Buxton Resources : Update on West Kimberley JV - Sentinel Project

For personal use only

ASX Release

22nd November 2021

Update on West Kimberley JV

Sentinel Project

• High conductance EM plates defined by ground EM
• > 7km strike length of Ruins Dolerite identified with Merlin-like geochemical signature and coincident airborne EM anomalies
• Highly anomalous gold and Cu-Pb-Zn-Ag results from the Marboo Formation

Buxton Resources Limited (ASX: BUX) ("Buxton" or "the Company") updates its shareholders with a summary of significant results from Joint Venture activities by IGO Limited in the West Kimberley for the 2021 field season. All field activities are 100% funded and completed by IGO. See table 1 for equity positions.

Figure 1: Sentinel Project area showing a summary of significant recent exploration results

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

For personal use only

At the Gordon prospect, geochemical assaying confirms that orthomagmatic Ni-Cu-PGE outcropping mineralisation occurs in a locally thickened portion of the Ruins Dolerite where rock chip sampling has returned up to 226 ppb Pt + Pd with elevated Ni & Cu(see Table 2). Reconnaissance mapping with portable XRF demonstrates that this unit has a geochemical signature identical to the Ruins Dolerite surrounding mineralisation at the Merlin prospect (see Figure 1).

Two high priority Spectrem airborne EM anomalies which are coincident with the sulphide bearing Ruins Dolerite will be the focus of initial Ground EM surveying efforts in the 2022 field season.

Figure 2: WKJV Sentinel area overview with prospects and mapped geology / magnetic image.

Elevated coincident Ni-Cu has also been returned from rock chip sampling at the Ferdinand prospect.

Moving Loop ground EM (MLEM) and Fixed Loop ground EM (FLEM) surveying was completed in more readily accessible areas in the southeast of the Sentinel area at the Skarlouey and Fearless Freddie Prospect areas. A high conductance plate was detected at the Skarloey Prospect and is modelled to be within the Ruins Dolerite. This plate models at approximately 300m below surface and 9,000 Siemens, with dimensions of approximately 200m x 150m. This plate dips gently to the south and has potential to increase in size down dip(see Figure 1 for survey areas and modelled plate locations).

Page 2 of 11

For personal use only

A second high conductance EM anomaly was identified at Fearless Freddy, which is directly along strike from the elevated Ni-Cu results at Ferdinand. The Fearless Freddy anomaly has been interpreted as 5,000 Siemens with a ~400m x 350m plate model dipping at ~60 degrees to the south. This anomaly has not been closed out to the northwest.

In addition to Ni-Cu-PGE sulphide mineralisation, IGO's rock chip sampling has also returned highly anomalous gold and base-metal results. At the Colemans prospect (see Figure 3), sampling of quartz veins intruding tightly folded Marboo Formation metasedimentary rocks has returned very high gold results including 69.7 g/t, 65.4 g/t, 21.9 g/t, 21.4 g/t and 16.4 g/t Aufrom selective sampling of shallow historic excavations (see Table 2, Figure 3).

Numerous historic Volcanogenic Hosted Massive Sulphide (VHMS) and orogenic quartz vein prospects and occurrences were also sampled, with rock chip results up to 12.9% Pb, 0.9% Cu, 0.9% Zn and 114 ppm Ag(see Table 2, Figure 2).

Figure 3: WKJV Sentinel Project, Colemans Prospect showing highly anomalous gold results returned from selective sampling of shallow historic excavations.

Buxton looks forward to IGO's continued efforts on the West Kimberley JV in 2022.

Page 3 of 11

For personal use only

Table 1: West Kimberly Joint Venture (WKJV) ownership structure.

	Current equity position
Project	BUX	IGO	BUX equity to	Commodity
			Free Carry
WKJV-Merlin	49%	51%	20%	Ni, Cu, Co
WKJV-Quick Shears	16%	64%	16%	Ni, Cu, Co
WKJV-Fissure	20%	80%	20%	Ni, Cu, Co
WKJV-Baracus	16%	64%	16%	Ni, Cu, Co
WKJV-Regional	20%	80%	20%	Ni, Cu, Co
Fraser Range JV	10%	90%	10%	Ni, Cu, Co

This ASX release has been approved for release by Eamon Hannon on behalf of the Board of Directors.

For further information, please contact:
Eamon Hannon	Sam Wright
Managing Director	Company Secretary
[e-mail]	[e-mail]

Competent Persons

The information in this report that relates to Exploration Results is based on information compiled by Mr Eamon Hannon, Member of the Australasian Institute of Mining and Metallurgy, and Mr Martin Moloney, Member of the Australian Institute of Geoscientists. Mr Hannon and Mr Moloney are full-time employees of Buxton Resources. Mr Hannon and Mr Moloney have 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 Hannon and 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.

Page 4 of 11

Table 2: Significant geochemical results from rock chip sampling during the 2021 field season

r personal use only

Sample ID	Prospect
WK05122	Gordon
WK01818	Ferdinand
WK05302	Sir Topham
	Hat
WK05303	Sir Topham
	Hat
WK01817	Ferdinand
WK01826	Ferdinand
WK01908	Ferdinand
WK01903	Ferdinand
WK05242	L01
WK01885	Billy
WK05216	Sir Topham
	Hat
WK05219	Sir Topham
	Hat
WK05137	Colemans
WK05140	Colemans
WK05188	Colemans
WK05181	Colemans
WK05193	Colemans

East	North	Style	Comments	Ag	Au	Pd	Pt	Co	Cu	Ni	Pb	Zn
				ppm	ppb	ppb	ppb	ppm	ppm	ppm	ppm	ppm
744693	8067416	Ni-Cu	Malachite on surface of dolerite. Visible bleb of weathered	-0.5	29	120	106	60	1220	780	11	124
			sulphides
754259	8062208	Ni-Cu	Hem-goe-mang hydrothermal altered dolerite, around qtz vein -	0.1	3	39	53	124	3620	3170	1	192
			localised 10m
782314	8051867	Ni-Cu	Very fine-grained iron rich Ni-Cu gossan. 15cm thick	0.2	1	2	-5	452	1520	968	8	35
782321	8051861	Ni-Cu	5m x 2m cupriferous gossan	0.2	2	9	-5	808	1605	868	3	15
754260	8062208	Ni-Cu	Ruins dolerite, near quartz vein, iron manganese gossan, near	0.6	7	8	17	55	1380	781	2	95
			contact with porphyritic gabbro on hill. Iron spots in host rock
754117	8062333	Ni-Cu	Gossan proximal to qtz vein	0.1	3	2	-5	630	2980	616	3	139
755360	8060873	VMS	Fe and Manganese stained siltstone unit. Goethite and limonite	0.1	6	2	-5	10	151	36	107	4440
755514	8060767	VMS	Foliated iron stained sediments	4.3	342	1	-5	210	6660	27	3830	8790
782038	8052408	VMS	Malachite in quartz vein. Manganese stained	114.0	7	1	-5	56	9080	87	2510	93
741579	8073659	VMS	Siliceous gossan. Black, purple	0.5	96	2	-5	134	4990	71	267	926
783255	8051716	VMS	Foliated siltstone with oxidised sulphide blebs	50.5	8	2	-5	14	635	79	12.05%	2120
783200	8051701	Au	Quartz Vein	0.4	712	1	-5	1	51	6	172	7
749691	8062713	Au	Smokey qtz with Fe rich bands. Laminations in qtz. Sampled from	4.3	65400	1	-5	4	10	15	164	42
			mullock heep next to old 8x1m pit
750008	8061627	Au	Laminated quartz vein. Weathered sulphide veins. Sampled from	3.7	1640	-1	-5	3	53	6	538	53
			mullock from side of pit
750388	8060888	Au	Laminated quartz vein, mullocks sample near main trench	1.3	21900	1	-5	1	2	3	26	2
750020	8061624	Au	Sampled from mullock pile	2.7	2140	1	-5	1	3	2	279	13
750975	8061099	Au	Sampled from mullock pile	4.5	69700	1	-5	0	15	0	368	176

Page 5 of 11