TIDMXTR

RNS Number : 2937U

Xtract Resources plc

02 December 2021

For immediate release

2 December 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Phase 2 Drilling Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on three further holes completed as part of the ongoing Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

-- Drillholes BRDD-21-028 and BRDD-21-030 successfully tested the extension of mineralisation below and lateral to drillholes BRDD-21-013 & BRDD-21-016 (refer to announcements of 29 October and 19 November, 2021) within the southern projection of the Racecourse porphyry deposit.

-- Based on preliminary logging, variable strength visible chalcopyrite mineralisation, with shorter sections of better mineralisation were intersected over wide intervals in both holes - including a 406m interval from 174m downhole in BRDD-21-028, and a 470.6m interval from 16.0m downhole in BRDD-21-030. Laboratory assays will be required to determine intervals of potentially economic grade.

-- Drillhole BRDD-21-029 tested the along-strike continuation of the main Racecourse mineralised porphyry body 240m south from drillhole BRDD-21-027 (refer to announcement 19 November, 2021). Based on preliminary logging, the hole intersected strongly siliceous porphyry-style alteration and associated traces of visible chalcopyrite mineralisation over a 459m downhole interval from 66m depth, with best mineralisation reported from 225.0-266.4m.

-- Drilling is ongoing at Bushranger and results will continue to be reported as core logging and assay results are received.

Colin Bird, Executive Chairman said: "These results continue to expand the Racecourse deposit, indicating continuity both in thickness and along strike towards the south. In general the drilling programme is confirming the outline of the conceptual pit and demonstrates continuity beyond the pit limits. The deposit appears to be closing off at the northwest end, while the southeastern end demonstrates further extensions in strike and deposit thickness. We suspect that the southeastern extension is veering more towards the south-southwest and we will test out this assumption with subsequent holes."

Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-028, BRDD-21-029 & BRDD-21-030

Drill hole BRDD-21-028 was drilled at an inclination of -65 degrees towards the ENE and was completed at a final depth of 580.2m. The hole was drilled into the side of the main Racecourse porphyry intrusion in the southern region of the currently defined Racecourse inferred mineral resource. The hole was stepped out slightly to the west and designed to drill below drill holes BRDD-21-013 & BRDD-21-016 for which assays have been received (refer to announcement 19 November, 2021). Subject to laboratory assays, variable strength chalcopyrite mineralisation was logged over a 406m interval from 174m downhole, with up to five sub-intervals of stronger mineralisation, starting from 269m.

Drill hole BRDD-21-030 was drilled at an inclination of -65 degrees towards the NE and was completed at a final depth of 486.6m. This hole was also drilled into the side of the main Racecourse porphyry intrusion, 120m along-strike to the NW of hole BRDD-21-013 at a similar level (refer to announcement 29 October, 2021). Based on preliminary logging, and subject to laboratory assays, chalcopyrite was first logged at just 16m downhole, and continued to the end of hole. Two zones of stronger chalcopyrite mineralisation were logged between 189m - 279m and 303m - 319m downhole.

Drillhole BRDD-21-029 was drilled at an inclination of -75 degrees towards the west and was completed at a final depth of 551.8m. The hole was drilled 240m to the south from hole BRDD-21-027 (refer announcement 19 November, 2021) and was drilled towards the west to test for the southern extension of the main Racecourse mineralised porphyry body. Based on preliminary logging, and subject to laboratory assays, the hole intersected zones of very siliceous alteration with traces of chalcopyrite from 66m to 525m downhole. A zone of stronger pyrrhotite-pyrite mineralisation with associated chalcopyrite was intersected across a 40m interval between 225m and 266.4m downhole. The main Racecourse porphyry body dips towards the west, and with the promising signs of porphyry-style alteration and mineralisation, it is interpreted that this hole drilled slightly to the east of the southern extension of the Racecourse mineralised porphyry.

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/2937U_1-2021-12-1.pdf

Drill Hole BRDD-21-028 and BRDD-21-030 Cross Section

http://www.rns-pdf.londonstockexchange.com/rns/2937U_2-2021-12-1.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 
 "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 
 "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 
 "Pyrite"                Iron sulphide mineral, FeS2 
 "Pyrrhotite"            An iron sulphide mineral, Fe(1-X) S, often 
                          magnetic 
 
 

ENDS

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END

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December 02, 2021 02:00 ET (07:00 GMT)

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