TIDMXTR
RNS Number : 7364L
Xtract Resources plc
14 September 2021
For immediate release
14 September 2021
Xtract Resources Plc
("Xtract" or the "Company")
Further Drilling Progress Update at Bushranger
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report continuing progress on the Phase Two diamond
drilling programme at the Bushranger copper-gold porphyry
exploration project in New South Wales with the completion of
BRDD-21-015 and BRDD-21-016.
Highlights
-- Hole BRDD-21-015 was targeted at the Northwest extent of the
interpreted mineralised zone and was completed at 780.5m depth
having intersected 566m of visible chalcopyrite mineralisation from
204m depth
-- The modelled resistivity low at 400m was interested
accurately in hole BRDD-21-015 with a zone of more intense
mineralisation from 399m depth within the interpreted high-grade
crown of the intrusion
-- Hole BRDD-21-016 was targeted in the Southeast extent of the
interpreted mineralised zone and was completed at 645.5m depth,
visible chalcopyrite was intersected over a 492.5m interval from
93m depth, which includes two stronger zones of mineralisation from
162m to 302m and 430m to 525m
-- Both of these holes were designed to test the intrusion at
shallower depths than the earlier Phase 1 drilling at the
north-western and south-eastern extents of the Racecourse
interpreted mineralised zone and the intersection of visible
chalcopyrite mineralisation has further confirmed the prospectivity
of the project
-- Logging and core splitting of the existing Phase Two drill-core is on-going
-- Drilling is underway on BRDD-21-017 which is targeting a
resistivity low on the Northeast side of the intrusion and has
intersected visible chalcopyrite from 118m depth
Colin Bird, Executive Chairman said:
"I am very pleased with the results of these two holes, both of
which intersected long runs of mineralisation of varying strengths.
Hole 15 intersected a long run of mineralisation in an area of low
resistivity within the interpreted high-grade crown of the
intrusion and we are pleased that this interception has
demonstrated prospectivity at shallower depths. Hole 16 intersected
two limbs and strong mineralisation in the proximity of the crown
and has provided extensions of the mineralisation to the southeast.
I am pleased that we report that hole number 17 has commenced and
we have already intersected mineralisation at 118m."
Phase 2 Drilling Progress
Drilling has continued at the Racecourse exploration project
with the completion of two further diamond drillholes BRDD-21-015
& BRDD-21-016.
Hole BRDD-21-015 was drilled at -55 degrees towards the ENE
above previous drillholes BRDD-21-002 and BRDD-21-003 from the
Phase 1 programme, and tested the high-grade mineralised crown and
resistivity low anomaly within the northwest extent of the
interpreted mineralised zone. The hole was drilled to a depth of
780.5m and intersected a 566m interval of visible chalcopyrite
copper mineralisation from 204m depth to 770m depth, a stronger
zone of visible mineralisation was intersected within altered
volcanics over a 271m interval from 399m within the interpreted
high-grade crown of the intrusive body, which also coincides with
the modelled resistivity low at 400m depth.
Hole BRDD-21-016 was collared close to existing drillhole
BRDD-21-013 and designed to test the southeast extent of the
interpreted mineralised zone by drilling at a steeper dip of -70
degrees and towards azimuth 090 degrees (BRDD-21-013 drilled at a
dip of -60 degrees towards azimuth 070 degrees). The occurrence of
492.5m intersection of visible mineralisation from 93m depth has
confirmed the extension of mineralisation to the Southeast by up to
40m on the hangingwall and 100m on the footwall. Within the zone of
visible chalcopyrite, two zones of stronger visible mineralisation
were encountered over a 140m intercept from 162m depth, and a 95m
intercept from 430m depth, interpreted to represent both limbs of
the mineralisation in proximity to the crown.
Phase Two drilling has continued with the commencement of hole
BRDD-21-017 which is targeting a resistivity low in the Northeast
extent of the porphyritic intrusion and has intersected visible
chalcopyrite mineralisation from 118m depth so far.
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
Joint Broker Colin Rowbury +44 (0)207 399 9427
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
"Footwall" The mass of rock below a fault, vein or bed
of mineralization.
"Hanging wall" The mass of rock above a fault vein or bed
of mineralisation.
"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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