TIDMXTR
RNS Number : 7047P
Xtract Resources plc
20 October 2021
For immediate release
20 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Phase 2 Drilling Programme Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update on the continued progress on the
Racecourse prospect Phase 2 drilling programme, with the completion
of drill holes BRDD-21-020 and BRDD-21-021 on the Bushranger
copper-gold exploration project, located in the Lachlan Fold Belt
("LFB") of New South Wales, Australia.
Highlights
-- Both drillholes BRDD-21-020 and BRDD-21-021 intersected wide
zones of visible copper porphyry associated mineralisation
-- Drillhole BRDD-21-020 intersected a 274m zone of visible
copper mineralisation from a downhole depth of 352m, including an
88m zone of stronger visible copper mineralisation from 430m down
hole depth, confirming the continuation of the Racecourse Inferred
Mineral Resource to the northwest, given that the copper
mineralisation is still open in that direction
-- Hole BRDD-21-021 was drilled underneath and down dip of hole
BRDD-21-008, the best hole drilled on the project to date (as
previously announced on 28 September 2021), intersecting a 340m
interval of copper mineralisation from 205m down hole depth,
including three zones of stronger copper mineralisation of 14m from
218m down hole depth, 61m from 251m down hole depth and 89m from
331m downhole depth
Colin Bird, Executive Chairman Said: "The objective of drill
hole BRDD-21-020 was to test the potential extension of the
existing Racecourse Inferred Mineral Resource to the northwest and
we have intersected a thick interval of copper mineralisation
demonstrating that the copper mineralisation does in fact continue
to the northwest beyond the current limits of the Mineral Resource.
Drill hole BRDD-21-021 was drilled in the centre of the resource to
follow up the best intersection on the project to date, in hole
BRDD-21-008, and again produced a very good intersection of 340m of
visible mineralisation in the central portion. As we progress with
the Racecourse Phase 2 drilling programme, we are increasing our
understanding of the overall shape of the mineralisation and the
orientation of the higher-grade zones. The next series of drill
holes are advancing well with hole BRDD-21-22 designed to test the
plunge of the mineralisation after intersecting the higher-grade
crown at the top of the deposit."
Bushranger Phase Two Drilling Update
Drill hole BRDD-21-020 was drilled from the same drill pad as
hole BRDD-21-018 and was designed to test for extensions of the
known copper mineralisation along-strike to the northwest and at
depth. Both BRDD-21-018 and BRDD-21-020 sit outside of the
currently estimated Racecourse Inferred Mineral Resource and were
planned to test a coincident Induced Polarisation resistivity-low
and chargeability-high anomaly, which was interpreted to be due to
more intense copper mineralisation.
Drill hole BRDD-21-020 was drilled at an inclination of -60
degrees to the east-north-east and was completed at a final depth
of 768.4m. The hole intersected a 274m zone of visible copper
mineralisation from a downhole depth of 352m, including an 88m zone
of stronger visible copper mineralisation from 430m down hole
depth, which appears to explain the resistivity low anomaly. This
intersection provides significant potential to extend the currently
estimated Racecourse Inferred Mineral Resource to the northwest
where the mineralisation is still open, and additional drilling
will be required to fully test the mineralization in this
direction.
Hole BRDD-21-021 was drilled at an inclination of -55 degrees
towards the east and was completed at a final depth of 686.1m. The
hole was drilled from the same drill pad as hole BRDD-21-008 and
was designed to test for both down-dip and along-strike
continuation of the copper mineralisation intersected in hole
BRDD-21-008, with the objective of extending the currently
estimated Racecourse Inferred Resource model to depth. Drillhole
BRDD-21-008 returned the best intercept recorded to date in the
Xtract drilling programme of 184m at 0.51% CuEq from 204m (as
previously announced on 28 September 2021). BRDD-21-021 intersected
a 340m interval of copper mineralisation from 205m down hole depth,
including three zones of stronger copper mineralisation of 14m from
218m down hole depth, 61m from 251m down hole depth and 89m from
331m downhole depth.
Bushranger Prospect Drill Hole Location Plan
A map showing the location of drill holes BRDD-21-020 and
BRDD-21-021 was included by web-link in the announcement dated 7
October 2021.
Racecourse Prospect Geological Cross Section for Drill Holes
BRDD-21-018 and BRDD-21-020
http://www.rns-pdf.londonstockexchange.com/rns/7047P_1-2021-10-20.pdf
Racecourse Prospect Geological Cross Section for Drill Holes
BRDD-21-021
http://www.rns-pdf.londonstockexchange.com/rns/7047P_2-2021-10-20.pdf
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 1 drilling programme which was recently concluded
and reported.
The Phase 2 drilling programme is designed to follow up on the
very encouraging results obtained from Phase 1 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
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
"Induced Polarisation A method of ground geophysical surveying which
(IP)" employs the passing of an electrical current
into the ground to test for indications of
conductive metallic sulphides.
"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
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