TIDMXTR

RNS Number : 8535P

Xtract Resources plc

21 October 2021

For immediate release

21 October 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received from the third drill hole (BRDD-21-009) completed on the Phase 2 diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project.

Highlights

-- Drill hole BRDD-21-009 returned a very wide intersection of 448m @ 0.30% CuEq from a depth of 272m (see Table 1) including:

-- 155m at 0.44% CuEq from 343m

-- 35m at 0.61% CuEq from 363m

-- 28m at 0.54 % CuEq from 470m

-- The results from drill hole BRDD-21-009 indicate that the mineralisation intersected in hole BRDD-21-007 (see RNS dated 7 October 2021) increases in width at depth, while the higher-grade intervals correlate extremely well from hole BRDD-21-007 to hole BRDD-21-009, indicating good continuity of the higher-grade copper zones.

-- As with the results for BRDD-21-008 (see RNS dated 28 September 2021), a gold-rich zone was encountered at 630m depth which returned an overall interval of 8m at 0.85 g/t Au and best gold result of 2m at 1.92 g/t Au from 634m.

Colin Bird, Executive Chairman said:

"The results from hole nine demonstrate a wide intercept of mineralisation, within which are very favourable sub-runs, all of which fall within the requirements for the development of a porphyry copper mine. Interestingly, hole nine also intercepted a gold-rich zone. We are pleased with the consistency of the results we are receiving, all which support the prognosis of a large open pit operation."

Phase Two Bushranger Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-009*

 
                From    To    Interval 
   Hole ID       (m)    (m)      (m)     Cu (%)   Au (g/t)   Ag (g/t)   CuEq (%) 
 BRDD-21-009    272    720      448       0.26      0.06       1.10       0.30 
               -----  -----  ---------  -------  ---------  ---------  --------- 
  Including     343    498      155       0.39      0.06       2.10       0.44 
               -----  -----  ---------  -------  ---------  ---------  --------- 
  Including     363    398       35       0.54      0.10       2.20       0.61 
               -----  -----  ---------  -------  ---------  ---------  --------- 
     and        470    498       28       0.48      0.09       2.10       0.54 
               -----  -----  ---------  -------  ---------  ---------  --------- 
     and        630    638       8        0.08      0.85       0.30       0.54 
               -----  -----  ---------  -------  ---------  ---------  --------- 
  Including     634    636       2        0.16      1.92       0.60       1.20 
               -----  -----  ---------  -------  ---------  ---------  --------- 
 

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia

**CuEq Formula: CuEq = Cu% + 0.5405xAu (g/t) + 0.0071xAg (g/t)

Drill hole BRDD-21-009 was drilled to test the down dip extension of mineralisation intersected in drill hole BRDD-21-007 and to target a low resistivity zone at depth which was interpreted as a probable pyrrhotite zone with associated chalcopyrite copper mineralisation. While drill hole BRDD-21-007 was designed to intersect the top or "crown" of the porphyry system where copper grades are enhanced at relatively shallow depths, BRDD-21-009 was designed to provide information on the depth extent and width of the copper mineralisation deeper in the porphyry system.

The drillhole successfully intersected the down dip continuation of the copper mineralisation encountered at shallower depths in drill hole BRDD-21-007. The high-grade zones correlate well from hole BRDD-21-007 to hole BRDD-21-009, the interval of 38m @ 0.69% CuEq in hole BRDD-21-007 corresponds with an interval of 35m @ 0.61% CuEq in hole BRDD-21-009, suggesting good continuity of the higher-grade zones at depth. The copper mineralisation intersected in hole BRDD-21-009 is open both down-dip and along strike.

An 8m wide gold-rich horizon was intersected at a depth of 630m downhole, the overall intersection contains 0.85 g/t gold, and the highest assay returned 2m at 1.92g/t Au from 634m.

Assay results from the first three holes of the Phase 2 Racecourse deposit drilling programme suggest that the higher-grade copper zones are associated with increased pyrrhotite-chalcopyrite mineralisation, which manifest as resistivity lows in the Induced Polarisation data collected in May 2021 (refer to RNS 17 May 2021). Therefore, the strategy of targeting drilling on resistivity low zones has provided very encouraging intersections of copper mineralisation to date.

Racecourse Prospect Geological Cross Section for Drill Holes BRDD-21-007 and BRDD-21-009

http://www.rns-pdf.londonstockexchange.com/rns/8535P_1-2021-10-21.pdf

Phase Two Drilling Programme at the Racecourse Mineral Resource - Background

Refer back to RNS dated 20(th) October 2021 f or a summary of the Racecourse Phase Two drilling programme.

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 
 "Chalcopyrite"          A copper-iron sulphide mineral, CuFeS(2) , 
                          often found in copper ores. 
 "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 
 "Pyrrhotite"            An iron sulphide mineral, Fe(1-X) S, often 
                          magnetic 
 
 

ENDS

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END

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October 21, 2021 09:42 ET (13:42 GMT)

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