Xtract Resources plc Completion of phase one drilling at Bushranger (5102U)

TIDMXTR

RNS Number : 5102U

Xtract Resources plc

06 April 2021

For immediate release

6 April 2021

Xtract Resources Plc

("Xtract" or the "Company")

Completion of Phase One Drilling at the Bushranger Copper-Gold Project

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on completion of the final hole of the Phase One diamond drilling programme at the Racecourse Inferred Mineral Resource (JORC 2012) on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.

Highlights

-- Angled hole BRDD-21-006 at Racecourse has been completed at 990.15m depth, concluding the Phase One drilling programme

-- The hole encountered typical porphyry-style copper mineralisation from 170m to 950m depth, passing through the 310m wide potassic alteration zone with well-developed chalcopyrite-pyrite-pyrrhotite mineralisation from approximately 570m to 880m down-hole

-- The drill rig will now stand down pending commencement of the planned Phase Two drilling programme

-- Assay results from hole BRDD-21-002 onwards are expected to be received in batches over the coming weeks and will be reported as they are received and collated

-- A MIMDAS deep IP geophysical survey is currently in progress to assist with defining extensions of the Racecourse deposit down-plunge and along strike

-- The drillhole assay data and the geophysical survey results will be entered to an updated 3-D deposit model that will assist in guiding the Phase Two drilling programme

Colin Bird, Executive Chairman said: "This is a good way to finish the Phase One drilling programme. All the completed holes passed through the potassic alteration zone with apparently good mineralisation. We are now busy with analysis of the raw data acquired and are building up a 3-D model to assist with planning of the Phase Two drilling programme. The geophysical programme has commenced - on completion we will understand much more about mineralisation trends and the potential of the Racecourse porphyry system. We are very pleased with the results and the team now looks forward to preparing for Phase Two."

Drilling Summary

Drill hole BRDD-21-006 was drilled to the north from the same pad as the previous hole, 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. The hole has been completed at a final depth of 990.15m, having passed through the full porphyry deposit sequence, with the central potassic alteration zone intersected from approximately 570m to 880m downhole. Chalcopyrite-pyrite-pyrrhotite mineralisation was encountered throughout the potassic zone, similar to that reported for previous Phase One holes through the deposit.

Logging and core sampling work is continuing and laboratory assay results for the second hole of the programme (BRDD-21-002) are expected shortly, with results for the remaining completed holes to follow in batches. The Company will report on the assay results as they are received and collated.

The MIMDAS IP survey is continuing, and information from this deep survey, along with assay results from the Phase One drilling, will be developed into a 3-D model to guide the planned Phase Two drilling programme aimed at defining a 2Mt copper-equivalent mineral resource.

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:

 
 "chalcopyrite"          A copper-iron sulphide mineral, CuFeS(2) , 
                          often found in copper ores 
 "Cu"                    Copper 
 "Inferred Mineral       That part of a Mineral Resource for which 
  Resource"               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 
 "IP"                    Induced polarisation - A method of ground 
                          geophysical surveying which employs the passing 
                          of an electrical current into the ground to 
                          test for indications of conductive metallic 
                          sulphides 
 "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 
 "Mt"                    Million tonnes 
 "porphyry"              A deposit of disseminated copper minerals 
                          in or around a large body of intrusive rock 
 "potassic alteration"   Descriptive of alteration of rocks through 
                          the introduction of potassium 
 "pyrite"                Iron sulphide mineral, FeS2 
 "pyrrhotite"            An iron sulphide mineral, Fe1-XS, often magnetic 
 
 

ENDS

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April 06, 2021 06:37 ET (10:37 GMT)