Xtract Resources plc Phase two drilling commences at Bushranger (5036F)
16 Julio 2021 - 05:47AM
UK Regulatory
TIDMXTR
RNS Number : 5036F
Xtract Resources plc
16 July 2021
For immediate release
16 July 2021
Xtract Resources Plc
("Xtract" or the "Company")
Phase Two Drilling Commences at Bushranger
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report that the Phase Two diamond drilling programme has
commenced at the Racecourse Mineral Resource on the Bushranger
copper-gold porphyry exploration project, located in the Lachlan
Fold Belt ("LFB") of New South Wales, Australia. 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.
Highlights
-- The Phase Two drilling programme at Racecourse has commenced
on schedule, with drilling already at 20m depth on the first
hole
-- A second rig has arrived on site and will start drilling at the second drill pad overnight
-- The Company will provide more details of its drilling aims
and progress as the programme advances
Phase 2 Drilling Programme at the Racecourse Mineral Resource -
Background
The current JORC (2012)-compliant Racecourse Inferred Mineral
Resource 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.
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
"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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