TIDMXTR

RNS Number : 2359S

Xtract Resources plc

12 November 2021

For immediate release

12 November 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 drill hole BRDD-021-011 completed on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

-- Drill hole BRDD-21-011 has returned very promising intersections of copper and gold mineralisation near the northern limits of the modelled Racecourse Inferred Mineral Resource

   --    Full results are available in Table 1, with highlights below; 
   --    18m at 0.38% CuEq (0.14% Cu, 0.41g/t Au, 0.5g/t Ag) from 142m 
   --    18m at 0.25% CuEq (0.05% Cu, 0.35g/t Au, 0.4g/t Ag) from 220m 
   --    78m at 0.32% CuEq (0.3% Cu, 0.02g/t Au, 1.00g/t Ag) from 294m 
   --    16m at 0.47% CuEq (0.44% Cu, 0.03g/t Au, 1.80g/t Ag) from 342m 

-- Of particular interest are the significant intervals of comparatively gold-rich mineralisation encountered in the upper part of the hole which may be indicative of a mineral zonation system at Racecourse

Colin Bird, Executive Chairman said: "We are pleased to report on the assay results for hole BRDD-21-011 - the copper values are consistent with the results for the deposit in general. The intersection of two above-average gold zones high in the system has not been evidenced at Racecourse before, although it is not unusual for the region. It would appear that gold mineralisation occurring above the crown of the porphyry intrusion may add to the overall value of the project."

Phase Two Bushranger Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-011*

 
                 From            Interval                                  CuEq 
 Hole ID          (m)   To (m)    (m)       Cu (%)   Au (g/t)   Ag (g/t)    (%) 
 BRDD-021-011     146      164         18     0.14       0.41       0.60   0.39 
                -----  -------  ---------  -------  ---------  ---------  ----- 
                  220      238         18     0.05       0.35       0.40   0.25 
                -----  -------  ---------  -------  ---------  ---------  ----- 
                  294      424        130     0.25       0.03       0.90   0.28 
                -----  -------  ---------  -------  ---------  ---------  ----- 
 Including        294      372         78     0.30       0.02       1.00   0.32 
                -----  -------  ---------  -------  ---------  ---------  ----- 
 Including        308      324         16     0.38       0.03       1.30   0.40 
                -----  -------  ---------  -------  ---------  ---------  ----- 
 and              342      358         16     0.44       0.03       1.80   0.47 
                -----  -------  ---------  -------  ---------  ---------  ----- 
 and              390      424         34     0.25       0.07       0.90   0.29 
                -----  -------  ---------  -------  ---------  ---------  ----- 
 

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

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

Drill hole BRDD-021-011 was drilled at an inclination of -60 degrees towards the NE and completed at a depth of 673m. The hole was designed to test the up-dip extension of mineralisation intersected in holes BRDD-021-002 & BRDD-021-003 from the Phase 1 drilling programme (refer to RNS dated 26 May 2021), in the upper part of the conceptual open pit towards the northern end of the Racecourse deposit.

It is interpreted that the hole passed close to the crown of the porphyry intrusion and significant lengths of copper and gold mineralisation were intersected. Two gold zones were intersected in the shallower portion of the intrusion, before passing into the main copper mineralised zone associated with the western limb of the Racecourse porphyry intrusion.

The gold zone may represent a gold-rich halo of porphyry style alteration and mineralisation associated with later stage mineralised fluids in the upper portion of the Racecourse porphyry intrusion and this will be modelled further.

BRDD-21-011_assays_Xsection

http://www.rns-pdf.londonstockexchange.com/rns/2359S_1-2021-11-12.pdf

A plan map showing the location of hole BRDD-021-011 was appended to the RNS dated 9 November 2021. A summary of the Racecourse Phase Two drilling programme was announced on 20 October 2021 .

Correction : In the announcement dated 9 November 2021, drill hole BRDD-021-024 was described in the text as drilled towards the NW, the correct direction of drilling was towards the NE, as reflected in the published plan and section maps accompanying the RNS.

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 
 "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 
 
 

ENDS

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END

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November 12, 2021 05:25 ET (10:25 GMT)

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