TIDMXTR
RNS Number : 6492Q
Xtract Resources plc
29 October 2021
For immediate release
29 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Further Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to advise that independent laboratory assays have been
received from two further drill holes (BRDD-21-010 and BRDD-21-013)
completed on the Phase 2 diamond drilling programme at the
Racecourse Mineral Resource on the Bushranger copper-gold
exploration project.
Highlights
-- Drill hole BRDD-21-010 returned a very wide intersection,
with higher grade intermediate zones as follows (see Table 1):
o 338m @ 0.31% CuEq from a downhole depth of 178m
o including 86m at 0.52% CuEq
o including 14m @ 0.73% CuEq
-- The hole shows excellent mineral continuity down-dip of hole
BRDD-21-008, confirming the pattern of copper grade enhancement at
shallower depths within the central part of the conceptual open pit
area.
-- Hole BRDD-21-013 was drilled towards the southern end of the
Racecourse Mineral Resource. It also encountered a wide zone of
copper mineralisation as follows:
o 168m @ 0.25% CuEq from 140m downhole
o including 10m @ 0.39% CuEq
o and 28m @ 0.45% CuEq
Colin Bird, Executive Chairman said:
"The latest drill assay results continue to please us as they
confirm a consistent pattern of wide copper intervals, with the
highest grades in the shallow 'crown' of the deposit. Drilling is
progressing well at site and we look forward to providing further
positive news as the programme advances."
Phase Two Bushranger Assay Results
Table 1 - Assay Results from Drill Hole BRDD-21-010 &
BRDD-21-013*
From To Interval
Hole ID (m) (m) (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)**
BRDD-21-010 178 516 338 0.28 0.05 1.40 0.31
----- ----- --------- ------- --------- --------- -----------
incl. 292 378 86 0.48 0.05 2.10 0.52
----- ----- --------- ------- --------- --------- -----------
incl. 344 358 14 0.69 0.03 2.60 0.73
----- ----- --------- ------- --------- --------- -----------
and 696 738 42 0.25 0.02 0.00 0.27
----- ----- --------- ------- --------- --------- -----------
incl. 696 708 12 0.36 0.01 0.00 0.36
----- ----- --------- ------- --------- --------- -----------
BRDD-21-013 140 308 168 0.23 0.02 0.70 0.25
----- ----- --------- ------- --------- --------- -----------
incl. 142 152 10 0.37 0.02 1.4 0.39
----- ----- --------- ------- --------- --------- -----------
and 164 192 28 0.43 0.01 1.70 0.45
----- ----- --------- ------- --------- --------- -----------
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5405xAu (g/t) + 0.0071xAg
(g/t)
Drill hole BRDD-21-010 was drilled towards the northeast at an
angle of -80 degrees to a final depth of 768.8m. It was designed
test the down dip extension of mineralisation intersected in drill
hole BRDD-21-008. While drill hole BRDD-21-008 was designed to
intersect the top or "crown" of the porphyry system where copper
grades are enhanced at relatively shallow depths, BRDD-21-010 was
designed to provide information on the depth extent and width of
the copper mineralisation deeper in the porphyry system.
Mineralisation correlates very well between the two holes,
including the higher grade 'core' zones, confirming good continuity
of the higher-grade zones at depth, as well as along strike. A
second deep copper zone on the eastern side of the porphyry of 42m
@ 0.27% CuEq also further supports results seen in several other
holes in the programme, suggesting potential for extensions of the
Mineral Resource to the east.
BRDD-21-013 was sited towards the southern end of the Racecourse
Mineral Resource and was drilled to the northeast at -50 degrees to
a finishing depth of 855.5m. It also intersected a wide interval of
chalcopyrite copper mineralisation which confirms the southern
continuation of the deposit. Hole BRDD-21-016 was drilled deeper
from the same drill pad and assay results from this hole and other
completed holes are awaited from the laboratory.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/6492Q_1-2021-10-28.pdf
Phase Two Drilling Programme at the Racecourse Mineral Resource
- Background
A summary of the Racecourse Phase Two drilling programme is set
out in the announcement dated 20 October 2021
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:
"Ag" Silver
"Au" Gold
"Chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores.
"Cu" Copper
"CuEq" copper equivalent grade, calculated using
assumed metal prices for copper, gold and
other metals
"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
"Pyrrhotite" An iron sulphide mineral, Fe(1-X) S, often
magnetic
ENDS
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