TIDMXTR
RNS Number : 9971Y
Xtract Resources plc
19 January 2022
For immediate release
19 January 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to announce that the second drill hole (BDDD-21-035),
drilled into the newly discovered Ascot Prospect, on the Bushranger
porphyry copper-gold project in New South Wales Australia, has
delivered a significant intersection of copper and gold confirming
Ascot as a high potential discovery. Drilling is ongoing to define
the extents of the Ascot intrusion and to better understand the
distribution of copper and gold mineralisation.
Highlights
-- Drill hole BRDD-21-035 intersected several intervals of
copper and gold mineralisation over a wide 520m downhole zone from
166m to 686m depth, confirming the Ascot prospect as a new
discovery of high potential, located 1.5km to the south-east of the
existing Racecourse deposit.
-- BRDD-21-035 delivered a best interval of 64m at 0.58% CuEq
from 552m, within a broader zone of 164m at 0.34% CuEq from 552m
(full detail are in Table 1 below)
-- The mineralisation intersected in BRDD-21-035 is amongst the
widest and highest-grade copper-gold intersections recorded to date
on the Bushranger Project.
-- The Ascot prospect appears to be enhanced in gold compared to
the Racecourse deposit, suggesting that Ascot is a separate
mineralised porphyry intrusion to Racecourse, further enhancing its
potential.
-- Drilling is ongoing at Ascot with the objective of defining
the extents of the mineralisation and the distribution of copper
and gold associated with the intrusion. Drilling and a MIMDAS
geophysical survey is also being planned for the 1.5km section
between Racecourse and Ascot to determine how the two intrusions
relate spatially.
-- Drill holes BRDD-21-018 and BRDD-21-022 testing the
north-western extension of the Racecourse porphyry body at depth,
returned wide intervals of copper mineralisation, including:
-- 170m at 0.22% CuEq from 528m in BRDD-21-018 including 12m at
0.41% CuEq from 648m (full details are in Table 2 below)
-- 144m at 0.28% CuEq from 522m in BRDD-21-022 (full details are
in Table 3 below)
-- BRDD-21-017, targeting an outlying IP anomaly to the
north-east of the main Racecourse porphyry, intersected sporadic
copper mineralisation up to 0.19% Cu
Colin Bird, Executive Chairman said: "Drill hole BRDD-21-035 is
the first hole to follow up drill hole BRDD-21-033, which was the
discovery hole at Ascot, and has delivered one of the widest and
highest-grade copper-gold intersections on the Bushranger Project.
Importantly, Ascot appears to have enhanced levels of gold in
comparison to the Racecourse Prospect and this further increases
the potential of the Ascot prospect. Given Ascot's potential we are
extending our Phase 2 drilling programme with the objective of
defining the limits of Ascot. We also want to determine how Ascot
relates to Racecourse, 1.5km to the north, and whether the region
between the two intrusions is continuously mineralised as we
suspect it could be. 2022 could not have started in a better way
for Xtract given the results which the overall Bushranger Project
continues to deliver."
Ascot Prospect Drill Hole Assay Results
Drill hole BRDD-21-035 was the second hole drilled into the
Ascot discovery, situated 1.5km to the south-east of the Racecourse
Prospect and followed up the encouraging results recorded in drill
hole BRDD-21-033, the discovery hole at Ascot. BRDD-21-035 was
drilled at an inclination of -60 degrees towards the west and was
completed at a final depth of 750m, whereas d rill hole BRDD-21-033
was drilled at an inclination of -70 degrees towards to the east
and was completed at a final depth of 783.7m.
BRDD-21-035 hole returned substantial intervals of copper and
gold mineralisation with a best intercept of 164m at 0.35% CuEq
from 552m, which includes 64m at 0.58% CuEq from 552m. These first
drill assay results from Ascot indicate the potential for
significant gold enhancement associated with the copper
mineralisation and the Company awaits with interest further drill
hole results.
Table 1 -Assay Results from Drill Hole BRDD-21-035*
From Interval
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
BRDD-21-035 166.00 232.00 66 0.19 0.09 2.08 0.26
------- ------- --------- ------- --------- --------- ---------
Including 194.00 212.00 18 0.30 0.13 2.76 0.39
------- ------- --------- ------- --------- --------- ---------
356.00 408.00 52 0.19 0.10 0.61 0.26
------- ------- --------- ------- --------- --------- ---------
Including 394.00 402.00 8 0.36 0.25 1.70 0.52
------- ------- --------- ------- --------- --------- ---------
552.00 716.00 164 0.24 0.17 1.43 0.35
------- ------- --------- ------- --------- --------- ---------
Including 552.00 616.00 64 0.38 0.30 2.26 0.58
------- ------- --------- ------- --------- --------- ---------
676.00 686.00 10 0.31 0.16 2.28 0.43
------- ------- --------- ------- --------- --------- ---------
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
*** Variable cut-off used >0.15 CuEq%
The enhanced gold mineralisation in drill hole BRDD-21-035,
suggests that Ascot and Bushranger are separate intrusions, and
this enhances the overall potential of Ascot, which is potentially
open in all directions. Furthermore, results reported by the
Company in 2021 for drilling at the southern section of the
Racecourse Prospect indicate that Racecourse is open to the south,
opening up the possibility that there could be continuous
copper-gold mineralisation in the 1.5km gap between Ascot and
Racecourse. Xtract is extending the Phase 2 drill programme to test
this hypothesis.
Racecourse Prospect Drill Hole Assay Results
Drill Hole BRDD-21-018 was the first hole of a trio of holes
drilled from the same drill pad at the north-western limits of the
Racecourse Inferred Mineral Resource, investigating the extension
of the Racecourse mineralisation to the north-west. The hole was
drilled at an inclination of -50 degrees towards the E-NE and was
completed at a final depth of 732.6m. Assay results from the hole
returned an intersection of 170m of 0.22% CuEq from 520m depth,
which includes a higher-grade interval of 12m at 0.41% CuEq from
648m downhole. BRDD-21-018 has the potential to extend the known
Racecourse Inferred Mineral Resource to the north-west and the
company awaits the results of drill holes BRDD-21-020 &
BRDD-21-023, which have further tested the north-west extension of
the Racecourse Inferred Mineral Resource.
Table 2 - Assay Results from Drill Hole BRDD-21-018*
From Interval
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
BRDD-21-018 528 698 170 0.16 0.09 0.74 0.22
----- ------- --------- ------- --------- --------- ---------
Including 642 686 44 0.25 0.05 1.05 0.29
----- ------- --------- ------- --------- --------- ---------
Including 648 660 12 0.33 0.11 1.33 0.41
----- ------- --------- ------- --------- --------- ---------
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
*** Variable cut-off used >0.15 CuEq%
Drill holes BRD-21-017 and BRDD-21-022 were drilled from one
drill pad located on the eastern limb of the Central Racecourse
Intrusion, in the north-east corner of the deposit.
Drill hole BRDD-21-022 drilled towards the W-SW at a steep angle
of -80 degrees and was designed to test the down-plunge continuity
of the eastern limb of the Racecourse deposit. The hole returned
promising results having intersected a wide interval of consistent
copper mineralisation from a downhole depth of 209m to 718m, with
copper mineralisation greater than 0.2% CuEq reported in intervals
over 289m of this 509m down hole length.
Table 3 - Assay Results from Drill Hole BRDD-21-022*
Interval CuEq
Hole ID From (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD-21-022 209.00 218.00 9 0.27 0.01 0.64 0.28
--------- ------- --------- ------- --------- --------- -----
244.00 266.00 22 0.19 0.01 0.40 0.20
--------- ------- --------- ------- --------- --------- -----
including 258.00 264.00 6 0.29 0.00 0.60 0.30
--------- ------- --------- ------- --------- --------- -----
278.00 284.00 6 0.24 0.00 0.73 0.25
--------- ------- --------- ------- --------- --------- -----
290.00 350.00 60 0.24 0.00 0.61 0.24
--------- ------- --------- ------- --------- --------- -----
including 290.00 320.00 30 0.30 0.00 0.72 0.30
--------- ------- --------- ------- --------- --------- -----
376.00 386.00 10 0.26 0.00 0.48 0.26
--------- ------- --------- ------- --------- --------- -----
522.00 666.00 144 0.25 0.02 1.39 0.28
--------- ------- --------- ------- --------- --------- -----
686.00 718.00 32 0.22 0.01 1.93 0.24
--------- ------- --------- ------- --------- --------- -----
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
*** Variable cut-off used >0.15 CuEq%
Drill hole BRDD-21-017 targeted an outlying IP anomaly to the
north-east of the main Racecourse porphyry mineralisation, the hole
returned some anomalous copper with selected 2m samples assaying up
to 0.19% Cu, however this is not considered to be an immediate
follow-up drill target at this stage.
Bushranger Project Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/9971Y_1-2022-1-19.pdf
Ascot Prospect Geological Cross Section for Drill Hole
BRDD-21-035
http://www.rns-pdf.londonstockexchange.com/rns/9971Y_2-2022-1-19.pdf
Racecourse Prospect Geological Cross Section for Drill Hole
BRDD-21-018
http://www.rns-pdf.londonstockexchange.com/rns/9971Y_3-2022-1-19.pdf
Racecourse Prospect Geological Cross Section for Drill Hole
BRDD-21-022
http://www.rns-pdf.londonstockexchange.com/rns/9971Y_4-2022-1-19.pdf
Bushranger Project Copper-Gold Intersection Summary Table
http://www.rns-pdf.londonstockexchange.com/rns/9971Y_5-2022-1-19.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
"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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLBKCBDPBKDCDD
(END) Dow Jones Newswires
January 19, 2022 10:45 ET (15:45 GMT)
Xtract Resources (LSE:XTR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Xtract Resources (LSE:XTR)
Gráfica de Acción Histórica
De May 2023 a May 2024
