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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