TIDMXTR
RNS Number : 2054J
Xtract Resources plc
19 August 2021
For immediate release
19 August 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 on the continuing progress of the Phase Two
diamond drilling programme with the completion of the fifth and the
sixth holes at the Bushranger copper-gold porphyry exploration
project in New South Wales.
Highlights
-- The fifth and sixth angled holes of the Phase Two programme
have been completed, further confirming the occurrence of wide
zones of mineralisation at the Racecourse exploration target
-- Hole BRDD-21-011 was completed at 673.3m, having intersected
512m of visible copper mineralisation from 110m, including two
intervals of stronger mineralisation over 43m and 162m lengths in
the main (western) zone and one stronger mineralised interval in
the eastern zone over a 49m length.
-- Hole BRDD-21-012 was completed at 498.4m after intersecting a 187m interval of visible copper mineralisation from 204m-391m, with a stronger 74m zone of mineralisation intercepted from 204m to 278m.
-- Logging and splitting of core from hole BRDD-21-007 has been
completed and samples have been dispatched to the analytical
laboratory, with work continuing on the remaining holes
-- Drilling of the seventh and eighth holes of the Phase Two
programme is well underway and is targeting the continuation of
mineralisation to the southeast at the Racecourse deposit as well
as testing a strong IP geophysical anomaly discovered by the recent
MIMDAS survey
Colin Bird, Executive Chairman said:
"Both these holes were within the conceptual pit shell and as
such continue to confirm our prognosis for the potential for an
expanding large open pit. As the programme continues, we will be
testing the limits of the shell, and as we drill test the recently
generated geophysics the potential for further expansion
exists.
Our programme is on schedule regarding the assay turnaround and
I am confident we will have the first results in
mid-September."
Phase 2 Drilling Progress
Drilling has continued at the Racecourse exploration project
with the completion of two further diamond drillholes BRDD-21-011
& BRDD-21-012. The two holes were stepped to the east from the
previous two holes and were targeted within the conceptual pit
shell. Both holes intersected wide zones of visible mineralisation
in the western flanks of the porphyry and hole BRDD-21-011
intersected mineralisation in the eastern zone of the porphyry
intrusive.
Hole BRDD-21-011 was drilled -60 degrees to the east-northeast
and reached a final depth of 673.3m. The hole passed through 512m
of visible chalcopyrite copper mineralisation from 110m, with two
zones of stronger mineralisation noted within the main (western)
part of the deposit within intervals 130m-173m and 282m-444m. The
eastern flank of the deposit was intersected with a 49m wide zone
of visible mineralisation between 573m-622m.
Hole BRDD-21-012 was drilled -50 degrees to the east-northeast
and reached a final depth of 498.4m. A 187m zone of mineralisation
was intersected from 204m in the main (western) zone, with a 74m
wide zone of stronger mineralisation occurring between 204m-278m
depth.
Sampling has completed on drillhole BRDD-21-007 with samples
prepared for dispatch to the laboratory, and logging and sampling
continues on the remaining drillholes.
Phase Two drilling has continued with the commencement of the
next two drillholes which are targeting the extension of
mineralisation at the Racecourse target along strike to the
southeast. One of these drillholes will test the upper part of the
main zone of mineralisation and the second the south-eastern IP
target zone.
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
"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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