Xtract Resources plc

Bushranger Project Assay Results

RNS Number : 3659F
Xtract Resources plc
21 March 2022
 

 

For immediate release

21 March 2022

 

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 for drill holes BRDD-021-026 and BRDD-21-027 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

· Drillhole BRDD-21-026, drilled at depth in the central portion of the Racecourse mineralised porphyry, has returned several intervals of copper and gold mineralisation from 154m to 640m downhole which offer significant potential to extend the Racecourse mineralisation to depth in an area with no previous drilling

· Full results are available in Table 1 below, which includes best intercepts;

· 8m at 0.99% CuEq from 402m downhole depth

· 36m at 0.31% CuEq from 314m downhole depth

· 138m at 0.21% CuEq from 464m downhole depth

· Drillhole BRDD-21-027 tested the southerly extension of the Racecourse mineralised porphyry and returned an interval of 16m at 0.32% CuEq from 340m depth

· Both drillholes have returned notable gold intercepts which will be modelled to signify their importance, including 8m at 0.94g/t Au (+0.42% Cu) from 402m depth in hole BRDD-21-026

Colin Bird, Executive Chairman said: "We are pleased to report complete assays from two further holes. Hole number BRDD-21-026 was a very good hole in that it extended mineralisation to depth in a sparsely drilled area. In reviewing the new results from the current geophysical programme it would suggest that hole BRDD-21-027 was not ideally located relative to geophysical anomalies and we appear to have drilled through the outer margins of the porphyry."

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-026*

 

Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-026

224

248

24

0.26

0.05

1.75

0.31

 

314

350

36

0.07

0.39

0.51

0.31

Including

330

350

20

0.07

0.57

0.54

0.42

 

402

410

8

0.42

0.94

1.65

0.99

 

464

602

138

0.19

0.03

0.02

0.21

Including

470

492

22

0.22

0.20

0.00

0.34

and

516

542

26

0.31

0.00

0.00

0.31

 

634

640

6

0.42

0.00

0.00

0.42

 

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

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

Table 2 - Assay Results from Drill Hole BRDD-21-027*

 

Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-027

340

356

16

0.17

0.22

2.10

0.32

 

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

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

Drillhole BRDD-21-026 was drilled at an inclination of -60 degrees towards the east and completed at a final depth of 678.4m. The hole was drilled into the side of the Racecourse porphyry body in the main central zone of the deposit and was designed to test for the extension of mineralisation at depth beneath drill hole BRDD-21-001 in an area with no previous drilling. The assay results confirm significant potential for depth extension of mineralisation. Of particular interest are several zones of gold enhancement through the central part of the hole. These gold intercepts, along with those returned in other holes of the current programme, will be modelled as part of an updated Mineral Resource estimate. 

 

Drillhole BRDD-21-027 was drilled towards the west at an inclination of -80 degrees and competed at a final depth of 580m. The hole was designed to target the southeasterly extension of the Racecourse porphyry, however it appears that the hole may have passed over the top of the main porphyry. Modelling of new MIMDAS survey data will be used to guide additional drilling in this area.

 

 

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/3659F_1-2022-3-20.pdf

 

Bushranger Drill Hole BRDD-21-026 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/3659F_2-2022-3-20.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

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker  

 

Jon Belliss

Colin Rowbury 

 

+44 (0) 207 399 9427

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 Resource"

That part of a Mineral Resource for which 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 (JORC 2012).

 

"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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