Xtract Resources plc Bushranger Project completion of third drill hole (0930Q)

TIDMXTR

RNS Number : 0930Q

Xtract Resources plc

23 February 2021

For immediate release

23 February 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project - Completion of Third Hole of Drilling Programme

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide information on completion of the third 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

-- Angled hole BRDD-21-003, the third hole of the planned drilling programme, was completed at 975.5m, having drilled through the altered and mineralised porphyry system from 240m to the base of hole.

-- Chalcopyrite copper mineralisation was first observed at 119m and became more persistent from 240m, with the best mineralised interval coinciding with the central alteration zone over a 227m length from 598m to 825m.

-- The core will now be logged, split and sampled in preparation for laboratory analysis for copper, gold and other elements.

-- The drill rig will be moved to drill the fourth hole of the programme to test the deposit further to the west and down-plunge.

Colin Bird, Executive Chairman said: "We are very pleased with the most recent hole and are gaining considerable insight into the geometry and extent of the mineralised system at the Racecourse deposit. The copper-bearing interval in this hole was considerably longer than anticipated, suggesting the possibility that the deposit may be significantly larger than first thought. We await assay results and, in the meantime, the drill rig will be moved to drill the fourth hole of the programme to the west and down-plunge of the previous holes."

Drilling Summary

Hole BRDD-21-003, the third hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, was drilled to test the width and grade of the porphyry mineralisation higher in the deposit than the previous two holes in order to assist in defining the 3-dimensional shape and orientation of the porphyry system. The hole was drilled at -60 degrees towards the north-northwest to a finishing depth of 975.5m.

A summary log of the hole is as follows:

0 - 119m Unaltered and unmineralised andesitic to basic volcanics interlayered with andesitic sandstone and siltstone

119 - 123m Shear/Breccia zone with quartz-pyrite alteration and minor sphalerite and chalcopyrite

   123 - 188m         Unaltered volcanics 
   188 - 198m         Quartz-pyrite-pyrrhotite alteration zone with minor chalcopyrite 
   198 - 240m         Unaltered volcanics 

240 - 495m Volcanic rocks - outer alteration zone of porphyry copper system with pyrite and lesser chalcopyrite-sphalerite mineralisation as veinlets and stringers

495 - 570m Intermediate volcanic alteration zone with pyrite-pyrrhotite-chalcopyrite both disseminated and hosted in veinlets/stringers

570 - 598m Porphyritic intrusion - pyrite-pyrrhotite-chalcopyrite both disseminated and hosted in veinlets/stringers

598 - 825m Central volcanic (potassic) alteration zone with pyrite-pyrrhotite and stronger chalcopyrite mineralisation, both disseminated and hosted in veinlets/stringers

825 - 890m Intermediate to outer volcanic alteration zone with continuing pyrite-pyrrhotite-chalcopyrite, similar in style to the earlier zones

890 - 975.5m Outer porphyry alteration zone. Continuing pyrite-pyrrhotite-chalcopyrite, both disseminated and hosted in veinlets/stringers. Sphalerite-galena occurs in places, also hosted in veinlets/stringers. Mineralisation diminishes towards the base of the hole

End of hole at 975.5m

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,           [phone] 
                               Executive Chairman    www.xtractresources.com 
 Beaumont Cornish Limited     Roland Cornish        [phone] 
  Nominated Adviser and        Michael Cornish       www.beaumontcornish.co.uk 
  Joint Broker                 Felicity Geidt 
 
   Novum Securities Limited     Jon Belliss           [phone] 
   Joint Broker                 Colin Rowbury         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:

 
 " albite"           A plagioclase felspar mineral with less than 
                      10% anorthite content 
 
 "alteration zone"   A zone exhibiting change in mineralogical 
                      composition of a rock commonly brought about 
                      by reactions with hydrothermal solutions 
 "andesitic"         Of an igneous rock with 52% to 66% silica 
 "Au"                Gold 
 "biotite"           A brown-coloured iron rich mica 
 "breccia"           Rock fragmented into angular components 
 "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 
 "galena"            Lead sulphide mineral, PbS 
 "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 
 "quartz"            A mineral composed of silicon dioxide, SiO2 
 "sphalerite"        Zinc sulphide mineral, ZnS 
 "stringer"          A narrow vein or irregular filament of mineral 
                      traversing rock mass of different composition 
 
 
 

ENDS

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February 23, 2021 11:45 ET (16:45 GMT)