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Australian miner Buxton Resources Limited discovered a new shallow nickel-copper deposit from drilling its Double Magic project located in West Kimberley in Western Australia.
Results from the drilling revealed an intersection of 8 metres at 3.05 percent nickel and 1.87 percent copper from 50 metres within a broader intersection of 14 metres at 2.04 percent nickel and 1.36 percent copper from 47 metres down the hole. However, the drill intercepts are downhole since the true thickness are not yet known.
Proactive Investors reported that the drilling will continue in the main area of the Double Magic Project as there are still holes planned to test the six remaining conductors. All the drill holes completed during the program have been cased for downhole electromagnetic geophysics to aid the detection of more off-hole electromagnetic conductors.
As of June 2015, Buxton had US$2 million [AU$2.7 million] in cash, and stocks have been soaring since the discovery of the significant mineralisation. Share prices increased by 148 percent on Monday. According to Mining Weekly , the company advised its shareholders that the drilling will commence at the main area of the Double Magic project. Buxton’s shares traded at a record high of 32.5c a share on Monday, an increase from a closing price of 11.5c per share at the end of trading on August 6.
Meanwhile in Russia, another company is aiming to produce nickel and copper. Amur Minerals Corporation ( London AIM: AMC ) has been awarded its mining permit in late May after a decade of waiting on the Russian government. Since then, the company’s stocks have been soaring for more than 200 percent, making it traders’ favourite stock in the London Stock Exchange.
At the moment, the company is building its own smelter at its Kun-Manie deposit Far Eastern Russia’s Amur Oblast region. The company’s flagship project is considered to be one of the top 20 nickel-sulphide deposits in the world. It also has the potential to increase the projected estimate of the Joint Ore Reserves Committee (JORC) resources in excess of a 830,000 nickel equivalent tonnes and a positive independently compiled pre-feasibility study.
Discovery costs are less than US$0.03 per pound, ranking it among the lowest discoverers in the world. Additionally, the company’s Kun-Manie deposit can potentially hold more nickel and copper in the future.