Buxton Resources (ASX:BUX) is pleased to update shareholders on the progress of their 100% owned Graphite Bull project, with the commencement of the Moving Loop Electromagnetic survey to identify drill targets adjacent to the existing Resource.

There is potential for the Resource to expand, as it covers 450 metres of strike and airborne EM indicates excellent potential for additional graphite mineralisation along at least 3 km of strike.

A polygon clearance survey has been completed, allowing extensional and exploration drilling to begin in Q1 2023.

Collaborative testwork on flotation pathways through to a >95% TGC concentrate suitable as feed for purified spheroidised graphite (PSG) production is underway by BatteryLimits and Independent Metallurgical Operations (IMO).

The Graphite Bull project is located in the Tier 1 jurisdiction of Western Australia, Gascoyne region, and has a JORC (2012) compliant inferred resource of 4 Mt @ 16.2 % TGC.

Benchmark Mineral Intelligence estimates that by 2040 the mining industry needs to be producing nearly 8 times as much graphite as it currently does to supply the world’s lithium-ion battery anode market, making Graphite Bull a very attractive investment proposition.

Following the announcement, shares of Buxton Resources (ASX:BUX) were up 2%.