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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