Xtract Resources plc Zambia Copper Exploration Update (2685Z)
May 16 2019 - 4:25AM
UK Regulatory
TIDMXTR
RNS Number : 2685Z
Xtract Resources plc
16 May 2019
For immediate release
16 May 2019
Xtract Resources Plc
("Xtract" or the "Company")
Zambia Copper Exploration Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update on exploration works on the copper /
gold small scale mining license number 8370-HQ-SML ("Licence")
located at Kajevu, Kasempa, North Western Province in The Republic
of Zambia ("Matrix Project"), as well as its Eureka project on the
copper-gold small scale mining licence number 22134-HQ-SML ("
Eureka Licence") located in the Central part of The Republic of
Zambia ("Eureka Project").
Highlights
-- Exploration work commenced on Matrix Project
-- Soil sample results suggest that quartz-hematite breccia zone
may be copper-mineralised for over 600m westwards from previous
open pit mine
-- Accompanying elements particularly potassium indicate larger
zone of alteration up to 2.5km long
-- Contract signed for magnetic survey to delineate sub-surface
extent of alteration/mineralisation
-- Eureka visited and large data bank acquired for analysis
-- Conclusion from visit and data interrogation to be digitised with a view of selecting targets
Colin Bird, Executive Chairman said: "This is a very good start
to our preliminary exploration programme and I am particularly
pleased with the relatively high potassium trend potential
indicating alteration. The apparent mineralised zone is quite wide
and the magnetic survey currently under way will hopefully further
assist in targeting our proposed drilling programme. A further
visit to the Eureka project and an archive search made it very
clear that Eureka is drill-ready. The proposed digitising of all
information will greatly assist the targeting of drill-holes".
Summary of work completed
Preliminary exploration work by Xtract commenced on the Matrix
Project in April 2019 where previous bedrock sampling and
small-scale mining confirmed the presence of strong copper-gold
mineralisation (as previously announced on 11 February 2019). A
Southern / Central African based consulting and services company,
GeoQuest Limited, was commissioned to carry out a soil sampling
survey on a 100 x 50m grid. 789 samples were collected and sieved
on site, where they were analysed using a hand-held XRF
spectrometer for a range of elements, including copper and
associated minerals, but excluding gold which cannot be accurately
detected by this methodology.
Results returned values up to 177ppm Cu close to the vicinity of
the copper-gold mineralisation in the former open pit, above an
anomalous threshold of 25ppm Cu. It was noted that anomalous values
extend for over 600m to the west as far as the licence boundary.
This coincides with the mapped extension of the IOCG-type quartz
hematite breccia zone which has been mined in the open pit. The
soil geochemistry provides encouragement that the zone may be
copper-bearing in the unmined area to the west where near-surface
leaching appears to mask mineralisation.
Accompanying elements, including iron and potassium, show a
marked east-west trend over a strike of up to 2.5km which may
reflect a more extensive alteration zone surrounding the main
mineralised structure.
In the southeast sector of the licence, some further trends were
discernible from the geochemical data, while it appears that the
small mineralised artisanal pit in this area may be part of a
separate structure to that worked in the main pit.
At the Eureka Project the Company has acquired an extensive
historic exploration database and is currently compiling and
reviewing the data to guide future exploration, with a primary
focus on the two areas of high grade copper-gold mineralisation
already identified.
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
Joint Broker Colin Rowbury +44 (0)207 399 9427
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:
"alteration zone" a zone exhibiting change in mineralogical
composition of a rock commonly brought about
by reactions with hydrothermal solutions
"breccia/brecciated" rock fragmented into angular components
"Cu" Copper
"exploration" method by which ore deposits are evaluated
"hematite" a mineral composed of ferric iron oxide
"IOCG (iron oxide mineral deposits that typically occur at the
copper-gold) deposits" margins of large igneous bodies which intrude
into sedimentary strata, often forming pipe-like,
mantle-like or extensive breccia-vein sheets
within the host stratigraphy
"leaching" The dissolving, by a liquid solvent, of soluble
material from its mixture with an insoluble
solid; dissolving soluble minerals or metals
out of the ore
"mineralisation" process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"ppm" abbreviation for the expression of concentration,
parts-per-million
"quartz" a mineral composed of silicon dioxide, SiO(2)
"soil sampling" systematic collection of soil samples at a
series of different locations in order to
study the distribution of soil geochemical
values.
"XRF spectrometer" instrument to determine the chemistry of a
sample by measuring the fluorescent (or secondary)
X-ray emitted from a sample when it is excited
by a primary X-ray source
ENDS
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END
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