Xtract Resources plc Drill programme planning Western Foreland Zambia

RNS Number : 2789Y

Xtract Resources plc

30 July 2024

 

 

30 July 2024

For immediate release

Xtract Resources Plc
("Xtract" or the "Company")

Drill Programme Planning in the Western Foreland, Zambia

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on exploration taking place on Licences 29123-HQ-LEL, 30458-HQ-LEL, 30459-HQ-LEL, 21850-HQ-LEL and 21851-HQ-LEL located in NW Zambia within both the Western Foreland and Fold & Thrust Belt domains. 

 

Highlights

 

The following work has been completed to date:

 

·    Detailed mapping and ground truthing undertaken in prospective terrain within the Western Foreland domain where lithological units are most likely to foster redox fronts and therefore potential for Kamoa-Kakula style mineralisation.

 

·    Follow up investigations and reconnaissance carried out within the Fold & Thrust Belt ("FTB") domain identifying the origins of surface artisanal mining activity and other copper showings and targeting mineralised rafts typical in the FTB.

 

·    Selecting and prioritising drill collar positions for follow up drilling on all Xtract's NW Zambian licences.

 

·    Compilation of all permits and approvals and the updating of local chiefdoms, facilitated by Cooperlemon Consultancy, Xtract's partner in the Licences.

 

Colin Bird, Executive Chairman said: "Our work on the NW Zambia exploration licences has been very progressive to the point that we have identified initial drill targets which we expect to commence drilling before the end of the third quarter this year.

The licences are centrally positioned relative to the Western Foreland geological architecture. Field work greatly added to our previous information base, and we are optimistic about our targets and the general licence area.

The Zambian Western Foreland continues to be a strong focus for the international mining industry, and we are pleased to have gained such a highly prospective position in the belt. We will keep investors appraised of the results of our field work as it progresses."

 

Further information

 

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 pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310). The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Executive Chairman and 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

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

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.

 

 

 

 

Technical Glossary

 

"Kamoa-Kakula style"	Ultra-high grade copper deposits occurring on the contact between ancient basement and younger Katangan aged rocks as in the Western Foreland area of the DRC.
"Fold and Thrust Belt"	A series of mountainous foothills adjacent to an orogenic belt, which forms due to contractional tectonics
"Mineralised rafts"	Mineral deposits/occurrences in a higher stratigraphic position that may be detached from deposits deeper in the stratigraphic column
"Redox front"	Oxidation/reduction reaction occurring in the weathering zone along the water table

           

 

 

ENDS

 

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