TIDMXTR
RNS Number : 1332N
Xtract Resources plc
28 September 2021
For immediate release
28 September 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results and Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to advise that laboratory assays have been received from
the first drill hole (BRDD-21-008) completed on the Phase Two
diamond drilling programme at the Racecourse Mineral Resource on
the Bushranger copper-gold exploration project, located in the
Lachlan Fold Belt ("LFB") of New South Wales, Australia.
Highlights
-- Assay results for the first angled hole of the Phase 2
exploration drilling at the Racecourse porphyry deposit, confirm
high grade copper mineralisation at shallower depths than drilled
during the Phase 1 exploration drilling programme.
-- These assay results have enhanced our theory of intersecting
high-grade mineralisation at shallower depths within the
mineralisation system associated with the high-grade "crown"
-- The results are very supportive of our open pit objective,
and include (full interval details in Table 1 below):
BRDD-21-008
o 184m @ 0.51% CuEq from 204m
-- including 9m @ 0.90% CuEq from 204m
-- and 46m @ 0.72% CuEq from 252m, including 8m @ 1.41% CuEq
from 290m
-- and 26m @ 0.77% CuEq from 332m
o The highest-grade intercept returned 1.8% Cu within a 2m
interval from 292m
-- Increased gold grades were intercepted from 446m with an
intercept of 12m @ 0.6 g/t Au and the company intends to model this
higher-grade ore shoot
-- Drill hole BRDD-21-018 was completed at a total depth of
732.6m and tested the north-western extent of the known porphyry
mineralisation above BRDD-21-005 and BRDD-21-006 from the Phase 1
drill programme. Initial geological observations to follow.
-- Phase 2 drilling programme at Racecourse continues with BRDD-21-020 and BRDD-21-021 underway.
Colin Bird, Executive Chairman Said: " These results support our
plans to design and develop an open pit in the Racecourse porphyry
region. These initial results suggest that the crown area has a
propensity to carry good grade and will continue to add value to
the conceptual open pit. A number of holes in the drill programme
are outside the current resource and thus our conceptual pit
modelling. The 12m interval of gold values was beyond the copper
mineralisation and suggests there may be an overprint of gold in
the system, this will be modelled with the intent of developing
orientation and trend. We look forward to the results of our
current drilling and assay results from previous holes
drilled."
Phase Two Bushranger Assay Results
Table 1 - Assay Results from Drill Hole BRDD-21-008*
Hole No. From To (m) Interval Cu (%) Au (g/t) Ag (g/t) CuEq (%)**
(m) (m)
BRDD-21-008 204.00 388.00 184 0.47 0.03 3.0 0.51
------- ------- --------- ------- --------- --------- -----------
incl. 204.00 213.00 9.00 0.84 0.08 1.8 0.90
------- ------- --------- ------- --------- --------- -----------
and 252.0 298.00 46.00 0.66 0.04 5.1 0.72
------- ------- --------- ------- --------- --------- -----------
incl. 290.0 298.00 8.00 1.27 0.02 16.0 1.41
------- ------- --------- ------- --------- --------- -----------
Incl. 292.0 294.00 2.0 1.79 0.02 25.6 2.00
------- ------- --------- ------- --------- --------- -----------
and 332.0 358.00 26.00 0.71 0.05 3.3 0.77
------- ------- --------- ------- --------- --------- -----------
446.0 458.00 12.00 0.07 0.60 0.9 0.44
------- ------- --------- ------- --------- --------- -----------
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.6052xAu (g/t) + 0.0078xAg
(g/t)
Phase Two Drilling Programme at the Racecourse Mineral Resource
- Background
The Bushranger porphyry copper-gold project is located in the
highly prospective Lachlan Fold Belt ("LFB") of New South Wales,
Australia. The current JORC (2012)-compliant Inferred Mineral
Resource on the Racecourse deposit is estimated as 71Mt @ 0.44% Cu
and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data
from the Phase One drilling programme which was recently concluded
and reported.
The Phase Two programme is designed primarily to follow up on
the results obtained by Anglo American Exploration Australia Pty
Ltd ("Anglo") in 2014 and 2015 and to define further the shallower
part of the Resource with a view to possible development of a large
open pit. A total of approximately 8,000m of drilling is planned in
the first block of 13 holes using two drill rigs, focussing
primarily on further definition of the potentially open-pittable,
higher-grade copper-gold zone in the central part of the resource
area.
Further information is available from the Company's website
which details the company's project portfolio as well as a copy of
this announcement: www.xtractresources.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
The person who arranged for the release of this announcement on
behalf of the Company was Colin Bird, Director.
Enquiries :
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Jon Belliss +44 (0) 207 399 9427
Joint Broker Colin Rowbury www.novumsecurities.com
Qualified Person:
Information in this announcement relating to the exploration
works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a
consultant to Xtract. Mr Slowey is a graduate geologist with more
than 40 years' relevant experience in mineral exploration and
mining, a founder member of the Institute of Geologists of Ireland
and is a Qualified Person under the AIM rules. Mr Slowey has
reviewed and approved the geological content of this
announcement.
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas
Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of Xtract
Resources plc, with more than 40 years' experience mainly in hard
rock mining, is the qualified person as defined in the Guidance
Note of the London Stock Exchange, who has reviewed the technical
information contained in this press release.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Ag" Silver
"Au" Gold
"Cu" Copper
"CuEq" copper equivalent grade, calculated using
assumed metal prices for copper, gold and
other metals
"Inferred Mineral That part of a Mineral Resource for which
Resource" quantity and grade (or quality) are estimated
on the basis of limited geological evidence
and sampling. Geological evidence is sufficient
to imply but not verify geological and grade
(or quality) continuity. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes
"JORC Code" Australasian Institute of Mining and Metallurgy
Joint Ore Reserves Committee code on mineral
resources and ore reserves
"mineralisation" process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"porphyry" a deposit of disseminated copper minerals
in or around a large body of intrusive rock
ENDS
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END
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