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RNS Number : 5102U
Xtract Resources plc
06 April 2021
For immediate release
6 April 2021
Xtract Resources Plc
("Xtract" or the "Company")
Completion of Phase One Drilling at the Bushranger Copper-Gold
Project
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update on completion of the final hole of the
Phase One diamond drilling programme at the Racecourse Inferred
Mineral Resource (JORC 2012) on the Bushranger copper-gold
exploration project, located in the Lachlan Fold Belt ("LFB") of
New South Wales, Australia.
Highlights
-- Angled hole BRDD-21-006 at Racecourse has been completed at
990.15m depth, concluding the Phase One drilling programme
-- The hole encountered typical porphyry-style copper
mineralisation from 170m to 950m depth, passing through the 310m
wide potassic alteration zone with well-developed
chalcopyrite-pyrite-pyrrhotite mineralisation from approximately
570m to 880m down-hole
-- The drill rig will now stand down pending commencement of the
planned Phase Two drilling programme
-- Assay results from hole BRDD-21-002 onwards are expected to
be received in batches over the coming weeks and will be reported
as they are received and collated
-- A MIMDAS deep IP geophysical survey is currently in progress
to assist with defining extensions of the Racecourse deposit
down-plunge and along strike
-- The drillhole assay data and the geophysical survey results
will be entered to an updated 3-D deposit model that will assist in
guiding the Phase Two drilling programme
Colin Bird, Executive Chairman said: "This is a good way to
finish the Phase One drilling programme. All the completed holes
passed through the potassic alteration zone with apparently good
mineralisation. We are now busy with analysis of the raw data
acquired and are building up a 3-D model to assist with planning of
the Phase Two drilling programme. The geophysical programme has
commenced - on completion we will understand much more about
mineralisation trends and the potential of the Racecourse porphyry
system. We are very pleased with the results and the team now looks
forward to preparing for Phase Two."
Drilling Summary
Drill hole BRDD-21-006 was drilled to the north from the same
pad as the previous hole, BRDD-21-005, but angled to drill
obliquely through the mineral zone, aiming to provide an intercept
across the deposit at greater depth down-plunge. The hole has been
completed at a final depth of 990.15m, having passed through the
full porphyry deposit sequence, with the central potassic
alteration zone intersected from approximately 570m to 880m
downhole. Chalcopyrite-pyrite-pyrrhotite mineralisation was
encountered throughout the potassic zone, similar to that reported
for previous Phase One holes through the deposit.
Logging and core sampling work is continuing and laboratory
assay results for the second hole of the programme (BRDD-21-002)
are expected shortly, with results for the remaining completed
holes to follow in batches. The Company will report on the assay
results as they are received and collated.
The MIMDAS IP survey is continuing, and information from this
deep survey, along with assay results from the Phase One drilling,
will be developed into a 3-D model to guide the planned Phase Two
drilling programme aimed at defining a 2Mt copper-equivalent
mineral resource.
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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. 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:
"chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
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
"IP" Induced polarisation - A method of ground
geophysical surveying which employs the passing
of an electrical current into the ground to
test for indications of conductive metallic
sulphides
"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
"Mt" Million tonnes
"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
ENDS
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END
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