TIDMXTR
RNS Number : 3539M
Xtract Resources plc
20 September 2021
For immediate release
20(th) September 2021
Xtract Resources Plc
("Xtract" or the "Company")
Eureka Copper Project - Phase 2 drilling final assay results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update on the final assay results from the
Phase 2 drilling programme at the Eureka copper-gold deposit on
small scale mining licence number 22134-HQ-SML ("Eureka Licence")
located in the Central part of The Republic of Zambia ("Eureka
Project").
Highlights
-- Final assays from the Phase 2 drilling programme at Eureka confirm a shallow, near-vertical, structurally-controlled copper deposit over approximately 300m of strike, still open to the west-northwest and containing pockets of exceptionally high-grade copper
-- New assay results include:
o 22m @ 2.53% Cu from 7m depth, including 14m @ 3.71% Cu from
14m depth in vertical hole EX-023 sited 30m northwest of the
historic shallow open pit
o 2m @ 5.04% Cu from 40m depth within a wider zone of 21m @
0.84% Cu from 38m depth in angled hole EX-014 sited 70m beyond the
historic pit boundary
-- A second, 'stratabound-style' of chalcopyrite mineralisation
dipping at 45 degrees to the southwest has been confirmed by angled
hole EX-025 which assayed 3.05% Cu over 3m from 149m depth (or
4.43% Cu over 2m). This is an extension of a mineral style first
seen about 40m up-dip in hole EX-02 (4m @ 2.35% Cu, 0.53g/t
Au).
-- The stratabound copper zone remains unconstrained by drilling down-dip and along strike
-- Further drilling is planned to test both target types at Eureka
Colin Bird, Executive Chairman said: "The latest results
reinforce our confidence in extending the small-scale open pit
towards the West, and in conjunction, the results are demonstrating
the potential for a deeper mineralised system. Hole EX-025 showed a
different style of mineralisation with a much shallower dip and
warrants further investigation. There have been many suggestions
that the Eureka project could be an IOCG occurrence and we will
investigate this with deeper holes.
In essence, we are pursuing two very viable targets in the
extended open pit and have the potential for deep IOCG ore. We have
made much more progress in this particular area than previous
explorers and as such have unlocked an exciting exploration &
development opportunity. "
Phase 2 Diamond Drilling Programme
The Phase 2 diamond drilling programme was designed to both test
the deposit strike extension and to provide additional information
on deposit width and grade to support open pit mine planning.
As reported previously, 21 shallow holes were drilled in Phase
2, designated EX-08 to EX-028 and totalling 1,584.6m, mostly angled
to the northeast to cross the near-vertical mineralised zone.
Assaying of half core was carried out at the ISO-accredited SGS
analytical laboratory in Kalulushi, Zambia.
Selected assay intervals for the 5 new holes sampled are
tabulated below, including for completeness the significant assays
previously announced for the other sampled holes. True width in
angled holes is approximately two thirds of the downhole width,
except for EX-025 which is true width.
Eureka Drilling Assay Summary Update 20/09/2021
Hole angle Depth Depth Width
Hole No. (degrees) from (m) to (m) (m) Cu%
----------- ---------- -------- ------ -----
New assay results
EX-011 -50 65.0 74.0 9.0 0.76
----------- ---------- -------- ------ -----
and 82.0 85.0 3.0 0.96
----------- ---------- -------- ------ -----
EX-014 -50 38.0 59.0 21.0 0.84
----------- ---------- -------- ------ -----
incl. 40.0 42.0 2.0 5.04
----------- ---------- -------- ------ -----
EX-023 -90 7.0 29.0 22.0 2.53
----------- ---------- -------- ------ -----
incl. 14.0 28.0 14.0 3.71
----------- ---------- -------- ------ -----
EX-024 -90 1.0 15.0 14.0 0.57
----------- ---------- -------- ------ -----
EX-025 -45 149.0 152.0 3.0 3.05
----------- ---------- -------- ------ -----
incl. 149.0 151.0 2.0 4.43
----------- ---------- -------- ------ -----
Previously published assay results (see RNS
dated 14 September 2021
EX-009 -60 62.0 67.0 5.0 0.44
----------- ---------- -------- ------ -----
and 69.0 71.0 2.0 0.52
----------- ---------- -------- ------ -----
and 74.0 77.0 3.0 1.52
----------- ---------- -------- ------ -----
EX-010 -45 55.0 72.0 17.0 1.90
----------- ---------- -------- ------ -----
EX-012 -50 18.0 23.0 5.0 0.68
----------- ---------- -------- ------ -----
and 29.0 32.0 3.0 0.65
----------- ---------- -------- ------ -----
EX-013 -50 63.0 66.0 3.0 1.41
----------- ---------- -------- ------ -----
EX-015 -50 11.0 13.0 2.0 1.11
----------- ---------- -------- ------ -----
and 16.0 27.0 11.0 0.61
----------- ---------- -------- ------ -----
EX-016 -50 4.0 21.0 17.0 0.77
----------- ---------- -------- ------ -----
EX-018 -90 9.0 31.0 22.0 0.87
----------- ---------- -------- ------ -----
incl. 9.0 15.0 6.0 1.56
----------- ---------- -------- ------ -----
EX-019 -50 15.0 33.0 18.0 0.83
----------- ---------- -------- ------ -----
incl. 15.0 23.0 8.0 1.36
----------- ---------- -------- ------ -----
EX-020 -90 16.0 26.0 10.0 0.39
----------- ---------- -------- ------ -----
and 27.0 50.0 23.0 1.43
----------- ---------- -------- ------ -----
EX-022 -50 50.0 77.0 27.0 4.82
----------- ---------- -------- ------ -----
incl. 50.0 59.0 9.0 7.71
----------- ---------- -------- ------ -----
and 65.0 74.0 9.0 6.33
----------- ---------- -------- ------ -----
The angled holes were drilled to track the deposit along strike
and to depth, as well as providing critical assay interval data.
Vertical holes were drilled to provide information on depth to the
top of the mineralisation (stripping requirement) as well as grade
information for mine planning purposes.
Among the highlights of the new results are EX-023 (vertical
hole) with 22m @ 2.53% Cu from 7m depth, including 14m @ 3.71% Cu
from 14m depth. This hole is located about 30m northwest of the
limit of the shallow historic open pit, confirming that high copper
grades continue in this direction beyond the pit boundary. Also,
some 70m northwest of the old pit, angled hole EX-014 intersected a
2m zone of 5.04% Cu from 40m depth within a wider zone of 21m @
0.84% Cu from 38m depth.
An interesting feature of the drilling is the intersection of a
deeper 'stratabound-style' zone of chalcopyrite mineralisation in
angled hole EX-025 which assayed 3.05% Cu over 3m from 149m depth
(or 4.43% Cu over 2m). This is an extension of a mineral style
first seen about 40m up-dip in hole EX-02 (4m @ 2.35% Cu, 0.53g/t
Au). This zone dips at about 45 degrees to the southwest and
remains open further down-dip and potentially along strike.
Overall, the results confirm continuity of the shallow
mineralised zone over about 300m of strike, with pockets of
exceptionally high copper grades in a partially oxidised supergene
zone. Drilling to the northwest suggests that the deposit strike
appears to swing towards west-northwest. It is planned to undertake
further drilling to track this extension.
The stratabound-style mineralisation represents a second target
of considerable interest to Xtract which will be further
drill-tested.
Eureka Project background
Mineralisation at Eureka comprises chalcopyrite, chalcocite and
malachite as coarse replacements and veins within sedimentary rocks
along a north-west oriented structural trend. A shallow open pit
mine was developed at Eureka by a local operator in 2008 within a
strong, 3km long copper-gold soil anomaly, when about 1,000 tonnes
of ore at 3% Cu was reportedly recovered. However, it is evident
that the open pit was not sufficiently deep to develop the core of
the deposit. Phase 1 d rilling by Xtract was carried out in 2020 to
confirm and extend the deposit as originally defined by limited
historic drilling. Intercepts up to 32m @ 1.58% Cu, including 19.0m
@ 2.08% Cu (Hole EX-01) were cored in this drill programme as
announced on 31 March 2020. The Phase 2 drilling programme was
planned to provide infill grade information and extend the strike
of the deposit.
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 Colin Rowbury +44 (0) 207 399 9427
Joint Broker Jon Belliss 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:
"chalcocite" A copper sulphide mineral, Cu2S, found in
zones of secondary enrichment of copper ores
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
"Cu" Copper
"IOCG (Iron oxide Mineral deposits that typically occur at the
copper-gold) deposits margins of large igneous bodies which intrude
into sedimentary strata, often forming pipe-like,
mantle-like or extensive breccia-vein sheets
within the host stratigraphy
"malachite" A green copper carbonate mineral (Cu2(OH)2CO3)
which forms by alteration of copper sulphide
minerals
"mineralisation" Process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"overburden" Material such as soils and gravels deposited
over bedrock, typically deposited by rivers
or ice sheets
"oxidised" Near surface decomposition by exposure to
the atmosphere and ground water
"saprolite" The intensely weathered and leached near-surface
zone of bedrock developed in tropical to arid
climates
"soil anomaly" A concentration of one or more elements in
soil that is markedly higher than background
"supergene" Descriptive of a mineral deposit, weathering
or alteration formed by descending solutions
"XRF analyser" Instrument to determine the chemistry of a
sample by measuring the fluorescent (or secondary)
X-ray emitted from a sample when it is excited
by a primary X-ray source
ENDS
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