Buxton Resources reported robust exploration progress in the December 2025 quarter, highlighted by significant silver and copper-gold assay results and strategic tenement expansions. Leadership changes and cost management measures position the company for focused discovery efforts ahead.
- Strong silver assay results up to 4.57 g/t at Centurion Project
- Expansion of tenement holdings at Centurion and Madman Projects
- High-priority copper-gold drill targets defined at Lateron Project
- Preparations underway for maiden drilling at Madman targeting Havieron-like anomaly
- Cash balance of AUD 0.88 million with cost reduction measures planned
Exploration Momentum Builds Across Key Projects
Buxton Resources Limited (ASX, BUX) has delivered a solid quarterly update for the period ending 31 December 2025, advancing its copper-gold exploration portfolio with encouraging assay results and strategic tenement acquisitions. The company’s flagship Centurion Project in the Great Sandy Desert continues to show promise, with assay results from drill hole CN002DD revealing silver concentrations up to 4.57 grams per tonne, approximately 77 times the average crustal abundance, signalling potential for significant mineralisation.
Buxton has also expanded the Centurion tenure through a new application covering 589 square kilometres, targeting strike extensions and nearby geophysical anomalies. This expansion aligns with the company’s strategy to cover large-scale IOCG (Iron Oxide Copper Gold) style targets, similar to world-class deposits such as Olympic Dam.
Lateron and Madman Projects Show Growing Potential
At the Lateron Project, located 150 kilometres south of Halls Creek, a recently completed gravity survey has defined high-priority copper and gold drill targets. Petrological analysis of historical drill core fragments confirmed the presence of intrusive rocks typically associated with copper-gold systems, strengthening the project’s prospectivity. Negotiations for land access agreements with local Native Title groups are underway, a critical step before drilling can commence.
Meanwhile, the Madman Project in the Little Sandy Desert is progressing towards its maiden drilling program, targeting a discrete magnetic anomaly reminiscent of the Havieron discovery. The company has secured heritage clearances and expanded its tenement position, with drilling expected to start in April-May 2026. Notably, this program benefits from an Environmental Impact Statement co-funding grant of up to AUD 180,000, underscoring governmental support for the project.
Copper Wolf JV and Corporate Updates
Buxton’s joint venture with IGO at the Copper Wolf Project remains a focal point, with IGO having earned a 51% interest and now progressing towards a 70% stake by sole funding AUD 5 million in exploration over three years. Discussions between the partners have advanced to determine the optimal technical and commercial pathway forward, reflecting the project’s significant potential in one of the world’s most prolific copper belts.
On the corporate front, Buxton reported a cash balance of approximately AUD 0.88 million at quarter-end, with exploration expenditure of AUD 0.824 million primarily directed at Centurion drilling. The company has implemented cost reduction measures expected to materially reduce staff and exploration costs in the coming quarter, aiming to extend its cash runway beyond the current estimated 1.13 quarters. Leadership changes include the appointment of Martin Moloney as Managing Director, succeeding his previous CEO role, and the resignation of Non-Executive Director Jared Jacob.
Looking Ahead
Buxton’s refined exploration portfolio prioritises rapid copper-gold discovery opportunities, with active generative work continuing across Western Australia and the USA. The company’s focus on advancing drilling programs at Madman and Lateron, alongside ongoing analysis and geophysical surveys at Centurion, sets the stage for potentially transformative results in 2026.
Bottom Line?
Buxton’s upcoming drilling campaigns and strategic cost management will be critical to sustaining momentum amid tight funding.
Questions in the middle?
- Will upcoming drilling at Madman confirm the presence of economically viable copper-gold mineralisation?
- How will Buxton manage its funding needs beyond the next quarter given current cash constraints?
- What are the implications of IGO’s increased stake and sole funding commitment for the Copper Wolf JV’s exploration strategy?