TIDMXTR
RNS Number : 8901L
Xtract Resources plc
15 January 2021
For immediate release
15 January 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Copper/ Gold Project Drilling Programme - Further
Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide a further update on the Phase One diamond
drilling programme at the Racecourse Mineral Resource on the
Bushranger copper-gold exploration project located in the Lachlan
Fold Belt ("LFB"), New South Wales, Australia.
Highlights
-- Drilling of the first of three holes on the Phase One
Drilling Programme at the Racecourse Mineral Resource on the
Bushranger Project, has now progressed to a depth of 804m in drill
hole BRDD-20-001
-- Copper mineralisation commenced in drill hole BRDD-20-001 at
a depth of 110m and has become stronger as the hole has continued
to the current depth of 804m
-- The copper mineralisation is predominantly disseminated
chalcopyrite (copper sulphides) within a strongly altered
quartz-feldspar porphyry intrusive body
-- Drilling operations are continuing to progress at a
significant pace with drill hole BRDD-20-001 advancing at a rate of
80-90m per 24-hour period
-- As well-developed copper mineralisation in drill hole
BRDD-20-001 is continuing towards the original planned hole depth
of 815m, drilling will continue until the mineralisation is drilled
through
-- The Phase One drilling programme will comprise three diamond
drill holes for a total of 2,290m, with the objective of extending
the copper-gold mineralisation beyond the current boundary of the
Mineral Resource of 71Mt @ 0.44% Cu & 0.064g/t Au, at a 0.3%
cut-off, which has been classified as Inferred in accordance with
JORC (2012)
Colin Bird, Executive Chairman said: "The hole is continuing in
strong mineralisation of various styles to the current depth, which
is very encouraging for the scale of the porphyry system at
Racecourse. We will continue to drill until we bottom out of the
zone."
Hole BRDD-20-001 Drilling Results to Date
The Phase One drilling programme commenced on 16 December 2020
with angled hole BRDD-20-001 laid out to track the plunge of the
copper-gold porphyry deposit to a planned finishing depth of 815m.
Drilling has been advancing rapidly at a rate of 80-90m per 24-hour
period. On 12 January 2021 it was announced that the hole had
progressed to a depth of 607m and remained within the copper
mineralised deposit envelope. The hole has now reached a depth of
804m and, as it continues to encounter strong potassic alteration
and copper mineralisation, it will be extended until it passes out
of the mineralised zone.
Copper mineralisation occurs as disseminated chalcopyrite
(copper sulphides) accompanied by pyrite and pyrrhotite within a
strongly altered quartz-feldspar porphyry intrusive body.
Mineralisation was first intersected at a downhole depth of 110m
and has been evident in core continuously to the current depth,
increasing in intensity in the lower part of the interval.
The Company is using a hand-held pXRF Analyser to provide
preliminary indications of copper content and samples for
definitive geochemical assay will be submitted to the geochemical
laboratory on a progressive basis.
Phase One Drilling Programme Plan at the Racecourse Mineral
Resource - Bushranger Project
The Xtract Phase One drilling programme at the Racecourse
Mineral Resource has been designed to follow up on the very
encouraging results obtained by Anglo American Exploration
Australia Pty Ltd ("Anglo") in 2014 and 2015 (refer to RNS released
on 01 June 2020). The objective of the programme is to continue to
extend the highest-grade copper-gold intersections to the
north-west, beyond the limits of previous drilling and to
investigate the copper-gold zonation within the Racecourse Mineral
Resource. The initial phase of drilling will comprise three
Priority 1 drill holes for 2,290m. Providing encouraging results
are received from the Priority 1 drill holes, a further six
Priority 2 holes will potentially be drilled for an additional
3,995m. At 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off,
the Racecourse Mineral Resource within the Bushranger Project, is
one of the largest undeveloped porphyry copper-gold deposits in the
Lachlan Fold Belt.
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 Colin Rowbury +44 (0) 207 399 9427
Joint Broker 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:
"alteration zone" A zone exhibiting change in mineralogical
composition of a rock commonly brought about
by reactions with hydrothermal solutions
"Au" Gold
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
"Cu" Copper
"disseminated" Mineralization distributed throughout a rock
"exploration" Method by which ore deposits are evaluated
"felspar" A group of silicate minerals which are the
main components of acid, intermediate and
basic igneous rocks
"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" Descriptive of alteration of rocks through
the introduction of potassium
"pyrite" Iron sulphide mineral, FeS2
"pyrrhotite" An iron sulphide mineral, Fe1-XS, often magnetic
"quartz" A mineral composed of silicon dioxide, SiO2
ENDS
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