Bushranger assay results and drilling update

RNS Number : 9509T

Xtract Resources plc

27 July 2022

 

For immediate release

27 July 2022

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results and Drilling Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received for drill holes BRDD-22-045, BRDD-22-046, BRDD-22-053 & BRDD-22-054 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

· Significant intervals of gold mineralisation have been intersected on the western side of the Racecourse Inferred Mineral Resource in an area with no previous historical drilling, which will be incorporated into an updated Racecourse resource model

· The best intercept is from drill hole BRDD-22-054;

· 26m at 1.64g/t Au (1.24% CuEq) from a downhole depth of 338m

§ Including: 18m at 2.28g/t Au from a downhole depth of 346m

· A wide copper interval was intersected in drill hole BRDD-22-053 which is beyond the western limit of the current Racecourse Inferred Mineral Resource with a return of 320m at 0.16% CuEq from a downhole depth of 161m

· At Ascot, a 60m interval returning 0.20% CuEq from a downhole depth of 321m was returned in drill hole BRDD-22-046, which has added further clarity to the northern extension of the Ascot mineralisation. While a gold horizon was intersected in drill hole BRDD-22-046, with a return of;

· 22m at 0.21g/t Au from a downhole depth of 263m, including

§ 6m at 0.57g/t Au from a depth of 265m

· All assays from the Phase Two Drilling at Racecourse have now been returned and the company intends to now finalise an updated resource model for the deposit

· Assays from the Phase Two Drilling at Ascot continue to be received

Colin Bird, Executive Chairman said: "The Phase Two drilling programme has been extremely successful in defining Racecourse and partially identifying Ascot, which remains open ended and relatively untested. All results have now been returned from Racecourse which will allow the team to commence the modelling of the Racecourse conceptual open pit and define the contained copper tonnages.

Assay results continue to arrive, with the results from four drillholes still expected at Ascot and to the south of Racecourse, and the results of two drillholes expected from Footrot. Operations have now closed down while we assess the results of the Phase Two Drilling Programme and future exploration and development activities will be designed once all the information from Phase Two has been modelled and assimilated. We will keep shareholders fully informed with activity moving forwards."

P hase Two Bushranger Prospect Assay Results

Table 1

Assay Results from Drill Hole BRDD-22-045 (Ascot)

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-22-045	278	288	10	0.22	0.03	3.76	0.28
	390	404	14	0.14	0.05	1.46	0.18
Including	396	402	6	0.20	0.08	2.20	0.27
	492	496	4	0.29	0.03	2.70	0.33

Table 2

Assay Results from Drill Hole BRDD-22-046 (Ascot)

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-22-046	263	285	22	0.03	0.21	0.5	N/A
Including	265	271	6	0.01	0.57	0.1	N/A
	321	381	60	0.15	0.05	1.6	0.20
Including	341	361	20	0.32	0.08	1.60	0.39

Table 3

Assay Results from Drill Hole BRDD-22-053 (Racecourse)

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-22-053	161	481	320	0.11	0.06	0.52	0.16
Including	201	219	18	0.12	0.13	1.89	0.23
and	281	287	6	0.22	0.02	2.00	0.25
and	305	313	8	0.19	0.07	0.25	0.24
and	385	391	6	0.37	0.05	0.00	0.41
and	405	429	24	0.24	0.24	0.07	0.42

Table 4

Assay Results from Drill Hole BRDD-22-054 (Racecourse)

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-22-054	220	428	208	0.08	0.24	0.09	0.26
Including	338	364	26	0.07	1.64	0.09	1.24
Including	346	364	18	0.04	2.28	0.09	N/A
	476	510	34	0.15	0.01	0.14	0.16
Including	478	486	8	0.35	0.01	0.50	0.36

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia

**CuEq Formula: CuEq = Cu% + 0.7081xAu (g/t) + 0.0075xAg (g/t)

Ascot

Both drill holes BRDD-22-045 and BRDD-22-046 were drilled from the same drill pad as drillhole BRDD-22-044 (refer to RNS dated 10 May 2022), towards the northern extent of the currently defined Ascot mineralisation. Both drill holes were drilled towards the northeast and angled roughly 80m further to the north than BRDD-22-044 to test for a northerly extension of mineralisation. Drillhole BRDD-22-045 was drilled at an inclination of -80 degrees and completed at a final depth of 645.7m, while drill hole BRDD-22-046 was drilled at a shallower inclination of -60 degrees, completing at a final depth of 723.7m depth.

Drillhole BRDD-22-045 contained sporadic intervals of copper mineralisation with best results including 10m at 0.28% CuEq from a depth of 278m and 4m at 0.33% CuEq from a depth of 492m.

Drillhole BRDD-22-046 intersected a gold horizon at a relatively shallow depth, returning up to 6m at 0.57g/t Au from a depth of 265m, and a copper zone at greater depth. The copper intersected in drill hole BRDD-22-046 was more consistent than that in drillhole BRDD-22-045 with a 60m interval containing 0.20% CuEq from a downhole depth of 321m, which includes a higher-grade interval of 20m at 0.39% CuEq from a depth of 341m. This copper zone is consistent with intervals returned in BRDD-22-044 roughly 80m to the south, and BRDD-21-031 roughly 130m to the north, and has added further definition to the northern limits of the Ascot mineralisation.   

Racecourse

Drillholes BRDD-22-053 and BRDD-22-054 mark the final two holes drilled at the Racecourse Inferred Mineral Resource as part of the Phase Two Drilling Programme. Both holes were designed as deep in-fill holes to the Racecourse deposit, where there were large gaps in the current Inferred Mineral Resource which required drilling. The holes were drilled on the western side of the Racecourse Inferred Mineral Resource angled towards the east in the southern-central area of the deposit, with the intention of extending the mineralisation at depth to the west.

Drillhole BRDD-22-053 was drilled at -50 degrees towards the northeast and completed at a final depth of 624.4m. A wide, 320m interval of mineralisation containing an average of 0.16% CuEq was intersected from a downhole depth of 161m, which includes multiple sub-intervals of higher-grade mineralisation, including up to 24m at 0.42% CuEq from a downhole depth of 405m, which also contains an average of 0.24g/t Au.   

Drillhole BRDD-22-054 was drilled at -50 degrees towards the east and completed at a final depth of 564.1m. The hole was well mineralised having intersected a wide 208m interval of 0.26% CuEq from a downhole depth of 220m, which includes several high-grade gold intercepts, returning up to 26m at 1.64g/t Au (1.24% CuEq) from a depth of 338m, including 18m at 2.28g/t Au (1.67% CuEq) from a depth of 346m.

These gold intercepts are very interesting and will form a pivotal part of the resource modelling for the deposit, which can now commence following the return of all assays from Racecourse.

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/9509T_1-2022-7-27.pdf

Bushranger Cross-Section Drill Hole BRDD-22-045 & 046

http://www.rns-pdf.londonstockexchange.com/rns/9509T_2-2022-7-27.pdf

Bushranger Cross-Section Drill Hole BRDD-22-053

http://www.rns-pdf.londonstockexchange.com/rns/9509T_3-2022-7-27.pdf

Bushranger Cross-Section Drill Hole BRDD-22-054

http://www.rns-pdf.londonstockexchange.com/rns/9509T_4-2022-7-27.pdf

Bushranger Prospect Drill Hole Summary

http://www.rns-pdf.londonstockexchange.com/rns/9509T_5-2022-7-27.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, Executive Chairman	[phone] www.xtractresources.com
Beaumont Cornish Limited Nominated Adviser and Joint Broker	Roland Cornish Michael Cornish Felicity Geidt	[phone] www.beaumontcornish.co.uk
Novum Securities Limited Joint Broker	Jon Belliss Colin Rowbury	[phone]

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
"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

 

END

 

 

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