Xtract Resources plc Drilling Update Bushranger Project (3793T)

TIDMXTR

RNS Number : 3793T

Xtract Resources plc

24 March 2021

For immediate release

24 March 2021

Xtract Resources Plc

("Xtract" or the "Company")

Drilling Update from the Bushranger Copper-Gold Project

The Board of Xtract Resources Plc ("Xtract" or the "Company") provides an update on progress of hole BRDD-21-006 of the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.

Drilling on hole BRDD-21-006 recommenced at the Bushranger project today earlier than anticipated, as the adverse weather conditions on site relented (see news release of 23 March 2021).

The hole has now advanced to 333m depth with continuing pyrite, pyrrhotite and traces of chalcopyrite, as reported yesterday, typical of the outer margin of the Racecourse porphyry system.

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:

 
 "Au"                Gold 
 "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 
 "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 
 "pyrite"            Iron sulphide mineral, FeS2 
 "pyrrhotite"        an iron sulphide mineral, Fe1-XS, often magnetic 
 
 

ENDS

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March 24, 2021 10:48 ET (14:48 GMT)