Bushranger Project Drilling Programme Update

RNS Number : 3902L

Xtract Resources plc

12 January 2021

 

For immediate release

 12 January 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project Drilling Programme Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide a further update on the Phase One drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.  Drilling recommenced on 7 January 2021 after a short break over the Christmas - New Year holidays.

Highlights

· Drilling recommenced on 7 January from a depth of 213.1m, following a short break over the Australian Christmas Holidays

· Drilling of the first of three holes on the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has progressed to a depth of 607m in drill hole BRDD-20-001

· Significant copper mineralisation commenced in drill hole BRDD-20-001 at a depth of 110m and continues to the current depth of the drill hole at 607m

· The copper mineralisation is predominantly disseminated chalcopyrite (copper sulphides) within a strongly altered quartz-feldspar porphyry intrusive body

· Drilling operations are progressing at a significant pace with drill hole BRDD-20-001 advancing at a rate of 80-90m per 24-hour period

· Drilling will continue in drill hole BRDD-20-001 to the planned depth of 815m and if the drill hole remains mineralised at that depth drilling will continue until the mineralisation is drilled through

· The Phase One drilling programme will comprise three diamond drill holes for a total of 2,290m, with the objective of extending the copper-gold mineralisation beyond the current boundary of the Mineral Resource of 71Mt @ 0.44% Cu & 0.064g/t Au, at a 0.3% cut-off, which has been classified as Inferred in accordance with JORC (2012)

Colin Bird, Executive Chairman said: "Following the customary short break over the Australian Christmas - New Year period, drilling of hole BRDD-20-001 at the Racecourse Mineral Resource on the Bushranger Project, recommenced on 7 January and drilling is proceeding at a very pleasing rate of 80-90m per 24 hours. The disseminated copper mineralisation, which commenced at a down hole depth of 110m, has continued to the current hole depth of 607m so we now have nearly 500m of mineralisation in this first drill hole which is very encouraging. The mineralisation is fine grained chalcopyrite within a quartz feldspar porphyry intrusive body, which is characteristic of mineralised porphyry bodies within the Lachlan Fold Belt in New South Wales . If the mineralisation continues to the planned total hole depth of 815m we will just continue to drill until we drill through all the mineralisation."

Please see the following web links for the Racecourse Mineral Resource long section and photographs of the mineralisation intersected to date in drill hole BRDD-20-001:

Racecourse Mineral Resource Long Section

http://www.rns-pdf.londonstockexchange.com/rns/3902L_1-2021-1-12.pdf

Copper Mineralisation Intersected in hole BRDD-20-001 at the Racecourse Mineral Resource

http://www.rns-pdf.londonstockexchange.com/rns/3902L_2-2021-1-12.pdf

http://www.rns-pdf.londonstockexchange.com/rns/3902L_3-2021-1-12.pdf

Phase One Drilling Programme at the Racecourse Mineral Resource - Bushranger Project

The Phase One drilling programme commenced on 16 December 2020 (as announced on 16 December 2020) and by 21 December drill hole BRDD-20-001 had progressed to a depth of 213.1m, when drilling was suspended for the customary Australian holidays over the Christmas - New Year period.  Drilling recommenced on 7 January 2021 (as announced on 7 January 2021) and by 11 January 2021, at the end of the drilling day shift, had reached a depth of 607m. 

In drill hole BRDD-20-001 substantial copper mineralisation was first intersected at a downhole depth of 110m and continues to the current hole depth of 607m.  The hole is planned to continue to a total depth of 815m.  If drill hole BRDD-20-001 remains mineralised at the planned total depth of 815m, then drilling will continue until the mineralisation has been drilled through. Currently drilling is advancing at a rate of 80-90m per 24-hour period.

Samples for geochemical assay will be submitted to the geochemical laboratory on a progressive basis and it is anticipated that the first samples from drill hole BRDD-20-001 will be submitted before the end of the current week.

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	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
"Au"	Gold
"chalcopyrite"	A copper-iron sulphide mineral, CuFeS2, often found in copper ores
"Cu"	Copper
"disseminated"	Mineralization distributed throughout a rock
"exploration"	Method by which ore deposits are evaluated
"felspar"	A group of silicate minerals which are the main components of acid, intermediate and basic igneous rocks
"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 Code"	Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves
"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
"quartz"	A mineral composed of silicon dioxide, SiO2

ENDS

 

END

 

 

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