Buxton Resources : Quarterly Activities & Appendix 5B Cash Flow Report

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ASX Release

31 January 2022

Quarterly Activities Report for period ending 31 December 2021

Buxton Resources Limited (ASX: BUX or "Buxton") is pleased to release the quarterly activities report and Appendix 5B for the period ended 31 December 2021 (the Quarter).

West Kimberley JV (BUX/IGO)

• 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
• All activities 100% funded by IGO

Narryer Project (100% BUX)

• Infill gravity survey identifies extensive, shallow accumulations of mafic- ultramafic rock under shallow cover
• Several prospect scale targets identified
• Airborne EM planned for H1 2022

Yalbra Project (100% BUX)

• Metallurgical studies by Elmore Ltd ongoing

Centurion Project (100% BUX)

• Grant of E80/5579
• Lithological and alteration noted in historical logs provides support for magmatic / hydrothermal system in the basement rocks

Copper Wolf Copper Project; Arizona USA (100% BUX)

• Setting for very large porphyry copper system confirmed
• Evidence that the syn-mineral porphyry intrusions remain undrilled
• No geophysical survey has been undertaken since the 1960s

1. Discussions commenced with geophysical contractors o Land access consultants engaged

Corporate

• Cash balance (31 December 2021) of approximately $2.1 million

PO Box 661	Suite 1, First Floor	Tel: [phone]	www.buxtonresources.com.au
Nedlands WA 6909	14-16 Rowland Street		[e-mail]
	Subiaco WA 6008

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Figure 1: Buxton's WA exploration project portfolio overlaid on GSWA's 1:500k bedrock geology. Buxton has pegged several new, 100% owned projects in WA as a direct result of ongoing generative work.

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West Kimberley Project (BUX/IGO JV)

The West Kimberley Project is targeting Nova-style magmatic Ni-Cu sulphide mineralisation in Proterozoic belts of the West Kimberley Region of Western Australia.

During the current quarter, Buxton updated its shareholders with a summary of significant results from Joint Venture activities by IGO Limited in the West Kimberley for the 2021 field season.

Figure 2: Sentinel Project area showing a summary of significant recent exploration results

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. 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 2).

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.

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Figure 3: 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 2 for survey areas and modelled plate locations).

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 4), 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 Figure 4).

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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 Figure 3).

Figure 4: WKJV Sentinel Project, Colemans Prospect showing highly anomalous gold results returned from selective sampling of shallow historic excavations.

IGO has advised that the planned activities for the coming Quarter include.

• Planning for follow up work at Sentinel. This includes planning for: ground EM surveys over Gordon, Sir Topham Hat, Gabriella and Ferdinand, drilling at Skarloey, and infill rock chip sampling at Diesel.
• Planning for EM over Fergus and Hurricane prospects at Quick Shears
• Planning for EM over Fireant prospect.
• Ongoing negotiations to facilitate access into the Yampi Military Zone to complete reconnaissance exploration activities which aim to define drillable targets for later in the field season.

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

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