Bushranger Project Assay Results

RNS Number : 1316N

Xtract Resources plc

27 May 2022

 

For immediate release

27 May 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-22-039 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

· Significant intervals of porphyry-related gold mineralisation have been interested in drill hole BRDD-22-039, situated 200m to the south of the Ascot discovery hole BRDD-21-035 (refer to RNS dated 19 January 2022)

· Full results now received for BRDD-22-039 are available in Table 1, with best results including;

· 32m at 0.92 g/t Au from 510m

§ including 14m at 1.96 g/t Au from 510m

· 2m at 1.86 g/t Au from 432m

· Hole BRDD-22-039, along with previously reported hole BRDD-21-038, shows a good structural continuity with near vertical mineralised structures extending between both holes, and early indications that gold grade may increase with depth

· The company intends to follow-up with further drilling to see if these gold intercepts increase in width or grade laterally and at depth in this location at Ascot

Colin Bird, Executive Chairman said: "I am very pleased with the results of this hole and intrigued by the dominance of gold. The obvious significance is that the Ascot prospect is a different prospect to Racecourse and our modelling is designed to pursue the indication that the gold and copper mineralisation could be separate. These results display similar characteristics to the gold-rich Ridgeway discovery in Newcrest's nearby Cadia-Ridgeway Mine, 25km to the SW from Orange, and less than 100km from the Bushranger project, in the prospective Lachlan Fold Belt.

Modelling is advancing at a pace, and to this end, we are modelling with a specific intent to identify copper and gold mineralisation trends and their spatial significance, designed to maximise opportunities and identify areas which could have material effect on the model.

We intend to issue a release shortly that gives an interim summary of the Racecourse and Ascot prospects."

Phase Two Bushranger Prospect Assay Results

Table 1

Assay Results from Drill Hole BRDD-22-039

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
BRDD-22-039	182	188	6	0.20	0.02	1.3	0.22
	200	214	14	0.07	0.09	0.7	0.13
	432	434	2	0.01	1.86	0.4	N/A
	510	542	32	0.02	0.92	1.0	N/A
Including	510	524	14	0.02	1.96	1.6	N/A
And	510	512	2	0.02	3.24	2.4	N/A
	595	601	6	0.01	0.46	0.4	N/A

*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-22-039 was drilled from the same drill pad and beneath drill hole BRDD-21-038 (refer to announcement dated 17 May 2022), situated 200m to the south of the discovery hole (BRDD-21-035) at the Ascot prospect. Both holes were drilled towards the west, with drill hole 38 drilled at -50 degrees and completing at a final depth of 659.6m, and drill hole 39 drilled at a steeper angle of -65 degrees and completing at a final depth of 664.1m.

In reference to the attached cross-section for drill holes BRDD-21-038 & BRDD-22-039, it is evident that two quite distinct mineralisation styles have been intersected, including one which displays consistent elevated gold values. Drill hole BRDD-22-039 in particular has intersected strong intervals of porphyry related gold mineralisation, including an interval of 32m which returned 0.92 g/t Au from a depth of 510m, this zone was consistently elevated in gold throughout showing a good propensity for disseminated porphyry related gold mineralisation, with the best assay result in the zone returning 2m at 3.24 g/t Au. The intercepts in hole BRDD-22-039 display a good correlation with similar intervals in drill hole BRDD-21-038, highlighting a series of near vertical veins and structures which are all elevated in gold, with hole BRDD-21-038 returning a best result of 2m @ 2.3 g/t Au from a depth of 591m (refer to RNS dated 17 May 2022).

These initial results at Ascot display similar characteristics to the discovery of the deeper, gold-rich Ridgeway deposit, which is a part of the Cadia-Ridgeway group of porphyry deposits discovered by Newcrest Mining. Cadia-Ridgeway is situated 25km to the south of Orange in New South Wales, less than 100km from the Bushranger project, in the prospective Lachlan Fold Belt. Ridgeway is a near vertical intrusive complex with an indicated resource of 110Mt at 0.57 g/t Au and 0.3% Cu and is currently under development by Newcrest as an underground mining operation.

Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/1316N_1-2022-5-27.pdf

Bushranger Cross-Section Drill Holes BRDD-21-038 & BRDD-21-039

http://www.rns-pdf.londonstockexchange.com/rns/1316N_2-2022-5-27.pdf

Bushranger Prospect Assay Summary
http://www.rns-pdf.londonstockexchange.com/rns/1316N_3-2022-5-27.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
"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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