Bushranger drilling and licence update

RNS Number : 8649O

Xtract Resources plc

13 October 2021

 

For immediate release

13^th  October 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger drilling and licence update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that approval has been received from the Resources Regulator in New South Wales ("NSW"), for a further 13 drill holes to be drilled as a part of the Phase 2 Drilling Programme at the Racecourse Prospect on the Bushranger Project , located in the highly prospective Lachlan Fold Belt ("LFB") of New South Wales, Australia. As previously announced exploration Licence ("EL") 5574 has been renewed until 4 June 2024.  A further renewal for EL5574 can be submitted in 2024. 

Highlights

· The NSW Resources Regulator has approved a further 13 drill holes for an estimated 9,385m to be drilled as a part of the ongoing Phase 2 Drilling Programme at the Racecourse Prospect

· The 13 approved drill holes will allow Xtract to continue to extend the known copper mineralisation at the Racecourse Prospect to the northwest and southeast, and to test several large Induced Polarisation ("IP") resistivity anomalies outside of the currently estimated Racecourse Inferred Mineral Resource

· As previously announced in August, EL5574, the main licence for the Bushranger Copper Project, has been renewed until 4 June 2024, and a further renewal for EL5574 can be submitted in 2024

Colin Bird, Executive Chairman said: "We are very pleased that we have received the formal permissions for the new drilling that will allow us to extend our programme and test the encouraging geophysics generated in the southeast of the licence over the remainder of this year.

It is also comforting to have the exploration licence extension until June 2024. This is a significant amount of time for us to continue our exploration and feasibility study programmes, and take the project to the next stages."

Please see the following web links for the location of EL5574 on the Bushranger Project and the locations of the 13 approved additional Phase 2 drill holes at the Racecourse Prospect:

Bushranger Project EL5574 Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/8649O_1-2021-10-12.pdf

Drill Holes Approved by NSW Resources Regulator for Phase 2 Racecourse Project Drilling Programme

http://www.rns-pdf.londonstockexchange.com/rns/8649O_2-2021-10-12.pdf

Drill Holes Approved by NSW Resources Regulator and IP Data

http://www.rns-pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf

Approval of Additional Holes for Phase 2 Drilling Programme at the Racecourse Prospect

The Phase 2 Racecourse drilling programme is ongoing and to date 15 diamond drill holes have been completed for over 10,000 metres drilled. Assay results have been received for two drill holes (BRDD-21-007, BRDD-21-008).

In order to continue to extend the known copper mineralisation at Racecourse, with the objective of increasing the overall currently estimated Mineral Resource and testing several high priority IP anomalies, approval was requested from the NSW Resources Regulator to drill a further 13 holes for an estimated 9,385m at the Racecourse Prospect. Approval has now been obtained to drill these additional 13 drill holes as a part of the ongoing Phase 2 drilling programme at the Racecourse prospect for the period ending 21 December 2021. The Racecourse Phase 2 drilling programme is currently expected to conclude by about 2021 year-end.

Renewal of EL5574 - Bushranger Project

As announced on 12 August 2021, the Company was informed that the NSW Government proposed to renew Exploration Licence 5574, the main tenement which covers the Racecourse Inferred Mineral Resource , for the period until 4 June 2024. Following Xtract's confirmation to the NSW Government to accept the renewal of EL5574, on 21 September 2021 the NSW Government provided formal written confirmation that the NSW Mines Minister had renewed EL5574 until 4 June 2024 subject to Xtract continuing to meet the General Conditions usual for mineral exploration in NSW. 

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	[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	Colin Rowbury	[phone] 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:

"Au"	Gold
"Cu"	Copper
"EL"	Exploration Licence
"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

ENDS

 

END

 

 

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