Xtract Resources plc

Bushranger Project Assay Results

RNS Number : 7889G
Xtract Resources plc
31 March 2022
 

 

For immediate release

31 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-021-028 and BRDD-21-030 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

· Drillhole BRDD-21-030 was drilled into the side of the Racecourse porphyry in the southern central region and has intersected a wide interval of mineralisation that has enrichments of gold

· Full results are available in Table 2, which includes best intercepts;

· 170m at 0.24% CuEq from 161m downhole depth

§ Including 74m at 0.34% CuEq (incl. 0.11 g/t Au) from 161m downhole depth

· 26m at 0.40% CuEq (incl. 0.27 g/t Au) from 209m depth

· Drill hole BRDD-21-030 shows good continuation with drill hole BRDD-21-013 (refer to announcement 29 October 2021), confirming the copper mineralisation intersected continues along-strike for up to 120m in the southern central area of the Racecourse porphyry

· Drillhole BRDD-21-028 was stepped to the west to test continuity of mineralisation at depth, the hole had long intersections of lower-grade mineralisation averaging between 0.11% CuEq to 0.15% CuEq, with higher-grade intervals including;

· 8m at 0.31% CuEq from 334m depth

· 4m at 0.71% CuEq from 470m depth

· 30m at 0.2% CuEq from 510m depth

· Drillhole BRDD-21-028 has successfully extended mineralisation intersected in drillholes BRDD-21-013 & BRDD-21-016 (refer to RNS 19 November 2021) to depth in the southern central area of the Racecourse Porphyry

 

Colin Bird, Executive Chairman said: "We are pleased to report continued success with the return of the assay results from two further drill holes at the Bushranger Project. Drill hole BRDD-21-030 has provided a very pleasing result which includes a wide intercept of 0.34% CuEq from a downhole depth of 161m, offering strike continuity of mineralisation in this area of the resource. Drill hole BRDD-21-028 has confirmed continuity of mineralisation to depth in the western area of the porphyry and these results will be used to inform the updated resource model.

The MIMDAS survey is on-going and we hope to report soon the successful approval of new drill pad locations to explore the extension of the Racecourse porphyry further towards the south."

 

 

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-028*

 

Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)**

BRDD-21-028

278

282

4

0.25

0.03

0.70

0.28

 

334

342

8

0.27

0.06

0.40

0.31

 

376

384

8

0.17

0.01

0.10

0.18

 

450

540

90

0.14

0.01

0.10

0.15

Including

456

488

32

0.17

0.01

0.10

0.17

Including

470

474

4

0.70

0.02

0.50

0.71

and

510

540

30

0.20

0.01

0.20

0.20

Including

522

538

16

0.24

0.01

0.30

0.24

 

*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-21-030*

 

Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)**

BRDD-21-030

161

331

170

0.19

0.08

0.5

0.24

Including

161

235

74

0.26

0.11

1.10

0.34

Including

163

189

26

0.37

0.05

2.50

0.42

and

209

235

26

0.23

0.27

0.30

0.40

 

*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-21-028 was drilled at an inclination of -65 degrees towards the ENE into the western side of the main Racecourse porphyry body in the southern region of the Inferred Mineral Resource and was completed at a final depth of 648.5m The hole was stepped out to the west and designed to test continuity of mineralisation below drill holes BRDD-21-013 and BRDD-21-016 (refer to announcements dated 29 October 2021 and 19 November 2021), BRDD-21-028 showed good continuity with these two previous drill holes, extending the intersections to depth in this area.

 

Drill hole BRDD-21-030 was drilled at an inclination of -65 degrees towards the NE and was completed at a final depth of 486.6m. The hole was drilled into the side of the main Racecourse porphyry 120m along-strike to the NW from drillhole BRD-21-013 at a similar level (refer to announcement dated 29 October 2021). Hole BRDD-21-030 shows good strike continuity with drill hole BRDD-21-013, with both holes giving wide intervals of 0.24% to 0.25% CuEq grade, confirming that the mineralisation extends along strike in the southern area of the Racecourse porphyry.

 

In addition, drill hole BRDD-21-030 has again intercepted elevated intervals of gold, including a 26m intercept which averages at 0.27 g/t Au from a downhole depth of 209m, giving further promise of a significant gold bearing zone within the Racecourse porphyry.

 

The MIMDAS geophysical survey will be completed shortly, with preliminary results expected following completion of data processing.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_1-2022-3-31.pdf

 

Bushranger Drill Holes BRDD-21-028 & BRDD-21-030 Cross-Section

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf

 

Bushranger Phase 1 & 2 Drilling Result Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_3-2022-3-31.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,

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

"MIMDAS"

An advanced electrical geophysical technique which collects multiple geophysical datasets,including Chargeability (IP), Resistivity/Conductivity (IP and MT)

 

"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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