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Xtract Resources plc (XTR)

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Tuesday 10 May, 2022

Xtract Resources plc

Bushranger Project Assay Results

RNS Number : 8609K
Xtract Resources plc
10 May 2022
 

 

For immediate release

10 May 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 a number of drill holes including, BRDD-21-023, BRDD-21-025, BRDD-21-029, BRDD-21-033, BRDD-21-034, and BRDD-22-044 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

· The results have been returned from six exploratory holes on the Bushranger exploration project

· Full results are available in Tables 1 to 5 below, with best results including;

· 2m at 15.50g/t Au from 191m in drillhole BRDD-21-033

· 18m at 0.34% CuEq from 388m in drillhole BRDD-22-044

· 12m at 0.29% CuEq from 242m in drillhole BRDD-21-029

· 10m at 0.57g/t Au from 530m in drillhole BRDD-21-023

· Drill hole BRDD-22-044 tested the along-strike continuation of mineralisation to the north from the discovery hole (BRDD-21-035) at the Ascot prospect, a wide 52m interval of 0.21% CuEq was returned from a depth of 388m giving confidence that the mineralisation extends along-strike by up to 250m in this direction

· Drill Hole BRDD-21-033 targeted an outlying geophysical anomaly to the east and intersected a high-grade gold interval of 15.5 g/t Au which warrants follow-up drilling to test for along-strike and down-dip extension

· Drillhole BRDD-21-023 targeted a northerly continuation to the main Racecourse mineralisation and intersected anomalous levels of gold which could indicate a structural control on the mineralisation in this area

· Drillholes BRDD-21-025, BRDD-21-029 and BRDD-21-034 were all exploratory holes which targeted outlying geophysical anomalies or the continuation of mineralisation south of Racecourse and north of Ascot. All holes intersected porphyry related alteration along within zones of anomalous copper and gold . BRDD-21-025 was largely un-mineralised.

 

Colin Bird, Executive Chairman said: "This is an eclectic group of drill hole results showing some degree of mineralisation and some meaningful gold values. The holes were mainly located in the area between Ascot and Racecourse testing the new geophysical anomalies.

Whilst these outlying holes do not in themselves indicate significant extensions, we continue to drill and model to better understand both Ascot and the area between Ascot and Racecourse. The modelling for the primary Racecourse open pit is advancing satisfactorily."

 

 

Phase Two Bushranger Prospect Assay Results

Tables 1 to 5 -

Assay Results from Drill Hole BRDD-22-044, BRDD-22-034, BRDD-22-033, BRDD-22-029, BRDD-22-023*

 

Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-22-044

388

440

52

0.16

0.06

1.88

0.21

Including

388

406

18

0.26

0.08

2.89

0.34

















Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-034

220

228

8

0.01

0.25

0.80

0.16

















Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-033

191

193

2

0.01

15.50

1.60

N/A

















Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-029

242

266

24

0.16

0.06

2.80

0.22

Including

242

254

12

0.23

0.05

3.90

0.29



 

 






Hole ID

From (m)

To (m)

Interval (m)

Cu (%) 

Au (g/t)

Ag (g/t)

CuEq (%)

BRDD-21-023

492

502

10

0.02

0.29

0.28

0.19


530

540

10

0.05

0.57

1.52

0.40


694

718

24

0.11

0.03

0.52

0.13


752

774

22

0.12

0.02

0.85

0.14

 

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

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

 

 

The results from six further drill holes have been received on the Bushranger copper-gold exploration project. The majority of these holes were exploratory in nature to test for extensions of the known mineralisation and were not drilled into the main Racecourse resource. 

 

Drillhole BRDD-22-044 was designed to test for the along-strike continuation of the Ascot mineralisation 250m to the north from drill hole BRDD-21-035. It was drilled at an inclination of -70 degrees towards the east and completed at a final depth of 696.7m. The hole intersected a 52m interval at 0.21% CuEq from 388m downhole depth which gives a strong suggestion that the Ascot mineralisation extends along-strike to the north.

 

Drillhole BRDD-21-034 was drilled 500m to the south from the main Racecourse porphyry body at an inclination of -50 degrees towards the east. The hole was completed to a final depth of 524.7m, having intersected an 8m interval grading at 0.16% CuEq.

 

Drill hole BRDD-21-033 was drilled to 783.7m depth from the same collar location as drill hole BRDD-21-035 at the Ascot prospect, but angled at -70 degrees towards the east to test the south-eastern IP anomaly in this area. A 2m assay interval returned 15.5 g/t Au from a downhole depth of 151m - being the first drill hole in this location further investigation is warranted to test for along-strike and down-dip continuity.  

Drillhole BRDD-21-029 was drilled at an inclination of -75 degrees towards the west to test for the southern extension of the main Racecourse porphyry and completed at a final depth of 551.8m. The drill hole intersected a 24m interval grading at 0.22% CuEq.

Drillhole BRDD-21-025 was drilled at an inclination of -60 degrees towards the NE and was completed at a final depth of 648.6m.  The hole was designed to test an outlying MIMDAS anomaly to the east, however the hole was largely un-mineralised.

Hole BRDD-21-023 was drilled at an inclination of -50 degrees towards the NW from the same drill pad as hole BRDD-21-020. The hole completed at a depth of 868.5m and was designed to test the along strike-continuation of the mineralisation intersected in holes BRDD-21-018 & BRDD-21-020 further to the NW (refer to RNS 20 October 2021). Two intervals of higher-grade gold mineralisation were intersected between 492m and 540m downhole, where the copper values have dropped off compared to drillhole BRDD-21-020, and it is thought that a fault could have displaced the copper mineralisation in this location.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/8609K_1-2022-5-9.pdf

 

Bushranger Cross-Section Drill Hole BRDD-22-044

 

http://www.rns-pdf.londonstockexchange.com/rns/8609K_2-2022-5-9.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

 

"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



 


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