Buxton Resources Limited (ASX: BUX) – $0.11
27 Apr 2015
Buxton Resources Limited (ASX: BUX) has executed agreements to acquire 100% interest in the Double Magic Nickel Project in the Kimberley region of Western Australia (Figure 1).
Figure 1. Location of Double Magic Nickel Project
The company has agreed to acquire 100% interest in the four highly prospective tenements with Double Magic Nickel Project totalling approximately 93km2 in return for issuing the vendors 1,666,666 fully paid company shares. In addition, the company will issue the vendors up to three tranches of milestone shares when specific technical hurdles are met with a total cumulative value of all three tranches at approximately $120,000. The acquisition agreement is subject to a 14 day due diligence period.
The Project contains at least three existing drill targets that were either untested or only partially tested by previous drilling. Additionally reinterpretation of geological and geophysical datasets by the company has defined two separate eye-like features that are due to the presence of nickel host lithology, the Ruins Dolerite. Significant further zones of Ruins Dolerite and numerous untested VTEM conductors occur within the project area and add substantial exploration potential.
Following a further internal review of the previous exploration undertaken at the Double Magic Nickel Project and completion of the due diligence period, the company has planned an exploration program that will commence within weeks.
For further information, visit www.buxtonresources.com.au
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