Buxton Resources (ASX: BUX) has been granted a trading halt by the ASX pending the announcement of drilling results from the Zanthus Magnetite Project, with the company's shares placed in pre-open.
The halt will last until the earlier of the announcement being made to the market, or the open of trade on Monday 12 September.
To add some background, the company kicked off a 5000 metre reverse circulation drilling program at the project in mid-2011, targeting a maiden iron ore Inferred Resource at the Cohen prospect.
Buxton has previously reported a 50 to 70 million tonne Exploration Target for the Western limb of the Cohen prospect.
Zanthus is located a couple of hundred kilometres east of Kalgoorlie in Western Australia, and importantly is close to railway infrastructure.