Sign up Australia
Proactive Investors - Run By Investors For Investors

Buxton Resources outperforms the ASX, shares climb 26% on the day

Buxton Resources outperforms the ASX, shares climb 26% on the day

Buxton Resources (ASX: BUX) has bucked the market trend, jumping nearly 26% to an intra-day high of A$0.22 on a day when the broader Australian market is down.

The share price increase was spurred on by a high trading volume of 1.5 million shares as of 2.32pm (AEST) today.

Today’s rise maintains the momentum of Buxton’s shares over the past two months, with shares now up 132% since mid-June, when the company was trading at a low of $0.095.

The company has released a couple of announcements since then that have contributed to the upwards trajectory.

In June Buxton announced its foray into the extremely hot graphite market, with the proposed acquisition of an 85% stake in Montezuma Mining Company’s (ASX: MZM) Yalbra Graphite Project in Western Australia.

The company has exercised an option to acquire 85% of the project in exchange for 1 million Buxton shares. 

Montezuma will retain a 15% free-carried interest up to a decision to mine, following which the company can elect to contribute on a pro-rata basis or dilute to a 1% gross revenue royalty.

Wide, high grade, near surface zones of graphite mineralisation have been identified over 4 kilometres of strike in historical trenches and drilling at Yalbra.

Buxton has set an exploration target for the project of between 8 and 12 million tonnes at 7% to 11% carbon.

Meanwhile, the company also revealed earlier this month it had identified multiple nickel targets at its Widowmaker Project, along strike from Sirius Resources’ (ASX: SIR) new Nova discovery in Fraser Range.

Airborne magnetic data indicates that the broad mafic-ultramafic lithological package that hosts the Nova discovery extends north-eastwards into Buxton’s Widowmaker Project area, and corresponds with some of the nickel-copper-platinum group elements calcrete surface anomalies.

Around 20 kilometres of strike length of the favourable lithological host-rock package is interpreted to underlie the Widowmaker Project, which covers an area of about 225 square kilometres.

The exploration licence E28/2201 is currently under application but is expected to be granted by the end of August 2012.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

View full BUX profile View Profile

Buxton Resources Ltd Timeline

Newswire
August 10 2015

Related Articles

Picture of uranium in drums
April 24 2018
Daily uranium production rates increased from 427 pounds to 485 pounds during the March quarter.
mine
January 22 2018
Tungsten prices are on the rise and construction is proceeding apace at Barruecopardo
diamond
January 30 2018
Tango Mining is looking forward to a strong 2018, as diamond production comes on stream from two mines

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use