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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September 28, 2021 02:00 ET (06:00 GMT)

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