TIDMXTR
RNS Number : 3472O
Xtract Resources plc
07 October 2021
For immediate release
7 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Completion of Drill Holes BRDD-21-018 and BRDD-21-019
Bushranger Copper-Gold Project Phase 2 Drilling Programme
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide the geological results from drill holes
BRDD-21-018 and BRDD-21-0189 from the Phase 2 diamond drilling
programme at the Racecourse Copper-Gold Deposit on the Bushranger
Project, located in the Lachlan Fold Belt ("LFB") of New South
Wales, Australia.
Highlights
-- Drill holes BRDD-21-018 and BRDD-21-019 have both completed
to final depths of 732.6m and 693.6m respectively.
-- Drill hole BRDD-21-018 was drilled to test for extensions of
the known mineralisation along-strike to the northwest associated
with a resistivity low anomaly
-- BRDD-21-018 intersected a 709.6m interval of trace to
moderate visible copper porphyry-associated copper (chalcopyrite)
mineralisation from a downhole depth of 23m until the end of hole.
Moderate strength copper mineralisation occurred from a downhole
depth of 253m until 450m, a downhole interval of 197m, with the
strongest mineralisation occurring between 415m and 484m downhole
depth, a downhole interval of 69m.
-- Drill hole BRDD-21-019 was drilled to extend the copper
mineralisation intersected in Xtract hole BRDD-21-008 (184m @ 0.51%
CuEq - refer to RNS 28 September 2021) and historical BRD009 which
intersected 169m @ 0.39% Cu from 317m down hole depth (refer to RNS
1 June 2020).
-- BRDD-21-019 intersected a thick interval of visible trace to
moderate copper porphyry-associated copper (chalcopyrite)
mineralisation from a downhole depth of 201m until of 670m, a
downhole interval of 469m. Moderate strength copper mineralisation
occurred from a downhole depth of 270m until 356m, a downhole
interval of 86m.
Colin Bird, Executive Chairman said: "It is very pleasing to see
that drill holes BRDD-21-018 and BRDD-21-019, which were designed
to follow up our recent best ever intersection of high-grade copper
mineralisation in hole BRDD-21-008 (184m @ 0.51% CuEq - refer to
RNS 28 September 2021), have both intersected significant
thicknesses of moderate intensity copper mineralisation. As we grow
our knowledge of the Racecourse mineral system, we are better able
to predict the orientation and location of the more intense copper
mineralisation, allowing us to have a good sequence of promising
intersections. We await with interest the assay results for holes
BRDD-21-018 and BRDD-21-019."
Please see the following web links for the Racecourse Inferred
Mineral Resource drill hole location plan and the drill holes
relative to the IP anomalies:
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/3472O_1-2021-10-7.pdf
Racecourse Prospect Cross Section for Drill Hole BRDD-21-019
http://www.rns-pdf.londonstockexchange.com/rns/3472O_2-2021-10-7.pdf
Geological Results of Drill Holes BRDD-21-018 and
BRDD-21-019
Drill hole BRDD-21-0018 was drilled with the objective of
extending the known Racecourse Prospect copper mineralisation to
the northwest and test the source of a resistivity low anomaly,
identified from an IP survey completed in May 2021, which was
postulated to be due to an increase in the intensity of
chalcopyrite and pyrrhotite mineralisation, in the "crown" position
at the top of the porphyry intrusive system.
The drill hole is the most northwesterly drill hole completed on
the project to date and is beyond the current limit of the
Racecourse Inferred Mineral Resource. Drill hole BRDD-21-018 was
drilled at an inclination of -50 degrees towards the ENE and was
completed at a depth of 732.6m. The hole intersected a thick
interval of trace to moderate visible porphyry-associated copper
(chalcopyrite) mineralisation from a downhole depth of 23m until
the end of hole at a depth of 732.6m, a downhole interval of
709.6m. Moderate strength copper mineralisation occurred from a
downhole depth of 253m until 450m, a downhole interval of 197m,
with the strongest mineralisation between 415m and 484m downhole
depth, a downhole interval of 69m. The result from drill hole
BRDD-21-018 confirms that the Racecourse copper mineralisation
extends to the northwest beyond the limit of the Inferred Mineral
Resource and is open to the northwest.
Drill hole BRDD-21-018 occurs 425m to the northwest of drill
hole BRDD-21-008, which has delivered the best intersection at the
Racecourse Prospect to date (184m @ 0.51% CuEq - refer to RNS 28
September 2021). Drill hole BRDD-21-020 is currently being drilled
to follow up on the intersection in drill hole BRDD-21-018.
Drill hole BRDD-21-019 was drilled to extend the copper
mineralisation intersected in BRDD-21-008 about 100m towards the
northwest. The hole was drilled above historical drill hole BRD009
which intersected 169m @ 0.39% Cu from 317m down hole depth (refer
to RNS 1 June 2020). Drill hole BRDD-21-019 was drilled at an
inclination of -58 degrees towards the NE and was completed at a
depth of 693.60m. The drill hole intersected a thick interval of
trace to moderate porphyry-associated visible copper mineralisation
from a downhole depth of 201m until a downhole depth of 670m, a
downhole interval of 469m. Moderate strength copper mineralisation
occurred from a downhole depth of 270m until 356m, a downhole
interval of 86m.
The results from both drill holes BRDD-21-018 and BRDD-21-019
suggest that the low resistivity anomalies detected by the May 2021
IP geophysical survey do correlate well with areas of increased
sulphide mineralisation.
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 2 drilling program at the Racecourse Mineral Resource
is designed to follow up on the very encouraging results obtained
from the Phase 1 Racecourse drilling program which was concluded in
April 2021 and historical drill results recorded by Anglo American
Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015. A total
of approximately 8,000m of drilling is planned in the first block
of 13 holes using two drill rigs.
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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. 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 Colin Rowbury +44 (0) 207 399 9427
Joint Broker 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:
"Au" Gold
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
"Cu" Copper
"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
"porphyritic" A rock texture containing distinct crystals
or crystalline particles embedded in a compact
groundmass
"pyrite" Iron sulphide mineral, FeS2
"pyrrhotite" An iron sulphide mineral, Fe1-XS, often magnetic
ENDS
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