TIDMXTR
RNS Number : 2233H
Xtract Resources plc
02 August 2021
For immediate release
2 August 2021
Xtract Resources Plc
("Xtract" or the "Company")
Phase Two Drilling Further Update at Bushranger
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 second hole
at the Bushranger copper-gold porphyry exploration project in New
South Wales, Australia.
Highlights
-- The second angled hole of the programme (BRDD-21-007) has
been completed at 846.9m after encountering a well-mineralised 173m
interval of copper mineralisation from 239m depth
-- Multiple porphyry units were encountered in the hole, with
persistent lower-grade copper mineralisation throughout much of its
length
-- Logging has been finalised and the core will be split for
laboratory analysis for copper, gold and other elements
-- Drilling of more steeply angled hole BRDD-21-010 is underway
with the second drill rig from the same drill pad as completed hole
BRDD-21-008; the new hole is currently at 202m depth, having
encountered weak copper mineralisation since about 190m
-- Drilling has also commenced on hole BRDD-21-009 from the same drill pad as BRDD-21-007
Colin Bird, Executive Chairman said: "Hole BRDD-21-007 was
extended beyond the planned depth as the mineralisation in this
hole was more persistent than anticipated. The next two holes in
the current drilling phase have already commenced, with BRDD-21-010
progressing beyond 200m, and sparse copper mineralisation already
evident. We are very pleased with progress to date."
Phase 2 Drilling Progress to Date
Drilling continues to progress rapidly at Racecourse from two
drill pads utilising one diamond drill rig at each pad. Hole
BRDD-21-008 was completed and reported previously (on 29 July
2021), while the second hole, BRDD-21-007, has now also been
completed. Drilling on the third hole, BRDD-21-010, at the first
drill pad is at 202m depth and continuing, while the fourth hole
(BRDD-21-009) has just commenced.
BRDD-21-007 was drilled at an angle of -55 degrees towards the
northeast. Multiple porphyry units were intersected and
disseminated chalcopyrite copper mineralisation was persistent
throughout the hole from 46m depth. Stronger vein/disseminated
mineralisation was developed over a 173m interval between 239m-412m
depth in the core of the system. Detailed logging and core cutting
are in progress to prepare samples for laboratory analysis.
Hole BRDD-21-010 (-85 degrees) has progressed to 202m, with weak
chalcopyrite mineralisation visible since about 190m depth.
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
ENDS
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