Bushranger Project Assay Results

RNS Number : 3380B

Xtract Resources plc

10 February 2022

 

For immediate release

10 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 from drill hole BRDD-21-020 completed on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

· Drill hole BRDD-21-020 has successfully tested the north-western extension of the mineralisation intersected in drill hole BRDD-21-018, with the return of two consistent intervals of copper mineralisation, including:

· 46m at 0.31% CuEq from 581m, and,

· 66m at 0.27% CuEq from 677m, which includes,

§ 8m at 0.40% CuEq from 687m

· The results indicate a good correlation to the mineralisation intersected in drill hole BRDD-21-018 (see announcement dated 19 January 2022) both down-plunge and along-strike to the NW

· These two holes have confirmed the extension on the Racecourse deposit at depth by about 150m to the north-west of previous drilling

· Follow-up drilling in this area will focus on the interpreted shallower and higher-grade 'crown' to the mineralisation

Colin Bird, Executive Chairman said: "This hole is towards the extreme northwest of the Racecourse deposit and as such we believe that we are closing off the outer reaches of the conceptual open pit in this area. Despite being close to closure, there are some good runs of significant mineralisation that will be included in the final resource modelling."

Phase Two Bushranger Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-020*

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-21-020	581	627	46	0.27	0.05	1.40	0.31
including	611	627	16	0.37	0.03	2.10	0.40
and	677	743	66	0.26	0.01	1.40	0.27
including	685	737	52	0.29	0.01	1.50	0.30
and	687	695	8	0.37	0.02	2.00	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-21-020 was the second hole drilled of a trio of holes drilled from the same drill pad at the north-western limits of the Racecourse Inferred Mineral Resource, which aimed to test the extension of mineralisation interested in drill hole BRDD-21-018 further towards the northwest. The hole was drilled at an inclination of -60 degrees towards the ENE and completed at a final depth of 768.4m.

Showing good consistency with the results from drill hole BRDD-21-018 (see announcement dated 19 January 2022) the drill hole intersected two zones of copper mineralisation, including a 46m interval assaying at 0.31% CuEq from 581m depth, and a second, wider, zone returning 66m at 0.27% CuEq from 677m depth, which includes a higher-grade intersection of 8m at 0.40% CuEq from 687m depth. The results of both drill holes BRDD-21-018 and BRDD-21-020 have confirmed 150m of mineralised strike extension to the northwest of the Racecourse deposit.

Follow-up drilling in this area of the deposit will focus on targeting the higher-grade 'crown' of the mineralisation at shallower depths, achievable with new drill-pad locations cited further towards the northwest.

Bushranger Prospect Drill Hole Location Plan Map

http://www.rns-pdf.londonstockexchange.com/rns/3380B_1-2022-2-10.pdf

Bushranger Prospect Drill Holes BRDD-21-018 and BRDD-21-020 Cross-Section

http://www.rns-pdf.londonstockexchange.com/rns/3380B_2-2022-2-10.pdf

Bushranger Prospect Phase One and Two Drill Assay Summary

http://www.rns-pdf.londonstockexchange.com/rns/3380B_3-2022-2-10.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
"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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