TIDMXTR
RNS Number : 9967S
Xtract Resources plc
19 November 2021
For immediate release
19(th) November 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results and Phase 2 Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report on independent laboratory assays for drill hole
BRDD-021-016 and two further holes completed on the Phase 2 diamond
drilling programme at the Bushranger copper-gold exploration
project.
Highlights
-- Drill hole BRDD-21-016 has returned promising intersections
of copper and gold mineralisation near the southern limits of the
currently estimated Racecourse Inferred Mineral Resource
-- Assay results include 14m at 0.39% CuEq from 250m depth
within a wider zone of 142m at 0.21% CuEq from 170m (details in
Table 1 below)
-- Elevated gold values (40m @ 0.23g/t Au from 596m) below the
main Racecourse porphyry body, along with a coincident IP anomaly,
suggest that a secondary porphyry body may occur at depth below the
main Central Porphyry Intrusion
-- Drillhole BRDD-021-026 tested the extension of mineralisation
at depth on the western side of the central part of the Racecourse
deposit. Based on preliminary logging and subject to laboratory
assays, variable strength chalcopyrite mineralisation occurs over a
282.5m interval from 367m downhole
-- Drillhole BRDD-021-027 was the second hole of the Phase 2
drilling programme drilled with a westerly azimuth and is
interpreted to have passed close to the high-grade "crown" at the
top of the intrusion. Based on preliminary logging and subject to
laboratory assays, the hole intersected a 371m down hole interval
of variable strength visible copper mineralisation from 97m
depth
Colin Bird, Executive Chairman said: "The results of hole
BRDD-21-016 have again showed good runs of copper grade, with
mineralisation over a 142m interval, of interest was a secondary
zone of gold intercepted at 596m, which graded up to 8m at 0.66 g/t
Au. The mineralisation in hole 16 was intersected at depth and
below the crown, although it appears that gold manifests at deeper
levels. The recent drilling results suggest that the copper
mineralisation extends further south than indicated by the mineral
resource model and the results give us increased encouragement for
the potential of the orebody to progress further south, or indeed,
new porphyry systems to be discovered."
Phase Two Bushranger Prospect Assay Results - Drill Hole
BRDD-21-016
Table 1 - Assay Results from Drill Hole BRDD-21-016*
From Interval CuEq
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD_021-016 34 44 10 0.23 0.01 1.80 0.25
----- ------- --------- ------- --------- --------- -----
134 140 6 0.32 0.06 0.70 0.36
----- ------- --------- ------- --------- --------- -----
170 312 142 0.20 0.01 0.10 0.21
----- ------- --------- ------- --------- --------- -----
Including 178 190 12 0.36 0.01 0.50 0.37
----- ------- --------- ------- --------- --------- -----
and 250 264 14 0.38 0.01 0.40 0.39
----- ------- --------- ------- --------- --------- -----
596 636 40 0.01 0.23 0.90 0.15
----- ------- --------- ------- --------- --------- -----
Including 628 636 8 0.01 0.66 0.30 0.41
----- ------- --------- ------- --------- --------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
Drillhole BRDD-021-016 was designed test the extension of
mineralisation in the modelled Racecourse deposit towards the south
and was drilled at an inclination of -70 degrees towards the east
(refer to RNS dated 14 September 2021). Assay results have
confirmed an overall interval of 142m grading at 0.21% CuEq from
170m downhole, at today's metal prices, and, within the larger
interval, the copper values grade up to 14m at 0.39% CuEq from 250m
downhole.
A relatively broad zone of elevated gold was also intersected at
depth, including a 40m downhole interval which graded 0.23g/t Au
and included 8m at 0.66 g/t Au from 628m downhole. This zone occurs
on the eastern side of the Central Racecourse mineralised porphyry
body and has not been significantly drill tested to date. The area
is proximal to an induced polarisation resistivity low anomaly and
could signify that a second mineralised porphyry body is close by
at depth. Further drilling to test this zone has been planned as
part of the second stage of the Phase 2 drilling programme (Refer
to RNS dated 13 October 2021).
Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-026
& BRDD-21-027
Drill hole BRDD-21-026 was drilled at an inclination of -60
degrees towards the east and was completed at a final depth of
678.4m. The hole was drilled into the side of the Central porphyry
body and it was designed to test the extension of the
mineralisation at depth in the main central zone of the Racecourse
porphyry deposit. Based on preliminary logging and subject to
laboratory assays, visible chalcopyrite was first logged from 177m
downhole, with a 282.5m downhole interval of variable strength
copper mineralisation occurring from 367m downhole.
Drill hole BRDD-021-027 was the second drillhole of the Phase 2
programme drilled with a westerly azimuth. The hole was designed to
test the high-grade "crown" at the top of the Racecourse porphyry
system and the along strike continuation of the Racecourse deposit
further to the south. The hole was drilled at an inclination of -80
degrees and completed at a final depth of 580m. Based on
preliminary logging and subject to laboratory assays a 371m down
hole interval of variable strength visible copper mineralisation
was intersected from 97m downhole. This is interpreted to extend
the mineralisation drilled in hole BRDD-021-024 by 300m further to
the southeast (refer to RNS 9(th) November 2021).
Further holes have been planned to test the along-strike
continuation of the Racecourse porphyry system further towards the
south and these holes are currently in progress.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/9967S_1-2021-11-19.pdf
Drill Hole BRDD-21-013 and BRDD-21-016 Cross Section
http://www.rns-pdf.londonstockexchange.com/rns/9967S_2-2021-11-19.pdf
Racecourse Prospect Summary of Mineralised Intersections
http://www.rns-pdf.londonstockexchange.com/rns/9967S_3-2021-11-19.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
"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
ENDS
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