TIDMXTR
RNS Number : 5785K
Xtract Resources plc
02 September 2021
For immediate release
2 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 progress on angled holes BRDD-21-013 and 014 of
the Phase Two diamond drilling programme at the Bushranger
copper-gold porphyry exploration project in New South Wales.
Highlights
-- Hole BRDD-21-014, sited to test a new IP geophysical target
to the southeast of the Racecourse Indicated Mineral Resource,
intersected a wide alteration zone with pyrrhotite/pyrite
mineralisation and associated copper sulphides
-- Preliminary data from a drone-mounted magnetic survey
indicates that BRDD-21-014 may be located within the margin of a
new segment of the Racecourse porphyry system, with detailed
modelling of the survey results and drillhole data to direct
further drilling on this target
-- Hole BRDD-21-013, drilled at -50 degrees within the
south-eastern part of the conceptual Racecourse open pit, was
completed at 855.5m having intersected intervals of chalcopyrite
mineralisation over about 305m length from 84m depth
-- Logging and splitting of core from holes BRDD-21-007, 008 and
009 has now been completed and samples have been dispatched to the
analytical laboratory, with work continuing on the remaining
holes
-- Processing/modelling of the drone-mounted magnetic survey at
Racecourse will continue, with a focus on the new south-eastern
target indicated by hole BRDD-21-014
Colin Bird, Executive Chairman said:
"These most recent holes help to confirm our prognosis for a
large open pit in that hole BRDD-21-013 intersected the first
copper mineralisation quite near surface, extending over a
substantial interval of more than 300m.
BRDD-21-014 encountered a wide interval of sulphide
mineralisation suggesting that the airborne geophysics programme
has identified a new zone or possibly a sheared zone from the
Racecourse deposit. Recently received magnetic survey results
suggest that the hole was on the margin of a new system and as such
we are excited about the further potential. These two holes will be
modelled and the continuing Phase 2 drilling programme will focus
on open pit extensions and further testing of this newly emerging
zone."
Phase 2 Drilling Progress
Hole BRDD-21-014 was sited to the southeast beyond the limit of
the current Racecourse Inferred Mineral Resource and the conceptual
open pit area to test a new MIMDAS IP target not investigated by
previous drilling at Racecourse. The hole was drilled at -55
degrees towards the northeast and reached a final depth of 816.5m.
It intersected what appears to be a new segment of the Bushranger
porphyry complex, with significant widths of pyrrhotite-pyrite
mineralisation and associated copper sulphides.
Preliminary results received for a drone-mounted airborne
magnetic survey in the area suggest that the hole may have cut the
margin of the new zone and the final processed magnetic data will
be utilised to assist with planning further holes, in tandem with
full log and assay data from BRDD-21-014.
The second rig at Bushranger has completed hole BRDD-21-013
within the south-eastern part of the conceptual open pit. The hole
was collared at -50 degrees drilling towards the northeast and
progressed to a final depth of 855.5m. The main mineralised target
zone was intersected at about 84m downhole depth and ran through
intervals of moderate to strongly developed copper mineralisation
to about 389m depth. After passing through a zone of unaltered and
unmineralised black shales, the hole hit a further deep zone of
weak potassic alteration with pyrrhotite, pyrite and associated
chalcopyrite copper mineralisation at around 800m.
Detailed logging and sampling of drill core continues at site,
with core from BRDD-21-007, 008 and 009 now at the assay
laboratory.
Following completion of hole BRDD-21-014, the first drill rig
has now moved to the northwest and commenced drilling
BRDD-21-015.
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
"Induced Polarisation" Induced Polarisation (IP) surveys measure
or "IP" the electrical properties (resistivity and
chargeability) of sub-surface rocks. measurements
are made by introducing a controlled electrical
current into the ground using two current
electrodes, thus energizing the ground, and
then measuring the induced potential-field
gradient voltage at (between) two non-polarizable
receiver electrodes. The distance between
the pair of current electrodes and the pair
of potential-field electrodes determines the
depth of investigation (the measured data).
Resistivity and chargeability measurements
are routinely used in exploration for porphyry
copper deposits.
"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
"potassic alteration" Descriptive of alteration of rocks through
the introduction of potassium
"pyrite" Iron sulphide mineral, FeS2.
"pyrrhotite" An iron sulphide mineral, Fe1-XS, often magnetic
S
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