TIDMXTR
RNS Number : 4254O
Xtract Resources plc
07 October 2021
For immediate release
7 October 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 second drill hole (BRDD-21-007) 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 second angled hole of the Phase 2
drilling programme at the Racecourse porphyry deposit have given
further confirmation of the high-grade copper porphyry potential of
the deposit, with the first two holes returning very encouraging
results with thick copper intersections.
-- Drill hole BRDD-21-007 returned an intersection of 155m @
0.47% CuEq from a depth of 238.92m. The intersection in hole
BRDD-21-007 follows that in hole BRDD-21-008 which intersected 184m
@ 0.51% CuEq from a depth of 204m (refer to RNS 28 September
2021).
-- Interval results of hole BRDD-21-007 are given in Table 1 below and summarised here;
o 155.08m at 0.47% CuEq (0.41% Cu, 0.06 g/t Au, and 2.65 g/t Ag)
from 238.92m
-- Including 110.28m at 0.55% CuEq (0.48% Cu, 0.08 g/t Au, and
3.01 g/t Ag) from 238.92m
-- Including 38.08m at 0.69% CuEq (0.59% Cu, 0.14 g/t Au, and
2.19 g/t Ag) from 238.92m
-- The highest intercept returned 2m at 1.14% CuEq (0.73% Cu,
0.66 g/t Au, and 1.40 g/t Ag) from 257m and is associated with
sheared and brecciated mineralised volcanics
Colin Bird, Executive Chairman Said: "With the intersection in
drill hole BRDD-21-007, Xtract has delivered two excellent holes
from the start of the Phase 2 Bushranger drilling programme. We
announced the intersection of 184m @ 0.51% CuEq in hole BRDD-21-008
last week, and drill hole BRDD-21-007 has delivered another thick
and high-grade intersection. Our strategy of targeting the crown at
the top of the porphyry system appears to be working well, as the
intersections of such substantial thickness as we have delivered in
holes BRDD-21-007 and BRDD-21-008 will quickly add valuable
high-grade tonnes to the overall Racecourse Inferred Mineral
Resource, at depths which will be able to be extracted via open pit
mining (refer to RNS 26 July 2021). This is an extremely good start
to our Phase 2 drilling programme, and we will now be able to
release drill hole assays to the market on a regular basis as the
flow of results from the laboratory picks up speed."
Phase Two Bushranger Assay Results
Drill hole BRDD-21-007 was drilled to test for extensions of
mineralisation intersected in historical hole BRD009, which was
completed by Anglo American Exploration Australia Pty Ltd in 2015
(refer to RNS 1 June 2020). BRDD-21-007 was also designed to
intersect the top or "crown" of the porphyry system where copper
grades are enhanced and at relatively shallow depths, hence could
be mined via open pit methods (refer to RNS 26 July 2021).
Drill hole BRDD-21-007 was drilled to a total depth of 846.9m
and intersected trace to strong copper mineralisation from 46m
until the bottom of the drill hole at 846.9m. The best developed
copper mineralisation occurred between 239 - 412m down hole
depth.
Drill hole BRDD-21-007 was successful in intersecting the along
strike continuation of the high-grade zone (169m @ 0.48% CuEq)
previously intersected in drill hole BRD009, drilled by Anglo
American Exploration Australia Pty Ltd and the high-grade
intersection recorded by Xtract in hole BRDD-21-008 (184m @ 0.51%
CuEq). The intersections from these holes confirm that the
highest-grade section of the Racecourse porphyry system occurs at
the top of the porphyry intrusion in the "crown" position. This
position continues to be targeted with the ongoing Phase 2 drilling
programme, as shallower high grades zones of copper mineralisation
will add significant value to the overall resource due to their
ability to be extracted with lower cost open pit mining.
Table 1 - Assay Results from Drill Hole BRDD-21-007*
Hole No. From To (m) Interval Cu (%) Au (g/t) Ag (g/t) CuEq (%)**
(m) (m)
BRDD-21-007 238.92 464.00 225.08 0.32 0.06 1.92 0.37
------- ------- --------- ------- --------- --------- -----------
incl. 238.92 394.00 155.08 0.41 0.06 2.65 0.47
------- ------- --------- ------- --------- --------- -----------
incl. 238.92 349.20 110.28 0.48 0.08 3.01 0.55
------- ------- --------- ------- --------- --------- -----------
incl. 238.92 277.00 38.08 0.59 0.14 2.19 0.69
------- ------- --------- ------- --------- --------- -----------
and 257.00 259.00 2.00 0.73 0.66 1.40 1.14
------- ------- --------- ------- --------- --------- -----------
*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 2 drilling programme at the Racecourse Mineral
Resource is designed to follow up on the very encouraging results
obtained from the Phase 1 Racecourse drilling programme 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
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
S
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END
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