TIDMXTR
RNS Number : 8164R
Xtract Resources plc
09 November 2021
For immediate release
9 November 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Phase 2 Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update regarding the ongoing Racecourse
prospect Phase 2 drilling programme, with the completion of drill
holes BRDD-21-024 and BRDD-21-025.
Highlights
-- Drillhole BRDD-21-024 tested the along strike southern
continuation of mineralisation intersected in drillholes
BRDD-21-013 & BRDD-21-016 and intersected a 453m interval of
variable visible copper mineralisation, indicating the potential to
extend thick sequences of copper mineralisation directly south of
the existing limit of the Racecourse Inferred Mineral Resource.
Follow up drilling is being undertaken.
-- Drillhole BRDD-21-025 was a step-out hole designed to test a
large geophysical anomaly approximately 750m SE of the limit of the
current Racecourse Inferred Mineral Resource. The hole intersected
traces of visible copper mineralisation and lengthy zones of
porphyry-related alteration with associated sheeted veining and
some thin fingers of porphyry intrusions.
-- BRDD-21-025 may indicate the potential for a cluster of
mineralised porphyry intrusions at Racecourse, as found at
Newcrest's giant Cadia-Ridgeway mine elsewhere on the Lachlan Fold
Belt.
Colin Bird, Executive Chairman Said: "Both of the new holes are
significant in their own right. Hole BRDD-21-024 to the south adds
further potential extensions to the conceptual open pit with an
appreciable thickness of copper mineralisation on visual
examination, including four zones of stronger mineralisation.
Hole BRDD-21-025 is the first hole into our own-generated
geophysical target SE of the Racecourse resource area and is highly
encouraging in that porphyry alteration and mineralisation has been
encountered, but possible downsides have not - the hole could have
drilled into pyritic black shale or, indeed, barren massive pyrite,
either of which would have dampened our expectations. The
geophysical signature is very large and the anomaly is distant from
Racecourse, thus we are excited about the potential for discovery
of further mineralised porphyries in this area."
Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-024
& BRDD-21-025
Drill hole BRDD-21-024 was drilled at an inclination of -60
degrees towards the NW and completed at a final depth of 660.6m.
The hole was designed to test the southern extension of
mineralisation intersected in holes BRDD-21-013 & BRDD-21-016
(Refer to RNS dated 2 & 14September 2021). The hole intersected
a 453m wide zone of variable strength visible chalcopyrite on the
main eastern limb of the Racecourse porphyry system, from 73m
downhole, and passed through four zones of more intense
mineralisation associated with strongly altered porphyry &
volcanic rocks from 83m to 151m, 236m to 246.5m, 343m to 360m and
408m to 452m, subject to laboratory assays.
The southern extremity of the current Racecourse Mineral
Resource model includes only thin intersections of copper
mineralisation from historical drilling. The intersection in hole
BRDD-21-024 demonstrates that the thick sequence of copper
mineralisation intersected in holes BRDD-21-013 and BRDD-21-016
does not pinch out as currently modelled, opening up the area
directly south of the current Inferred Mineral Resource to host
wide intersections of copper.
Drill hole BRDD-21-025 was the first step-out hole drilled into
a large MIMDAS (IP) combined chargeability and resistivity anomaly
to the SE of the Racecourse deposit. As part of the second stage of
the Phase 2 drilling programme (Refer to RNS 1 dated 3 October
2021), a series of holes were designed to test a number of
co-incident MIMDAS (IP) and magnetic anomalies with the potential
to define new areas of mineralisation in the vicinity to the
Racecourse deposit. BRDD-21-025 was drilled at -60 degrees towards
the NE and was completed at a final depth of 648.6m. The hole
intersected two zones of characteristic porphyry related alteration
and associated sheeted veining and some thin fingers of porphyry
intrusions , including trace amounts of disseminated and
vein-hosted chalcopyrite with pyrrhotite/pyrite. The hole is
interpreted to have possibly drilled above two copper porphyry
mineralisation zones, with the porphyry fingers and indications of
mineralisation suggesting that the main porphyry intrusion could be
below. A number of further holes planned as part of the current
programme will be drilled into this new prospect in order to
identify if the potential exists to define a new mineralisation
zone SE of Racecourse.
Bushranger Prospect Drill Hole Location Plan on Induced
Polarisation Image
http://www.rns-pdf.londonstockexchange.com/rns/8164R_1-2021-11-9.pdf
Racecourse Prospect Geological Cross Section for Drill Hole
BRDD-21-024
http://www.rns-pdf.londonstockexchange.com/rns/8164R_2-2021-11-9.pdf
Phase Two Drilling Programme at the Racecourse Mineral Resource
- Background
Refer to RNS dated 7 October 2021 for a summary of the
Bushranger Phase Two Drilling Programme.
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:
"Chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores
"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
"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
"MIMDAS IP" A deep-penetrating Induced Polarisation (IP)
survey system that measures the electrical
properties (resistivity and chargeability)
of sub-surface rocks
"Mineralisation" process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"Pyrrhotite" An iron sulphide mineral, Fe(1-X) S, often
magnetic.
"porphyry" A deposit of disseminated copper minerals
in or around a large body of intrusive rock
ENDS
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