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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	BUX
Latest Price:	0.16 (0.00%)
52-week High:	0.33
52-week Low:	0.11
Market Cap:	6.21M

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Buxton Resources

Buxton Resources (ASX: BUX) is exploring for iron, base metal and gold mineralisation within Archaean and Proterozoic rocks of Western Australia.

The company’s projects include the Zanthus Magnetite Project which is located a couple of hundred kilometres east of Kalgoorlie, and importantly is close to railway infrastructure.

Buxton Resources delivers maiden iron resource for Zanthus

Monday, December 05, 2011

Buxton Resources (ASX: BUX) has reached a maiden resource milestone at its Zanthus Magnetite Project in Western Australia, revealing an initial Inferred JORC Resource for the Cohen Deposit of 103.6 million tonnes at 26.5% iron.

The resource was estimated by independent mining consultants Runge, and is based on the relatively limited extent of drilling at Cohen to date.

Buxton previously announced a global exploration target for the Zanthus Project of 0.7-1.3 billion tonnes.

A total of 3,686 metres of reverse circulation drilling has been completed at the Cohen Prospect over the 2010 and 2011 drill seasons. Drilling results show a coherent, wide zone of magnetite mineralisation over a combined strike length of at least 4 kilometres.

The iron mineralisation also remains open at depth on all sections drilled to date.

Meanwhile, a Davis Tube metallurgical test work program is underway to optimise previous encouraging results that produced concentrate grades ranging between 65% and 68% iron with low impurities.

Buxton has also received interest in investment in the Zanthus project from several international parties.

Zanthus is located a couple of hundred kilometres east of Kalgoorlie and has the potential to be a large scale project with its magnetite, good metallurgical characteristics and close proximity to rail infrastructure – reducing capital costs relative to many other magnetite projects.

The project is located just 25 kilometres south of the Trans Australian Railway and just 38 kilometres from the Zanthus Railway Siding and its connection to the Port of Esperance.

Preliminary metallurgical characteristics have also been found likely to result in coarse grind sizes and also imply potential substantial reductions in future capital and operating costs compared to many other magnetite projects.

Imbued with this, there may be potential for early cash flows for Buxton, earlier than most magnetite projects.

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