TIDMXTR
RNS Number : 3645I
Xtract Resources plc
12 August 2021
For immediate release
12 August 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Drilling Continuation and Licence Renewal Grant
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report on the continuing progress of the Phase Two
diamond drilling programme with the completion of the third and
fourth holes at the Bushranger copper-gold porphyry exploration
project in New South Wales, Australia, as well as positive news on
the renewal of the Racecourse exploration licence.
Highlights
-- The third and fourth angled holes of the Phase Two programme
have been completed, confirming the occurrence of wide zones of
copper mineralisation on both the western and eastern flanks of the
Racecourse porphyry intrusion
-- Hole BRDD-21-009 passed through the main (western) zone with
visible chalcopyrite copper mineralisation over a 236.2m downhole
interval from 171.5m to 407.7m and a further 132.9m interval from
587.0m to 719.9m in the eastern zone
-- Hole BRDD-21-010 intersected chalcopyrite mineralisation over
a 356m downhole interval from 159m to 515m (main western zone) and
also over a 168m interval from 600m to 768m (eastern zone)
-- Logging and splitting of core from hole BRDD-21-008 has been
completed and samples prepared for dispatch to the analytical
laboratory; similar work is progressing satisfactorily on the
remaining holes
-- Drilling of the fifth and sixth holes of the programme
(BRDD-21-011 & BRDD-21-012) is already well under way
-- The Company was pleased to be informed by the New South Wales
licensing authority that it is proposed to renew the exploration
licence covering the Racecourse deposit and adjoining prospects for
a further three years until June 2024
Colin Bird, Executive Chairman said: "We are pleased to announce
that a further two holes have been completed at Racecourse
confirming extensive mineralised zones which remain to be assayed.
The intercepts cover both sides of the conceptual open pit and, as
such, the new results are potentially very exciting. The next two
holes are already well in progress.
We are also very pleased that the New South Wales authorities
have indicated their intention to grant renewal of the Racecourse
exploration licence to June 2024. This will allow us to undertake
all the work necessary to define the conceptual open pit and to
identify further deposit extensions, as well as investigating other
prospects within the licence area."
Phase 2 Drilling Progress
Two further holes have been completed at Racecourse from the
same drill pads utilised for the first two holes. Both holes were
drilled at -80 degrees towards the east-northeast and each drilled
through two copper-mineralised zones on the western and eastern
flanks of the Racecourse porphyry intrusive.
Hole BRDD-21-009 was drilled to 735.4m final depth, passing
through the main (western) zone with visible chalcopyrite copper
mineralisation over a 236.2m downhole interval from 171.5m to
407.7m. Copper mineralisation in the eastern zone was encountered
over a 132.9m interval from 587.0m to 719.9m. Chalcopyrite occurs
mainly as disseminations and fracture/vein fill, associated with
pyrite and pyrrhotite.
BRDD-21-010 was drilled to 769m depth, with chalcopyrite
observed over a 356m interval from 159m to 515m (main western zone)
and also over a 168m interval from 600m to 768m downhole (eastern
zone). The strongest mineralisation in the hole was logged from
340m to 358m, with mineral style similar to that reported for hole
BRDD-21-009.
Both rigs have now moved and have commenced drilling on the next
two holes of the programme.
Detailed core logging and cutting are continuing at site to
prepare samples for laboratory analysis, with the first batch of
samples from BRDD-21-008 ready for dispatch.
Exploration Licence Renewal
Licence number EL5574, which covers the Racecourse deposit, and
EL8585 have been in the renewal process and the Company has been
informed by the New South Wales licensing authority that it
proposes to renew both licences for a further three-year period
until 4 June 2024 and 5 June 2024 respectively. The renewal will
preserve Xtract's rights to the Racecourse deposit and allow time
to evaluate more fully the development potential of Racecourse and
other targets within the licence block.
The New South Wales mineral licensing system allows the
opportunity for subsequent renewals, usually subject to the
relinquishment of part of the licence area.
Phase 2 Drilling Programme at the Racecourse Mineral Resource -
Background
The Bushranger porphyry copper-gold project is located in the
highly prospective Lachlan Fold Belt ("LFB") of New South Wales,
Australia. The current JORC (2012)-compliant Inferred Mineral
Resource on the Racecourse deposit 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 which was recently concluded
and reported.
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 approximately 8,000m of drilling is planned in
the first block 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.
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
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
"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
"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
"pyrrhotite" An iron sulphide mineral, Fe(1-X) S, often
magnetic
ENDS
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