Bushranger Project Assay Results

RNS Number : 7889G

Xtract Resources plc

31 March 2022

 

For immediate release

31 March 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 holes BRDD-021-028 and BRDD-21-030 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

· Drillhole BRDD-21-030 was drilled into the side of the Racecourse porphyry in the southern central region and has intersected a wide interval of mineralisation that has enrichments of gold

· Full results are available in Table 2, which includes best intercepts;

· 170m at 0.24% CuEq from 161m downhole depth

§ Including 74m at 0.34% CuEq (incl. 0.11 g/t Au) from 161m downhole depth

· 26m at 0.40% CuEq (incl. 0.27 g/t Au) from 209m depth

· Drill hole BRDD-21-030 shows good continuation with drill hole BRDD-21-013 (refer to announcement 29 October 2021), confirming the copper mineralisation intersected continues along-strike for up to 120m in the southern central area of the Racecourse porphyry

· Drillhole BRDD-21-028 was stepped to the west to test continuity of mineralisation at depth, the hole had long intersections of lower-grade mineralisation averaging between 0.11% CuEq to 0.15% CuEq, with higher-grade intervals including;

· 8m at 0.31% CuEq from 334m depth

· 4m at 0.71% CuEq from 470m depth

· 30m at 0.2% CuEq from 510m depth

· Drillhole BRDD-21-028 has successfully extended mineralisation intersected in drillholes BRDD-21-013 & BRDD-21-016 (refer to RNS 19 November 2021) to depth in the southern central area of the Racecourse Porphyry

Colin Bird, Executive Chairman said: "We are pleased to report continued success with the return of the assay results from two further drill holes at the Bushranger Project. Drill hole BRDD-21-030 has provided a very pleasing result which includes a wide intercept of 0.34% CuEq from a downhole depth of 161m, offering strike continuity of mineralisation in this area of the resource. Drill hole BRDD-21-028 has confirmed continuity of mineralisation to depth in the western area of the porphyry and these results will be used to inform the updated resource model.

The MIMDAS survey is on-going and we hope to report soon the successful approval of new drill pad locations to explore the extension of the Racecourse porphyry further towards the south."

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-028*

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)**
BRDD-21-028	278	282	4	0.25	0.03	0.70	0.28
	334	342	8	0.27	0.06	0.40	0.31
	376	384	8	0.17	0.01	0.10	0.18
	450	540	90	0.14	0.01	0.10	0.15
Including	456	488	32	0.17	0.01	0.10	0.17
Including	470	474	4	0.70	0.02	0.50	0.71
and	510	540	30	0.20	0.01	0.20	0.20
Including	522	538	16	0.24	0.01	0.30	0.24

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

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

Table 2 - Assay Results from Drill Hole BRDD-21-030*

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)**
BRDD-21-030	161	331	170	0.19	0.08	0.5	0.24
Including	161	235	74	0.26	0.11	1.10	0.34
Including	163	189	26	0.37	0.05	2.50	0.42
and	209	235	26	0.23	0.27	0.30	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-21-028 was drilled at an inclination of -65 degrees towards the ENE into the western side of the main Racecourse porphyry body in the southern region of the Inferred Mineral Resource and was completed at a final depth of 648.5m The hole was stepped out to the west and designed to test continuity of mineralisation below drill holes BRDD-21-013 and BRDD-21-016 (refer to announcements dated 29 October 2021 and 19 November 2021), BRDD-21-028 showed good continuity with these two previous drill holes, extending the intersections to depth in this area.

Drill hole BRDD-21-030 was drilled at an inclination of -65 degrees towards the NE and was completed at a final depth of 486.6m. The hole was drilled into the side of the main Racecourse porphyry 120m along-strike to the NW from drillhole BRD-21-013 at a similar level (refer to announcement dated 29 October 2021). Hole BRDD-21-030 shows good strike continuity with drill hole BRDD-21-013, with both holes giving wide intervals of 0.24% to 0.25% CuEq grade, confirming that the mineralisation extends along strike in the southern area of the Racecourse porphyry.

In addition, drill hole BRDD-21-030 has again intercepted elevated intervals of gold, including a 26m intercept which averages at 0.27 g/t Au from a downhole depth of 209m, giving further promise of a significant gold bearing zone within the Racecourse porphyry.

The MIMDAS geophysical survey will be completed shortly, with preliminary results expected following completion of data processing.

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/7889G_1-2022-3-31.pdf

Bushranger Drill Holes BRDD-21-028 & BRDD-21-030 Cross-Section

http://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf

Bushranger Phase 1 & 2 Drilling Result Summary

http://www.rns-pdf.londonstockexchange.com/rns/7889G_3-2022-3-31.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
"MIMDAS"	An advanced electrical geophysical technique which collects multiple geophysical datasets,including Chargeability (IP), Resistivity/Conductivity (IP and MT)
"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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