Xtract Resources plc Drilling Update Bushranger Project (3793T)
March 24 2021 - 9:48AM
UK Regulatory
TIDMXTR
RNS Number : 3793T
Xtract Resources plc
24 March 2021
For immediate release
24 March 2021
Xtract Resources Plc
("Xtract" or the "Company")
Drilling Update from the Bushranger Copper-Gold Project
The Board of Xtract Resources Plc ("Xtract" or the "Company")
provides an update on progress of hole BRDD-21-006 of 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") of New South Wales, Australia.
Drilling on hole BRDD-21-006 recommenced at the Bushranger
project today earlier than anticipated, as the adverse weather
conditions on site relented (see news release of 23 March
2021).
The hole has now advanced to 333m depth with continuing pyrite,
pyrrhotite and traces of chalcopyrite, as reported yesterday,
typical of the outer margin of the Racecourse porphyry system.
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:
"Au" Gold
"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
"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
"pyrite" Iron sulphide mineral, FeS2
"pyrrhotite" an iron sulphide mineral, Fe1-XS, often magnetic
ENDS
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END
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