TIDMXTR
RNS Number : 8268E
Xtract Resources plc
12 July 2021
For immediate release
12 July 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Copper-Gold Project Phase Two Drill Planning
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report on plans for the Phase Two diamond drilling
programme and results of additional geophysical surveying at the
Racecourse Mineral Resource on the Bushranger copper-gold
exploration project, located in the Lachlan Fold Belt ("LFB") of
New South Wales, Australia.
Highlights
-- The Phase Two drilling programme at Racecourse is on track
for commencement around 15 July 2021 as the necessary approvals
have now been received from the NSW authorities
-- A total of approximately 8,000m of drilling is planned in the
first phase of 13 holes using two drill rigs, focussing primarily
on further definition of the potentially open-pittable,
higher-grade copper-gold zone in the central part of the resource
area
-- A report on modelling of various open pit scenarios
commissioned from external mining consultants is expected shortly
and the new drilling will complement this study
-- In addition, further processing of the MIMDAS IP survey data
has confirmed a substantial sub-parallel chargeability zone to the
southeast of Racecourse covering an area at least as large as the
original Racecourse anomaly. This could represent an extensive
mineralised system on the eastern side of the central porphyry
intrusion; initial drill testing of this target is also planned in
Phase Two
Colin Bird, Executive Chairman said: "All logistics and
preparations for the Phase Two drilling programme are in place - we
are planning to commence drilling around 15 July, with the first
part of Phase Two comprising about 8,000m of drilling. The
geophysics programme has been very successful in highlighting the
potential for additional shallow and deep mineralisation at
Racecourse. The initial part of the drill programme will focus on
the shallower part of the system with the objective to confirm and
expand current models for a large open pit.
The Xtract team is excited to embark on this drilling programme
to test our belief that a much larger porphyry system exists at
Racecourse than currently known."
Phase 2 Drilling Programme at the Racecourse Mineral Resource -
Bushranger Project
The Phase One drilling programme at the Racecourse Mineral
Resource successfully traced the down-plunge extension of the
porphyry copper-gold mineralisation to the north-west, beyond the
limits of previous drilling, thereby potentially adding significant
scale potential to the deposit. The current JORC (2012)-compliant
Racecourse Inferred Mineral Resource is estimated as 71Mt @ 0.44%
Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data
from the Phase One drilling programme.
The Phase Two programme is designed primarily to follow up on
the results obtained by Anglo American Exploration Australia Pty
Ltd ("Anglo") in 2014 and 2015 and to define further the shallower
part of the Resource with a view to possible development of a large
open pit. A total of 13 holes is planned initially, totalling about
8,000m. Two rigs will be mobilised to site in mid-July to expedite
progress. Information from this programme will be integrated into a
potential open pit mining plan - an independent firm which has been
engaged to undertake technical and financial modelling for this
scenario is expected to report shortly.
In addition to targeting the shallower parts of the Racecourse
system, full review of the recently completed MIMDAS IP/resistivity
survey has shown a substantial area of strong chargeability closely
adjoining the south-eastern margin of the Racecourse deposit, with
a footprint as least as large as the currently defined mineral
resource. Xtract also proposes to drill test this target which
might represent a mineralised eastern side of the central porphyry
intrusion in an area which has seen little previous drilling.
The Company has formally filed a renewal application for the
Racecourse exploration licence with the relevant authorities in
Australia in line with regulations and the licence remains valid
for continuing exploration during the renewal process, with
drilling permits recently granted.
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
"MIMDAS IP" A deep-penetrating Induced Polarisation (IP)
survey system that measures the electrical
properties (resistivity and chargeability)
of sub-surface rocks
"JORC Code" Australasian Institute of Mining and Metallurgy
Joint Ore Reserves Committee code on mineral
resources and ore reserves
"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
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END
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