TIDMXTR
RNS Number : 3437T
Xtract Resources plc
24 November 2021
For immediate release
24 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 for drill hole BRDD-21-012 on the Phase 2 diamond drilling
programme at the Bushranger copper-gold exploration project.
Highlights
-- BRDD-21-012 has returned a wide copper intercept on the main
western zone of the Racecourse porphyry, with a separate zone of
gold mineralisation intercepted at depth
-- Assay results include 122m @ 0.34% CuEq from 202m depth,
which includes 68m at 0.48% CuEq from 202m depth, and 38m at 0.66%
CuEq from 230m depth (full details are in Table 1 below)
-- Gold intervals include 6m @ 0.74g/t Au from 460m downhole
depth within a wider 48m intercept on the eastern flank of the
porphyry; this fits an emerging pattern of gold enhancement on the
eastern side of the porphyry
-- Drillhole BRDD-21-012 was drilled at -50 degrees in the main
central zone of the Racecourse porphyry and designed to drill just
above the higher-grade mineralised "crown" of the intrusion
Colin Bird, Executive Chairman said: "This hole drilled in the
centre of the deposit over the crown has produced a very pleasing
result. We have intersected significant lengths of mineralisation
with good copper values. Again, a gold horizon has been intersected
deeper in the hole that carries good gold values, and our modelling
is starting to define the extents of this stand-alone zone."
Phase Two Bushranger Prospect Assay Results - Drill Hole
BRDD-21-012
Table 1 - Assay Results from Drill Hole BRDD-21-012*
From Interval CuEq
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD_021-012 202 324 122 0.30 0.04 2.00 0.34
----- ------- --------- ------- --------- --------- -----
including 202 270 68 0.42 0.05 3.50 0.48
----- ------- --------- ------- --------- --------- -----
including 230 268 38 0.59 0.05 5.40 0.66
----- ------- --------- ------- --------- --------- -----
434 482 48 0.04 0.27 0.20 0.20
----- ------- --------- ------- --------- --------- -----
including 460 466 6 0.03 0.74 0.20 0.47
----- ------- --------- ------- --------- --------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
Drillhole BRDD-21-012 was drilled at -50 degrees to the NE and
completed at a final depth of 498.4m. The hole was designed
primarily to test the tenor of copper mineralisation at shallow
depths above the high-grade "crown" of the Racecourse porphyry
intrusion. Assay results have confirmed a 122m intercept grading at
0.34% CuEq from 202m downhole, which includes higher grade
intervals of up to 38m grading at 0.66% CuEq from 230m
downhole.
A deeper zone of gold mineralisation was intersected on the
eastern side of the Racecourse porphyry body. The zone includes a
broad intercept of 48m at 0.27 g/t Au from 434m depth, which
includes a 6m intercept grading 0.74 g/t Au from 460m depth. This
secondary gold zone on the eastern flank of the porphyry body has
been consistent in the assay results received to date and the
company intends to model its significance.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/3437T_1-2021-11-23.pdf
Drill Hole BRDD-21-012 Cross Section
http://www.rns-pdf.londonstockexchange.com/rns/3437T_2-2021-11-23.pdf
Racecourse Prospect Summary of Mineralised Intersections
http://www.rns-pdf.londonstockexchange.com/rns/3437T_3-2021-11-23.pdf
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
"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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