TIDMXTR
RNS Number : 9333G
Xtract Resources plc
29 July 2021
For immediate release
29 July 2021
Xtract Resources Plc
("Xtract" or the "Company")
Phase Two Drilling Update at Bushranger
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report on progress of the Phase Two diamond drilling
programme at the Bushranger copper-gold porphyry exploration
project in New South Wales, Australia.
Highlights
-- First completed hole of Phase 2 drill programme encountered
well-developed copper mineralisation over approximately 120m length
in angled hole BRDD-21-008
-- Logging and core splitting is under way to prepare samples for assay
-- Drilling of hole BRDD-21-007 is continuing from adjoining pad
about 100m distant, with a third, steeper angled hole already under
way from the first drill pad
Colin Bird, Executive Chairman said: "The Phase 2 drilling
programme at the Racecourse deposit is now well under way at two
sites. The first completed hole, BRDD-21-008, encountered strongly
developed copper mineralisation, as anticipated. Drilling of the
initial hole at the second drill pad is still continuing and we
will report on this hole when completed. Work on site continues to
progress rapidly and the third hole of the programme has already
commenced."
Phase 2 Drilling Progress to Date
Drilling commenced as planned at Racecourse from two drill pads
utilising one diamond drill rig at each pad. Hole BRDD-21-008 was
completed at 591.4m depth and drilling on hole BRDD-21-007 is
continuing. Drilling on a third hole at the first drill pad is
already under way.
BRDD-21-008 was drilled at an angle of -50 degrees towards the
northeast. The hole encountered traces of disseminated/vein type
chalcopyrite copper mineralisation from about 170m downhole, with
particularly strong mineralisation developed between 260-380m
approximately (view core photographs linked to this announcement).
Further copper traces continued until about 580m depth. The width
of the main mineralised interval was much as anticipated in advance
of drilling. Detailed logging and core cutting is well under way
and samples will be dispatched for assay shortly.
BRDD-21-008: Sulphide mineralisation at about 291m depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_1-2021-7-29.pdf
BRDD-21-008: Vein-type mineralisation at about 297m depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_2-2021-7-29.pdf
BRDD-21-008: Close-up of chalcopyrite mineralisation at 309m
depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_3-2021-7-29.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
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
"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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