]
	Subiaco WA 6008

For personal use only

After review of the detailed raw survey data, independent geophysicist Russell Mortimer has described the Ministry AEM anomaly as a "legitimate bedrock conductor".

Buxton's reconnaissance mapping and rock chip assaying at Ministry project has confirmed the presence of ultramafic rocks (up to 18.8% MgO) and ironstones with elevated nickel (5,030 ppm), copper (543 ppm) and platinum group elements (34 ppb Pd, 18 ppb Pt, 24 ppb Au) - see Figure 3.

Figure 2: Ministry prospect map with Buxton's reconnaissance rock chip sampling and aerial photo basemap. The GA conductivity model cross section is presented in the lower part of the figure.

For personal use only

Buxton has contracted XCalibur Multiscience to acquire a minimum of 1,990-line kilometres of AEM with their state-of-the-art HeliTEM2 system, which operates at low base-frequency of 6.25 Hz. This low base-frequency system will allow for substantially greater penetration in areas of conductive cover compared with the 25 Hz system operated by SkyTEM for the AusAEM Murchison Survey1.

This Buxton's AEM survey targets multiple gravity high anomalies most of which are completely covered by a thin veneer of transported sediments and have seen no previous AEM.

Previous AEM surveys which cover Buxton's Narryer Project tenure now amount to just 156-line kilometres, over half of which is attributable to the three lines from the new Murchison AEM survey. This combined historical AEM coverage accounts for just 1.7% of the Project tenure, assuming a 200-metre effective width of investigation for AEM surveys.

Buxton's design for the HeliTEM2 AEM survey is presented in Figure 4. These areas will be flown with a nominal at 200 metre line spacing to ensure complete coverage. XCalibur has advised a mid-June start date for this survey.

Figure 3: The Ministry Prospect is an erosional window through deeply weathered and transported material that exposes foliated Archean basement rocks. Buxton's rock chip sampling of subcropping ironstones has returned anomalous copper and nickel associated with ultramafic rocks which trend directly toward the AusEM bedrock conductor.

1 the AusAEM survey had a multi-disciplinary objective, including groundwater and soil mapping. SkyTEM also offer a low base-frequency system specifically for minerals exploration.

For personal use only

Figure 4: Narryer Project showing BUX's planned AEM survey scheduled for June 2022 with gravity imagery and rock chip sampling.

For personal use only

Figure 5: Regional setting of Buxton's 100% owned Narryer Project

This announcement is authorised by the Board.

For further information, please contact:

Eamon Hannon	Sam Wright
Managing Director	Company Secretary
[e-mail]	[e-mail]