TIDMXTR
RNS Number : 2359S
Xtract Resources plc
12 November 2021
For immediate release
12 November 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to advise that independent laboratory assays have been
received from drill hole BRDD-021-011 completed on the Phase 2
diamond drilling programme at the Bushranger copper-gold
exploration project.
Highlights
-- Drill hole BRDD-21-011 has returned very promising
intersections of copper and gold mineralisation near the northern
limits of the modelled Racecourse Inferred Mineral Resource
-- Full results are available in Table 1, with highlights below;
-- 18m at 0.38% CuEq (0.14% Cu, 0.41g/t Au, 0.5g/t Ag) from 142m
-- 18m at 0.25% CuEq (0.05% Cu, 0.35g/t Au, 0.4g/t Ag) from 220m
-- 78m at 0.32% CuEq (0.3% Cu, 0.02g/t Au, 1.00g/t Ag) from 294m
-- 16m at 0.47% CuEq (0.44% Cu, 0.03g/t Au, 1.80g/t Ag) from 342m
-- Of particular interest are the significant intervals of
comparatively gold-rich mineralisation encountered in the upper
part of the hole which may be indicative of a mineral zonation
system at Racecourse
Colin Bird, Executive Chairman said: "We are pleased to report
on the assay results for hole BRDD-21-011 - the copper values are
consistent with the results for the deposit in general. The
intersection of two above-average gold zones high in the system has
not been evidenced at Racecourse before, although it is not unusual
for the region. It would appear that gold mineralisation occurring
above the crown of the porphyry intrusion may add to the overall
value of the project."
Phase Two Bushranger Assay Results
Table 1 - Assay Results from Drill Hole BRDD-21-011*
From Interval CuEq
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD-021-011 146 164 18 0.14 0.41 0.60 0.39
----- ------- --------- ------- --------- --------- -----
220 238 18 0.05 0.35 0.40 0.25
----- ------- --------- ------- --------- --------- -----
294 424 130 0.25 0.03 0.90 0.28
----- ------- --------- ------- --------- --------- -----
Including 294 372 78 0.30 0.02 1.00 0.32
----- ------- --------- ------- --------- --------- -----
Including 308 324 16 0.38 0.03 1.30 0.40
----- ------- --------- ------- --------- --------- -----
and 342 358 16 0.44 0.03 1.80 0.47
----- ------- --------- ------- --------- --------- -----
and 390 424 34 0.25 0.07 0.90 0.29
----- ------- --------- ------- --------- --------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
Drill hole BRDD-021-011 was drilled at an inclination of -60
degrees towards the NE and completed at a depth of 673m. The hole
was designed to test the up-dip extension of mineralisation
intersected in holes BRDD-021-002 & BRDD-021-003 from the Phase
1 drilling programme (refer to RNS dated 26 May 2021), in the upper
part of the conceptual open pit towards the northern end of the
Racecourse deposit.
It is interpreted that the hole passed close to the crown of the
porphyry intrusion and significant lengths of copper and gold
mineralisation were intersected. Two gold zones were intersected in
the shallower portion of the intrusion, before passing into the
main copper mineralised zone associated with the western limb of
the Racecourse porphyry intrusion.
The gold zone may represent a gold-rich halo of porphyry style
alteration and mineralisation associated with later stage
mineralised fluids in the upper portion of the Racecourse porphyry
intrusion and this will be modelled further.
BRDD-21-011_assays_Xsection
http://www.rns-pdf.londonstockexchange.com/rns/2359S_1-2021-11-12.pdf
A plan map showing the location of hole BRDD-021-011 was
appended to the RNS dated 9 November 2021. A summary of the
Racecourse Phase Two drilling programme was announced on 20 October
2021 .
Correction : In the announcement dated 9 November 2021, drill
hole BRDD-021-024 was described in the text as drilled towards the
NW, the correct direction of drilling was towards the NE, as
reflected in the published plan and section maps accompanying the
RNS.
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
"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
"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
ENDS
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END
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