TIDMXTR
RNS Number : 5169M
Xtract Resources plc
22 September 2021
For immediate release
22 September 2021
Xtract Resources Plc
("Xtract" or the "Company")
Further Bushranger Phase 2 Drilling Programme update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide the geological results from drill hole
BRDD-21-017 from the Phase 2 diamond drilling programme at the
Racecourse Copper-Gold Deposit on the Bushranger Project, located
in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.
Highlights
-- Drill hole BRDD-21-017 was completed at a total depth of
621.60m and tested the eastern contact of the porphyry, which has
been little drill tested to date, and intersected a 607m interval
of visible chalcopyrite mineralisation from a shallow downhole
depth of 11m.
-- The hole passed through a 150m zone of stronger visible
chalcopyrite mineralisation from 159m depth.
-- A second, 31m wide zone of stronger visible mineralisation
was intersected from a downhole depth of 479m - this second zone
opens up the possibility to define further mineral resources on the
eastern side of the central porphyry intrusion.
Colin Bird, Executive Chairman said: "BRDD-21-017 is
particularly interesting as it is the first drill hole in this
drilling campaign to test for mineralisation on the eastern contact
of the porphyry and two extensive mineralised zones were
intersected which provide the potential for near surface ore to add
to the conceptual open pit."
Bushranger Phase 2 Drilling Program
Drill hole BRDD-21-0017 was drilled at -55 degrees to the E-NE
and was designed to test a strong resistivity low anomaly within
the inferred higher-grade "crown", in the up-dip extension of the
Racecourse inferred mineral resource. At depth, it was also hoped
that the hole would test for significant intersections of copper
mineralisation on the eastern side of the central porphyry
intrusion.
The drill hole passed through a significant zone of
mineralisation, with a 607m interval of visible chalcopyrite
mineralisation intersected from 11m depth. A 150m zone of stronger
mineralisation was intersected from 159m to 309m depth which
corresponds with the up-dip position of the higher-grade "crown",
and has the potential to extend higher-grade mineralised material
to shallower depths. This zone of stronger mineralisation also
showed a strong correlation with the modelled resistivity low
anomaly, further confirming our hypothesis that areas of modelled
low resistivity could be associated with more intense areas of
copper sulphide mineralisation.
The second zone of stronger copper mineralisation, from 479m -
510m, occurs on the eastern side of the central porphyry intrusion,
and opens up the potential to define a new Inferred Mineral
Resource on the eastern side of the central porphyry intrusion. A
new mineral resource in this position, would add to the existing
Racecourse Inferred Mineral Resource, which occurs predominantly on
the western side of the central porphyry intrusion.
Please see the following web links for the Racecourse Inferred
Mineral Resource drill hole location plan and the drill holes
relative to the IP anomalies:
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/5169M_1-2021-9-21.pdf
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
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
"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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END
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