Bushranger Project Drill Progress Update

RNS Number : 9854R

Xtract Resources plc

11 March 2021

 

For immediate release

11 March 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project - Drill Progress Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on completion of the fifth hole of the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.

Highlights

· Hole BRDD-21-005 at Racecourse has been completed at approximately 876m depth, having encountered a visually similar chalcopyrite-pyrite-pyrrhotite mineralised interval down-plunge from that previously reported in hole BRDD-21-003.

· A new hole, BRDD-21-006, will be drilled to the north from the same pad as BRDD-21-005, but angled to drill obliquely through the mineral zone, aiming to provide an intercept across the deposit at greater depth down-plunge.

· Assay results from the first hole of the Phase One drilling programme are expected shortly and will be reported when they have been received and collated.

Colin Bird, Executive Chairman said: "We are pleased to report that Hole BRDD-21-005 has, as anticipated, encountered visually similar mineralisation to that seen in hole BRDD-21-003. We are now re-directing the rig to drill the sixth hole of the programme in order to provide an intersection across the down-plunge extension of the deposit at depth. We continue to refine our model as we better understand the orientation and attitude of the porphyry system, and this will be further aided as we begin to receive split core assays, with the first batch expected shortly."

Drilling Summary

Drill hole BRDD-21-005 was oriented at -70 degrees towards the north-northwest with the aim of drilling across the Racecourse porphyry copper-gold deposit about 120m down-plunge from hole BRDD-21-003. The hole has now been completed at a final depth of approximately 876m, having passed through the full porphyry deposit sequence containing chalcopyrite-pyrite-pyrrhotite mineralisation similar to that reported previously for hole BRDD-21-003.

The next hole, BRDD-21-006 will be drilled to the north from the same pad as BRDD-21-005, but angled to drill obliquely through the mineral zone, aiming to provide an intercept across the deposit at greater depth down-plunge.

It is not intended to continue drilling on the capped hole BRDD-21-004 at this time but the hole remains accessible for future deepening.

Logging and core sampling of the earlier holes is continuing and laboratory assay results for the first hole of the programme (BRDD-20-001) are expected shortly. The Company will report on the assay results when they are received and will report further on completion of the new hole or in the event of any other material development.

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	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:

"alteration zone" A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions "chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often found in copper ores "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 "pyrite" Iron sulphide mineral, FeS2 "pyrrhotite" An iron sulphide mineral, Fe1-XS, often magnetic

ENDS

 

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