TIDMXTR
RNS Number : 0791W
Xtract Resources plc
17 December 2021
For immediate release
17 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 four further holes completed as part of the
ongoing Phase 2 diamond drilling programme at the Bushranger
copper-gold exploration project.
Highlights
-- Drill hole BRDD-21-036 tested the southern end of the
Racecourse Inferred Mineral Resource, intersecting zones of
alteration and variable strength visible copper mineralisation from
11m depth to end of hole at 618m, with stronger mineralisation from
11m-216m depth
-- Drillholes BRDD-21-031, 032 and 034, were drilled to test IP
geophysical anomalies to the southeast, well beyond the current
limit of the Racecourse resource. All three holes intersected
extensive zones of porphyritic alteration, along with traces of
chalcopyrite, with some weak traces of mineralisation. Modelling of
the results suggests that the Racecourse deposit swings to the
south in this area and drilling needs to be sited further to the
west to target potential Racecourse continuation
-- All mineralisation recorded by preliminary logging is subject
to checking by laboratory assays
-- Drilling is continuing at the Bushranger Project to further
test the Racecourse deposit and the newly discovered Ascot
prospect, with additional laboratory assays for previously
completed holes expected shortly
Colin Bird, Executive Chairman said: "Drill hole BRDD-21-036
confirmed the southern continuity of the Racecourse mineralisation,
again with a significant interval of stronger mineralisation, which
supports our prognosis that the southern extension progresses well
beyond the southern end of the conceptual open pit. The other three
drill holes are exploring the IP anomalies to the south east and
all experienced alteration and traces of chalcopyrite. It is
evident that the geophysics is greatly assisting our modelling and
the suggestion is that the Racecourse deposit swings to the south
in this area, and further drilling towards the west will test this
theory. We continue to be excited with the overall progress of the
Phase Two drilling, which has increased the size of the conceptual
open pit and identified a separate body which we have called
Ascot."
Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-031,
032, 034 & 036*
Drill hole BRDD-21-031 was drilled at an inclination of -060
degrees towards the WSW and was completed at a final depth of
690.4m. The hole is located 750m to the SE of the current limit of
the Racecourse mineral resource. Preliminary logging noted traces
of chalcopyrite from a downhole depth of 4.6m, with small downhole
intervals of stronger mineralisation reported between 395 and 640m
depth, which sit within a wide zone of porphyry related
alteration.
Drill holes BRDD-21-032 and 034 were drilled from the same pad
500m to the SE beyond the Racecourse resource limit. BRDD-21-032
was angled towards the east at an inclination of -080 degrees, the
hole was completed at a final depth of 636.7m. Based on preliminary
logging the hole intersected traces of chalcopyrite mineralisation
and associated alteration over a 554.5m interval from 44.5m depth.
BRDD-21-034 was drilled at an inclination of -050 degrees towards
the east. The hole was completed to a final depth of 524.7m, having
intersected weak intervals of visible copper mineralisation over a
downhole interval of 464.7m from 24.4m depth.
Modelling of trends from recent drilling and the geophysical
signature suggest that all three of these holes may be located on
the eastern margin of the Racecourse porphyry system. The
Racecourse deposit appears to track in a more southerly direction
and follow up drilling at this end of the deposit will focus
further to the west to test the revised model.
Drill hole BRDD-21-036 was drilled from the same drill pad as
drill hole BRDD-21-024 (refer to RNS dated 9 November 2021) towards
the southern end of the Racecourse Inferred Mineral Resource at an
inclination of -070 degrees to the east. It confirmed the most
southerly extension currently tested at Racecourse with intervals
of variable strength visible copper mineralisation recorded from
11m depth to the end-of-hole depth of 618m. Based on preliminary
logging, two zones of stronger chalcopyrite mineralisation were
intersected over downhole intervals of 205m from 11m depth, and 18m
from 473m depth, with best-developed chalcopyrite recorded between
11m and 132m, an interval of 121m.
* Note that all recording of mineralisation based on preliminary
core logging is subject to confirmation by laboratory assays
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/0791W_1-2021-12-17.pdf
Bushranger Prospect Cross Section Holes BRDD-21-024 &
BRDD-21-036
http://www.rns-pdf.londonstockexchange.com/rns/0791W_2-2021-12-17.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:
"Chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores.
"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
DRLFFSFDWEFSEDE
(END) Dow Jones Newswires
December 17, 2021 08:40 ET (13:40 GMT)
Xtract Resources (LSE:XTR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Xtract Resources (LSE:XTR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
