TIDMXTR
RNS Number : 4067N
Xtract Resources plc
31 May 2022
For immediate release
31 May 2022
Xtract Resources Plc
("Xtract" or the "Company")
Ascot Prospect Drill Results Summary
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update and overview of the results achieved
to date at the Ascot Prospect on the Bushranger Copper-Gold Project
in central New South Wales, Australia.
Highlights
-- To date 12 diamond drill holes for 8,526m have been completed
at Ascot and results have been released for 6 holes
-- Copper-gold mineralisation has been intersected over a strike
length of greater than 750m at the Ascot prospect located to the
south of the Racecourse Inferred Mineral Resource which is open
both along strike and at depth
-- In comparison to the currently defined Racecourse Inferred
Mineral Resource (71Mt @ 0.44% Cu and 0.064 g/t Au at a cut-off of
0.3% Cu), Ascot contains several intersections of higher-grade
gold, which are encouraging, and work is underway to understand the
economic benefits of the gold intervals
-- The best intersections announced to date on the Ascot
Prospect are summarised in Table 1, with the most significant as
follows:
-- 32m at 0.92g/t Au from 510m in drill hole BRDD-22-039
o including 14m at 1.96g/t Au from 510m
-- 64m @ 0.58% CuEq (0.38% Cu & 0.3g/t Au) from 552m in
drill hole BRDD-21-035
-- 2m @ 15.5g/t Au from 191m in drill hole BRDD-21-033
-- 104m @ 0.24% CuEq from 79m in drill hole BRDD-21-038
o Including 8m @ 1.46% CuEq (1.17% Cu & 0.37g/t Au) from
175m
-- Drilling continues at Ascot to further define the extent of
the mineralisation and determine a relationship to the Racecourse
deposit
Colin Bird, Executive Chairman said: "The discovery of
copper-gold mineralisation at the Ascot prospect is highly
significant as the widths and grades of the mineralisation we have
intersected to date suggest that Ascot is a new greenfields
porphyry-copper discovery comparable to Alkane's Boda discovery in
2019. The picture emerging at Ascot is that it is somewhat
different to the Racecourse porphyry copper deposit to the north,
as Ascot has higher grade gold intersections, such as 14m at 1.96
g/t Au in hole BRDD-22-039 which could have significant positive
economic benefits for Ascot.
The Bushranger Project Phase 2 drilling programme has been
highly successful in defining a mineralised trend of multiple
porphyry copper-gold intrusions, over 3km of strike length from
Racecourse to Ascot, with Ascot being open to the south and at
depth. Our assessment of the drilling results from Ascot is ongoing
and we will focus on the potential to extend the gold intersections
to shallower depths."
Ascot Prospect Drill Results
Table 1. Summary of significant drill intercepts at Ascot
announced to date
From Interval CuEq
Hole ID (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD-21-031 586 638 52 0.22 0.05 3.0 0.27
----- ------- --------- ------- --------- --------- -----
Including 600 612 12 0.7 0.16 9.9 0.88
----- ------- --------- ------- --------- --------- -----
BRDD-21-033 191 193 2 0.01 15.5 1.6 N/A
----- ------- --------- ------- --------- --------- -----
BRDD-21-035 552 716 164 0.24 0.17 1.43 0.34
----- ------- --------- ------- --------- --------- -----
Including 552 616 64 0.38 0.3 2.26 0.58
----- ------- --------- ------- --------- --------- -----
BRDD-21-038 79 183 104 0.18 0.08 1.1 0.24
----- ------- --------- ------- --------- --------- -----
Including 175 183 8 1.17 0.37 8.7 1.46
----- ------- --------- ------- --------- --------- -----
BRDD-21-038 589 591 2 0.01 2.3 0.6 1.40
----- ------- --------- ------- --------- --------- -----
BRDD-22-039 510 542 32 0.02 0.92 1 N/A
----- ------- --------- ------- --------- --------- -----
Including 510 524 14 0.02 1.96 1.6 N/A
----- ------- --------- ------- --------- --------- -----
BRDD-22-044 388 440 52 0.16 0.06 1.88 0.21
----- ------- --------- ------- --------- --------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5978xAu (g/t) + 0.0074xAg
(g/t)
Copper and gold mineralisation has been identified over a strike
length of 750m at the Ascot Prospect to date, which represents a
significant new discovery in the Macquarie Arc.
The discovery of the Ascot prospect was made when Xtract
resources tested a large induced polarisation ("IP") geophysical
anomaly 1.5km to the south of Racecourse. Drill hole BRDD-21-033
tested this IP anomaly in the east of the project and intersected a
broad zone of porphyry-copper alteration, indicating the potential
for a new discovery near-by. The drill-rig was turned around and
drilled to the west from the same drill pad with drill hole
BRDD-21-035, which returned a significant interval of copper
mineralisation of 164m @ 0.34% CuEq from 552m, including a
higher-grade interval of 64m @ 0.58% CuEq from 552m (refer to RNS
19 January 2022). Drill hole BRDD-21-035 represents the discovery
hole at the Ascot prospect and includes an intercept that is
amongst the highest grade and thickest intersections on the overall
Bushranger Project to date.
Drill holes BRDD-22-044 and BRDD-21-031 were drilled 250m and
475m along strike to the north of hole BRDD-21-033 and discovery
hole BRDD-21-035 respectively, both intersected consistent
intervals of copper-gold mineralisation which confirm that a
downhole interval of more than 50m of copper-gold mineralisation
extends at least 475m north of the discovery hole.
Drill holes BRDD-21-038 and BRDD-22-039 were drilled on the same
section, 200m south of hole BRDD-21-033 and discovery hole
BRDD-21-035. Drill hole BRDD-21-038 intersected a wide interval of
copper-gold mineralisation from shallow depth returning 104m @
0.24% CuEq from 79m downhole depth (refer to RNS 17 May 2022).
Drill hole BRDD-22-039 was drilled down-dip and underneath
drillhole BRDD-21-038, in order to investigate the down-dip
continuity of the copper-gold mineralisation, and returned an
extremely encouraging gold intersection of 32m @ 0.92g/t Au from
510m, including 14m @ 1.96g/t Au, which is the best gold
intersection returned to date on the overall Bushranger
Project.
To date, 8,526m of diamond drilling has been completed at the
Ascot prospect, with assays still awaited for drill holes
BRDD-22-040, BRDD-22-045, BRDD-22-046, BRDD-22-049, BRDD-22-050,
BRDD-22-051 and BRDD-22-052.
Conclusions
The Phase 2 Drilling Programme at the Racecourse and Ascot
prospects has intersected copper-gold mineralisation over 3km of
strike length which forms a copper-gold mineralised trend that
compares favourably to the mineralised porphyries at Newcrest's
world-class Cadia mine and the Alkane's Boda-Kaiser trend which
also occur over 3km of strike (refer to ASX announcement by Alkane
Resources Limited 11 May 2022).
Ascot and Racecourse have similar widths of copper-gold
mineralisation, with Ascot containing thicker and higher-grade gold
intersections in comparison to Racecourse. Xtract is undertaking
further assessment to understand the economic potential of these
thicker, higher grade gold intersections, particularly at shallower
depths. The Ascot mineralisation has currently been drilled over
750m of strike length and is open to the south and at depth.
Geological data suggests that an equivalent to the best mineralised
"crown" position above the porphyry at the Racecourse prospect, has
not yet been intersected at Ascot. This provides further upside to
what already one of the most significant greenfields porphyry
copper-gold discovery in the Lachlan Fold Belt since the discovery
of Boda in 2019. Xtract's assessment of the Ascot prospect is
ongoing.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/4067N_1-2022-5-31.pdf
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 Michael Cornish www.beaumontcornish.co.uk
and 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
"Induced Polarisation" 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
"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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