XTR Xtract Resources Plc

TIDMXTR

RNS Number : 9913E

Xtract Resources plc

13 July 2021

For immediate release

13 July 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project - Footrot prospect update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on results of a MIMDAS IP geophysical survey at the Footrot prospect on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.

Highlights

-- A MIMDAS IP geophysical survey has just been completed across the Footrot prospect, 7km southeast of Racecourse, indicating a large chargeability anomaly extending for over 1km on a similar N-NW trend to Racecourse

-- Such chargeability anomalies at Racecourse are related to strongly developed pyrrhotite-pyrite mineralisation with associated copper

-- The target occurs within an area of historic copper soil anomalism and altered porphyritic intrusives which could have similarities to the Racecourse deposit setting

-- The data will be fully reviewed with the aim of siting a reconnaissance drill hole to test the target as part of the Phase Two drilling programme at Bushranger

Colin Bird, Executive Chairman said: "We are pleased that the Footrot prospect is demonstrating a similar geophysical signature to Racecourse. Arising from the Phase One drilling programme and geophysics testing at Racecourse we have learned much about the mineralisation patterns relative to geophysical models. In addition, we have learned that strong pyrrhotite and pyrite mineralisation is a good indicator for copper mineralisation. We plan to undertake further geophysics using drone technology over the Racecourse project whilst identifying the best drill site to test the Footrot geophysical signature."

Footrot MIMDAS IP/Resistivity Survey Background

At the Footrot prospect, approximately 7km southeast from Racecourse, the Company has recently received the 3D IP resistivity and chargeability model which incorporates two new lines of MIMDAS data plus two lines of IP/MT geophysical data which were collected by Anglo American Exploration Australia Pty Ltd in 2014. This combined data set shows a large chargeability anomaly over more than 1km length at about 500m depth in the west of the prospect area. Historical surface geochemistry (soils and aircore drilling) shows a copper anomaly associated with this chargeability response, and a drill hole in 2014 hit altered porphyritic monzonitic intrusives, possibly suggestive of another mineralised porphyry system in this area, thereby highlighting a strong target for testing later in the Phase Two drilling programme.

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:

 
 "Au"                Gold 
 "Cu"                Copper 
 "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 
 
 "JORC Code"         Australasian Institute of Mining and Metallurgy 
                      Joint Ore Reserves Committee code on mineral 
                      resources and ore reserves 
 
 "Magnetotelluric    An electro-magnetic surveying method used 
  (MT) surveying"     to map subsurface resistivity variations by 
                      measuring naturally occurring electric and 
                      magnetic fields on the Earth's surface 
 "MIMDAS IP"         A deep-penetrating Induced Polarisation (IP) 
                      survey system that measures the electrical 
                      properties (resistivity and chargeability) 
                      of sub-surface rocks 
 "mineralisation"    Process of formation and concentration of 
                      elements and their chemical compounds within 
                      a mass or body of rock 
 "monzonitic"        Of a coarse-grained igneous rock ranging from 
                      acid to basic containing approximately equal 
                      amounts of alkali and calc-alkali felspar 
                      minerals. 
 
 "porphyry"          A deposit of disseminated copper minerals 
                      in or around a large body of intrusive rock 
 "porphyritic"       A rock texture containing distinct crystals 
                      or crystalline particles embedded in a compact 
                      groundmass 
 "pyrite"            Iron sulphide mineral, FeS(2) 
 "pyrrhotite"        An iron sulphide mineral, Fe(1-X) S, often 
                      magnetic 
 
 

ENDS

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