TIDMXTR
RNS Number : 2701W
Xtract Resources plc
21 December 2021
For immediate release
21 December 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-021-015 on the Phase 2 diamond
drilling programme at the Bushranger copper-gold exploration
project.
Highlights
-- BRDD-21-015 has returned intervals of copper and gold
mineralisation on the main western zone of the Racecourse porphyry,
which is inclusive of two main zones of copper mineralisation
-- Assay results have graded up to intervals of 10m at 0.63% Cu
from 616m depth and 8m at 0.34 g/t Au from 462m depth
-- Full results are available in Table 1, with the two main
intervals returning 28m at 0.32% CuEq from a downhole depth of
482m, and 78m at 0.27% CuEq from a downhole depth of 560m
-- The hole was drilled at an inclination -55 towards the east,
above drill holes BRDD-21-002 & BRDD-21-003 from the Phase 1
drilling and designed to test the extension of mineralisation in
these holes to shallower depths
Colin Bird, Executive Chairman said: "Again, this is a
satisfactory result and is consistent with our expectations.
Interestingly there are higher grade gold intervals above the
copper mineralised zones suggesting zones of gold do exist in the
system. We anticipate the northern end of the deposit will be
moving towards closure for contribution to the open pit, while the
southern end remains open with a suggestion that the mineralisation
swings to the south."
Phase Two Bushranger Prospect Assay Results - Drill Hole
BRDD-21-015
Table 1 - Assay Results from Drill Hole BRDD-21-015*
From Interval Cu
Hole ID (m) To (m) (m) (%) Au (g/t) Ag (g/t) CuEq (%)
BRDD-21-015 430 436 6 0.24 0.04 3.7 0.29
----- ------- --------- ----- --------- --------- ---------
462 470 8 0.11 0.34 1.2 0.32
----- ------- --------- ----- --------- --------- ---------
482 510 28 0.29 0.02 1.9 0.32
----- ------- --------- ----- --------- --------- ---------
Including 490 504 14 0.35 0.03 2.3 0.39
----- ------- --------- ----- --------- --------- ---------
560 638 78 0.23 0.06 0.4 0.27
----- ------- --------- ----- --------- --------- ---------
Including 560 566 6 0.06 0.25 0.1 0.21
----- ------- --------- ----- --------- --------- ---------
Including 574 626 52 0.30 0.04 0.4 0.33
----- ------- --------- ----- --------- --------- ---------
and 616 626 10 0.63 0.02 0.7 0.64
----- ------- --------- ----- --------- --------- ---------
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.6011xAu (g/t) + 0.0075xAg
(g/t)
Drillhole BRDD-21-015 was drilled at -55 degrees towards the ENE
and completed at a final depth of 780.5m. The hole was drilled
above drill holes BRDD-21-002 and BRDD-21-003 from the Phase 1
drill programme and was designed with BRDD-21-011, to extend the
mineralisation intersected in these holes towards the surface.
Variable copper mineralisation was intersected from 350m to 720m
downhole, which is inclusive of two broader zones of
mineralisation, including 28m at 0.32% CuEq from 482m depth, and
78m at 0.27% CuEq from 560m depth.
Fringing the top of each copper mineralised zone are two
separate zones with elevated gold values, these have returned assay
results of 8m at 0.34 g/t Au from 462m, and 6m at 0.25 g/t Au from
560m depth, and the company intends to model the significance of
this gold zone as the assay results from the Phase Two programme
continue to be delivered.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/2701W_1-2021-12-20.pdf
Bushranger Drill Holes BRDD-21-011 and BRDD-21-015 Cross
Section
http://www.rns-pdf.londonstockexchange.com/rns/2701W_2-2021-12-20.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
"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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December 21, 2021 02:00 ET (07:00 GMT)
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