Buxton Resources (ASX: BUX) has defined a preliminary global exploration target of 8 to 12 million tonnes at 7 to 11% carbon its Yalbra Graphite Project in Western Australia.
Graphite, one of four forms of crystalline carbon, is used in many industrial applications.
Most western governments classify graphite as a “critical mineral” and depend on supplies from China, Brazil, and India, which produce nearly all of the world’s graphite.
China, for example, accounts for more than 70% of global supply.
The acquisition of the Yalbra Project provides Buxton with attractive commodity diversification at a time of historically high graphite prices.
The project acquisition was prompted by recent worldwide interest in sources of flake graphite, which is used in the construction of lithium ion batteries, fuel cells and pebble bed nuclear reactors.
Prices of coarse flake graphite have risen from around US$600 per tonne to over US$3,000 per tonne in the current market.
Yalbra potential
Historical drilling has identified six discreet zones of graphite mineralisation that occur in a broad zone extending over a strike length of at least 4 kilometres. Most of the zones are open at depth and along strike.
Notable assays from historical percussion drilling include 16.8 metres at 13.2% carbon from 15 metres, including 6.1 metres at 17.2% carbon; 23.5 metres at 19.5% carbon from 9 metres, including 15.2 metres at 25.2% carbon; and 39.6 metres at 10% carbon from 3 metres, including 12.2 metres at 23.6% carbon.
Coarse flake graphite gas been identified in historical drill logs and basic metallurgical tests.
Exploration plan
Buxton has planned an immediate initial field reconnaissance trip, as well as a substantial ground electromagnetic survey to properly define targets for drilling.
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