PERTH (miningweekly.com) – The share price of ASX-listed junior Buxton Resources skyrocketed by nearly 148% on Monday on news that the company had struck significant nickel and copper sulphide mineralisation at its Double Magic nickel-copper project, in Western Australia.
Assay results from the first reverse circulation drilling programme indicated that one of the drill holes had intersected 8 m of massive to matrix sulphide grading 3.05% nickel and 1.87% copper, within a broader intersection of 14 m, at 2.04% nickel and 1.36% copper.
Buxton told shareholders that drilling continued at the main area of the Double Magic project, with a further seven holes planned to test the remaining six conductors.
The company’s shares were trading at a high of 32.5c a share on Monday, up from a closing price of 11.5c a share at the end of trading on August 6.