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Xtract Resources plc (XTR)

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Friday 22 January, 2021

Xtract Resources plc

Bushranger Project Drilling Programme

RNS Number : 6454M
Xtract Resources plc
22 January 2021
 

 

For immediate release

 22 January 2021

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project Drilling Programme

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide a further update on the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.

 

Highlights

 

· Drilling of the first hole, BRDD-20-001, of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has been completed down the plunge of the deposit at 1,147m depth.

· Well-developed copper mineralisation and potassic alteration was noted from 110m to beyond 1,050m depth, becoming weaker thereafter.

· Given the substantial down-plunge dimension of the deposit as shown by the first hole, at least a further four holes of about 700m length each are planned across the deposit to test the width and grade. 

· The drill rig is now being moved to drill the first of these follow-up holes.

 

Colin Bird, Executive Chairman said: "We are very pleased with the outcome of the first down-plunge hole at Bushranger. We now intend to complete a 4 to 6-hole follow-up drill programme across the deposit to obtain width and grade information. This information will then be utilised to restate the size and grade of the resource."

 

Drilling Results and Plan

 

Hole BRDD-20-001, was laid out at -50 degrees to drill down the plunge of the Racecourse copper-gold porphyry deposit. Drilling   encountered well-developed potassic alteration and copper mineralisation in the form of disseminated and fracture-fill chalcopyrite from 110m to beyond 1,050m down hole, becoming more irregular towards the finishing depth of 1,147m. The minimum 940m copper intercept confirms that the Racecourse deposit potentially represents a substantial mineralised porphyry system.

 

The Company is using a hand-held XRF Analyser to provide preliminary indications of copper content and samples for definitive geochemical assay will be submitted to the geochemical laboratory on a progressive basis. Accurate mineral content information for copper, gold and other accompanying elements will only be established by full laboratory analysis.

 

The drilling programme will now focus on drilling across the deposit to establish the width of the body and to obtain further grade information. A minimum of four further holes of about 700m length each is planned.

 

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

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse.   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  

 

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:

 

"alteration zone"

 

A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions

"Au"

Gold

 

"chalcopyrite"

A copper-iron sulphide mineral, CuFeS2, often found in copper ores



"Cu"

Copper

 

"disseminated"

Mineralization distributed throughout a rock



"exploration"

Method by which ore deposits are evaluated

 

 

"felspar"

A group of silicate minerals which are the main components of acid, intermediate and basic igneous rocks



"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 Code"

Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves



"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

 

"potassic"

Descriptive of alteration of rocks through the introduction of potassium



"pyrite"

Iron sulphide mineral, FeS2



"pyrrhotite"

An iron sulphide mineral, Fe1-XS, often magnetic



"quartz"

A mineral composed of silicon dioxide, SiO2





ENDS

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