TIDMXTR
RNS Number : 8649O
Xtract Resources plc
13 October 2021
For immediate release
13(th) October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger drilling and licence update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to announce that approval has been received from the
Resources Regulator in New South Wales ("NSW"), for a further 13
drill holes to be drilled as a part of the Phase 2 Drilling
Programme at the Racecourse Prospect on the Bushranger Project ,
located in the highly prospective Lachlan Fold Belt ("LFB") of New
South Wales, Australia. As previously announced exploration Licence
("EL") 5574 has been renewed until 4 June 2024. A further renewal
for EL5574 can be submitted in 2024.
Highlights
-- The NSW Resources Regulator has approved a further 13 drill
holes for an estimated 9,385m to be drilled as a part of the
ongoing Phase 2 Drilling Programme at the Racecourse Prospect
-- The 13 approved drill holes will allow Xtract to continue to
extend the known copper mineralisation at the Racecourse Prospect
to the northwest and southeast, and to test several large Induced
Polarisation ("IP") resistivity anomalies outside of the currently
estimated Racecourse Inferred Mineral Resource
-- As previously announced in August, EL5574, the main licence
for the Bushranger Copper Project, has been renewed until 4 June
2024, and a further renewal for EL5574 can be submitted in 2024
Colin Bird, Executive Chairman said: "We are very pleased that
we have received the formal permissions for the new drilling that
will allow us to extend our programme and test the encouraging
geophysics generated in the southeast of the licence over the
remainder of this year.
It is also comforting to have the exploration licence extension
until June 2024. This is a significant amount of time for us to
continue our exploration and feasibility study programmes, and take
the project to the next stages."
Please see the following web links for the location of EL5574 on
the Bushranger Project and the locations of the 13 approved
additional Phase 2 drill holes at the Racecourse Prospect:
Bushranger Project EL5574 Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/8649O_1-2021-10-12.pdf
Drill Holes Approved by NSW Resources Regulator for Phase 2
Racecourse Project Drilling Programme
http://www.rns-pdf.londonstockexchange.com/rns/8649O_2-2021-10-12.pdf
Drill Holes Approved by NSW Resources Regulator and IP Data
http://www.rns-pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf
Approval of Additional Holes for Phase 2 Drilling Programme at
the Racecourse Prospect
The Phase 2 Racecourse drilling programme is ongoing and to date
15 diamond drill holes have been completed for over 10,000 metres
drilled. Assay results have been received for two drill holes
(BRDD-21-007, BRDD-21-008).
In order to continue to extend the known copper mineralisation
at Racecourse, with the objective of increasing the overall
currently estimated Mineral Resource and testing several high
priority IP anomalies, approval was requested from the NSW
Resources Regulator to drill a further 13 holes for an estimated
9,385m at the Racecourse Prospect. Approval has now been obtained
to drill these additional 13 drill holes as a part of the ongoing
Phase 2 drilling programme at the Racecourse prospect for the
period ending 21 December 2021. The Racecourse Phase 2 drilling
programme is currently expected to conclude by about 2021
year-end.
Renewal of EL5574 - Bushranger Project
As announced on 12 August 2021, the Company was informed that
the NSW Government proposed to renew Exploration Licence 5574, the
main tenement which covers the Racecourse Inferred Mineral Resource
, for the period until 4 June 2024. Following Xtract's confirmation
to the NSW Government to accept the renewal of EL5574, on 21
September 2021 the NSW Government provided formal written
confirmation that the NSW Mines Minister had renewed EL5574 until 4
June 2024 subject to Xtract continuing to meet the General
Conditions usual for mineral exploration in NSW.
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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. 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 Colin Rowbury +44 (0) 207 399 9427
Joint Broker 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
"EL" Exploration Licence
"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
ENDS
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