Bushranger Project Assay Results

RNS Number : 6492A

Xtract Resources plc

03 February 2022

 

For immediate release

3 February 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 hole BRDD-021-019 on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

· Drillhole BRDD-21-019 has returned wide intervals of copper mineralisation in the northern-central area of the Racecourse Inferred Mineral Resource

· Full results are available in Table 1 below, which include best intercepts:

· 202m at 0.27% CuEq from 276m downhole depth

§ Including 76m at 0.41% CuEq from 276m downhole depth

§ Including 18m at 0.67% CuEq from 312m downhole depth

· The hole was drilled above historical drill hole BRD009 and the results show a strong correlation with the historically reported intercept in this hole of 168m at 0.46% CuEq from 317m downhole depth

· Again, drill hole BRDD-21-019 has returned intersections of gold, with a result of 18m at 0.22 g/t Au from 312m depth, and the Company intends to model its significance

Colin Bird, Executive Chairman said: "This again is a very satisfactory result which being in the central area was anticipated. The position of the hole and the result will be included in the modelling adding veracity to the overall resource modelling.

We continue to drill from previous pads whilst awaiting permission for new pads which will be situated for optimum test drilling at Ascot and the Southern extension of Racecourse as well as peripheral targets which are of interest. The peripheral targets are being generated by this drilling programme and warrant further investigation once the pads are approved."

Phase Two Bushranger Prospect Assay Results - Drill Hole BRDD-21-019

Table 1 - Assay Results from Drill Hole BRDD-21-019*

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-21-019	276	478	202	0.23	0.04	2.10	0.27
Including	276	352	76	0.35	0.06	3.10	0.41
Including	312	330	18	0.51	0.22	4.10	0.67
And	422	438	16	0.31	0.01	1.60	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-21-019 was drilled at an inclination of -58 towards the NE in the northern central area of the Racecourse inferred mineral resource, completing at a final depth of 693.6m. The hole was drilled above historical drill hole BRD009 and designed to test the extension of copper mineralisation intersected in drill hole BRDD-21-008, which returned a total interval of 184m @ 0.51% CuEq, 100m further towards the NW.

The results of drill hole BRDD-21-019 include a wide 202m interval of copper mineralisation grading at 0.27% CuEq from 276m depth, which includes a higher-grade intercept of 18m at 0.67% CuEq from 312m depth.

The results show a strong correlation with the results reported from historic drill hole BRD009 which gives a promising indication for the consistency of mineralisation within the Racecourse Inferred Mineral Resource. Interestingly, there are further indications of gold mineralisation present in the system, with a result of 18m at 0.22 g/t Au from 312m downhole, and the Company intends to model this further.

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/6492A_1-2022-2-3.pdf

Bushranger Drill Hole BRDD-21-019 Cross Section

http://www.rns-pdf.londonstockexchange.com/rns/6492A_2-2022-2-3.pdf

Bushranger Prospect Phase 1 & 2 Drilling Result Summary

http://www.rns-pdf.londonstockexchange.com/rns/6492A_3-2022-2-3.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	[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	Jon Belliss 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:

"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

 

END

 

 

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