XTR Xtract Resources Plc

6 March 2025

For immediate release

Xtract Resources Plc
("Xtract" or the "Company")

Western Foreland Exploration Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on exploration taking place on Licences 29123-HQ-LEL, 30458-HQ-LEL, 30459-HQ-LEL, 21850-HQ-LEL and 21851-HQ-LEL (the "Licences") located in NW Zambia within both the Western Foreland and Fold & Thrust Belt domains. 

Highlights

·    Successful reconnaissance has triggered a phase two exploration programme focusing on identified anomalies and regional analogues to both the Western Foreland and Fold & Thrust Belt found on all 5 licences.

·    Lithological drilling has defined the stratigraphy confirming that the necessary architecture and structure is present to host redox fronts and Western Foreland-type mineralisation and therefore the licences remain highly prospective.

·    Mapping, geophysical interpretation, detailed ground magnetic surveys and stream sediment sampling undertaken on all five licences and 3 drillholes completed on 29123-HQ-LEL.

·    A total of 8 stream sediment copper anomalies identified on 4 licences located within the Fold & Thrust Belt.

·    Phase 2 programme to commence at the end of the rainy season.

Colin Bird, Executive Chairman said: "We have achieved our two objectives of firstly confirming that Licence 29123-HQ-LEL and part of 21851-HQ-LEL situated within the Western Foreland bordered by recent discoveries by Ivanhoe Mines within the DRC's extension of the Western Foreland host the requisite geological and structural characteristics required to create redox fronts and therefore Kamoa-style mineralisation. Secondly, our studies on Licences 30458-HQ-LEL, 30459-HQ-LEL and 21850-HQ-LEL and 21851-HQ-LEL coincident with the Fold & Thrust Belt domain all returned copper anomalies warranting further follow-up including drilling. The Western foreland in Zambia remains largely under-explored and we are excited to be at the forefront of exploration in this potential emerging copper district. We are completing our detailed exploration programme and logistical planning, so we are ready to launch a new campaign after the rainy season. We look forward to updating shareholders on future progress". 

Western Foreland & Fold & Thrust Belt Reconnaissance

Licence 29123 and the northwest corner of licence 21851-HQ-LEL overlay the Western Foreland geological domain. The known extent of the Western Foreland overlies Northwestern Zambia and neighbouring DRC and Angola as illustrated in Figure 1 below.

Figure 1: Xtract licence (red outline) and boreholes drilled on the Western Foreland area during 2024.

http://www.rns-pdf.londonstockexchange.com/rns/5387Z_1-2025-3-5.pdf 

Recent discoveries by Ivanhoe, within the DRC's extension of the Western Foreland, reaffirmed the stratabound nature of mineralisation. Copper mineralisation in this setting is governed by redox fronts - the front situated between oxidized and reducing strata. Redox fronts can be targeted based on the succession of strata, manifested in the local stratigraphy.

In 2024, Xtract's primary objective within the Western Foreland was to continue defining the stratigraphy within these two licence areas. Mapping, geophysical interpretation and detailed ground magnetic surveying was undertaken to infer stratigraphy and inform borehole placement. Three diamond drill boreholes, totalling 529.4m were completed on Licence 29123-HQ-LEL. These boreholes holes successfully established the stratigraphy of the targeted area and provided invaluable information for a broader exploration programme.

Exploration, mapping and stream sediment sampling has identified a significant number of copper anomalies across the 4 licences located within the Fold & Thrust Belt. The clearly defined targets can now be followed up by detailed ground geophysics and subject to results, further diamond drilling.

The 2025 exploration programme will focus on the potential redox boundaries inferred from the defined stratigraphy. Detailed ground electro -magnetic (EM) and magnetic surveys, along selected profiles are planned. Positive results will be followed up with diamond core drilling.

As previously announced on 31 May 2024, Xtract agreed a restated joint venture agreement with Cooperlemon Consultancy in relation to the exploration for copper at the Licences.

Qualified Person

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a 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 this announcement.

For further information, please contact: Xtract Resources PLC

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, Executive Chairman and Director.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Technical glossary

ENDS