Buxton Resources Lines Up October Drill Test on 1km² Copper-Gold Conductor at Madman

Conductor pinpointed, drill rig on the way

Downhole electromagnetic (DHEM) surveying of both diamond holes, MD002DD and MD003DD, from Buxton Resources’ maiden drilling programme at the 100%-owned Madman Cu-Au Project is now complete. Final modelling of the combined dataset has tightened the position of the off-hole conductor to approximately 250 m north-northeast of MD003DD, a position that remains completely untested by any existing drilling.

The conductor is the highest-priority target on the project. Modelled plate solutions range from 400 x 400 m to 1,000 x 1,000 m in size, with modelled conductance of approximately 400 to 1,000 Siemens. McKay Drilling has confirmed rig availability, with mobilisation to site scheduled from late September 2026 and, assuming no material delays, the follow-up hole expected to be completed during October 2026.

That creates a near-term dual catalyst: the follow-up hole scheduled for completion in October, and MD003DD assays anticipated in October.

Managing Director Marty Moloney

“Completing downhole electromagnetic surveying in both MD002DD and MD003DD has now constrained the off-hole conductor at Madman far more tightly – a large body a few hundred metres north-northeast of the nearest hole MD003DD in a completely untested position. With McKay Drilling confirming rig availability, we expect to be back on the ground later this month to test this high-priority target.”

What is downhole electromagnetic surveying and why does it matter?

DHEM surveying is a geophysical technique that measures how subsurface materials respond to electromagnetic pulses transmitted down a drillhole. It detects conductive anomalies sitting beside the drillhole rather than within it, meaning the anomaly has not been sampled or tested by existing drilling.

Here is how the process works in practice:

1. A transmitter loop is laid out on the surface and energised with an electrical current.
2. The electromagnetic pulse travels through the subsurface and induces a response in conductive materials.
3. A sensitive sensor lowered down the drillhole records that response at regular depth intervals.
4. Geophysicists model the recorded response to estimate the position, size, and conductance of the conductive body.

The “off-hole conductor” at Madman is a body identified by this process that sits beside both existing holes, not inside them. It is therefore completely untested by any previous drilling.

Why does the gold-pyrrhotite association from MD002DD (reported 20 August 2026) matter here? Pyrrhotite is among the most conductive minerals known, so a conductive anomaly near a hole that already intersected gold-associated pyrrhotite is geologically consistent with a mineralised system. That said, the source is explicit: no inference as to the presence, size, tenor, or continuity of sulphide mineralisation should be drawn from plate models alone.

One important caveat on the modelled dimensions: electromagnetic plate modelling is non-unique. The range of plate sizes (400 x 400 m to 1,000 x 1,000 m) represents alternative geometric solutions that each independently satisfy the same measured response. They are not separate conductive bodies. Smaller modelled plates require correspondingly higher conductance to fit the data.

For investors, DHEM is a low-cost, high-precision targeting tool. It reduces drilling risk by pointing the next hole directly at the anomaly rather than relying on surface-only interpretation.

What the Madman conductor tells us about scale

The conductor’s modelled extent, at up to 1 km², sits within a geologically compelling setting. The Madman Project is focused on a Havieron look-alike magnetic anomaly lying close to the Marloo Fault, a major transcrustal structure that defines the western margin of the Paterson Orogen. That regional address matters: the Paterson Orogen hosts significant mineralised systems.

At the local scale, the cross section between MD002DD and MD003DD reveals a marked thickening of the Skates Hills Formation conglomerate. It is over four times thicker in MD003DD than in MD002DD across only approximately 200 m of lateral separation. The company interprets this as evidence of syn-depositional structural thickening, indicating the controlling faults were active at or about the time of mineralisation. That is a positive indicator for fluid focusing and fault-controlled mineralisation.

Ground gravity and ground EM surveys are also planned, designed to detect conductive anomalies beyond the approximately 350 m detection window of the current DHEM coverage. These programmes are subject to heritage work programme notices currently being reviewed by the Native Title Holders under the company’s Land Access Agreement, so their timing remains pending heritage review.

Next steps at a glance

• Late September 2026: McKay Drilling rig mobilises to the Madman Project
• October 2026: 800 m follow-up hole targeting the conductor centroid expected to be completed, assuming no material delays
• October 2026: MD003DD assays anticipated
• Pending heritage review: Ground gravity and ground EM surveys to extend coverage beyond 350 m from drillhole positions
• Ongoing: Detailed structural logging of existing core in progress

Planned follow-up hole parameters:

Final collar position and hole design remain subject to confirmation on site.

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