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Xtract Resources plc Further Drilling Progress Update at Bushranger

14/09/2021 11:43am

UK Regulatory (RNS & others)


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Xtract Resources plc

14 September 2021

For immediate release

14 September 2021

Xtract Resources Plc

("Xtract" or the "Company")

Further Drilling Progress Update at Bushranger

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report continuing progress on the Phase Two diamond drilling programme at the Bushranger copper-gold porphyry exploration project in New South Wales with the completion of BRDD-21-015 and BRDD-21-016.

Highlights

-- Hole BRDD-21-015 was targeted at the Northwest extent of the interpreted mineralised zone and was completed at 780.5m depth having intersected 566m of visible chalcopyrite mineralisation from 204m depth

-- The modelled resistivity low at 400m was interested accurately in hole BRDD-21-015 with a zone of more intense mineralisation from 399m depth within the interpreted high-grade crown of the intrusion

-- Hole BRDD-21-016 was targeted in the Southeast extent of the interpreted mineralised zone and was completed at 645.5m depth, visible chalcopyrite was intersected over a 492.5m interval from 93m depth, which includes two stronger zones of mineralisation from 162m to 302m and 430m to 525m

-- Both of these holes were designed to test the intrusion at shallower depths than the earlier Phase 1 drilling at the north-western and south-eastern extents of the Racecourse interpreted mineralised zone and the intersection of visible chalcopyrite mineralisation has further confirmed the prospectivity of the project

   --    Logging and core splitting of the existing Phase Two drill-core is on-going 

-- Drilling is underway on BRDD-21-017 which is targeting a resistivity low on the Northeast side of the intrusion and has intersected visible chalcopyrite from 118m depth

Colin Bird, Executive Chairman said:

"I am very pleased with the results of these two holes, both of which intersected long runs of mineralisation of varying strengths. Hole 15 intersected a long run of mineralisation in an area of low resistivity within the interpreted high-grade crown of the intrusion and we are pleased that this interception has demonstrated prospectivity at shallower depths. Hole 16 intersected two limbs and strong mineralisation in the proximity of the crown and has provided extensions of the mineralisation to the southeast. I am pleased that we report that hole number 17 has commenced and we have already intersected mineralisation at 118m."

Phase 2 Drilling Progress

Drilling has continued at the Racecourse exploration project with the completion of two further diamond drillholes BRDD-21-015 & BRDD-21-016.

Hole BRDD-21-015 was drilled at -55 degrees towards the ENE above previous drillholes BRDD-21-002 and BRDD-21-003 from the Phase 1 programme, and tested the high-grade mineralised crown and resistivity low anomaly within the northwest extent of the interpreted mineralised zone. The hole was drilled to a depth of 780.5m and intersected a 566m interval of visible chalcopyrite copper mineralisation from 204m depth to 770m depth, a stronger zone of visible mineralisation was intersected within altered volcanics over a 271m interval from 399m within the interpreted high-grade crown of the intrusive body, which also coincides with the modelled resistivity low at 400m depth.

Hole BRDD-21-016 was collared close to existing drillhole BRDD-21-013 and designed to test the southeast extent of the interpreted mineralised zone by drilling at a steeper dip of -70 degrees and towards azimuth 090 degrees (BRDD-21-013 drilled at a dip of -60 degrees towards azimuth 070 degrees). The occurrence of 492.5m intersection of visible mineralisation from 93m depth has confirmed the extension of mineralisation to the Southeast by up to 40m on the hangingwall and 100m on the footwall. Within the zone of visible chalcopyrite, two zones of stronger visible mineralisation were encountered over a 140m intercept from 162m depth, and a 95m intercept from 430m depth, interpreted to represent both limbs of the mineralisation in proximity to the crown.

Phase Two drilling has continued with the commencement of hole BRDD-21-017 which is targeting a resistivity low in the Northeast extent of the porphyritic intrusion and has intersected visible chalcopyrite mineralisation from 118m depth so far.

Phase 2 Drilling Programme at the Racecourse Mineral Resource - Background

The Bushranger porphyry copper-gold project is located in the highly prospective Lachlan Fold Belt ("LFB") of New South Wales, Australia. The current JORC (2012)-compliant Inferred Mineral Resource on the Racecourse deposit is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme which was recently concluded and reported.

The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit. A total of approximately 8,000m of drilling is planned in the first block of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.

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 by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

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,           +44 (0)20 3416 6471 
                              Executive Chairman    www.xtractresources.com 
 Beaumont Cornish Limited    Roland Cornish        +44 (0)207628 3369 
  Nominated Adviser and       Michael Cornish       www.beaumontcornish.co.uk 
  Joint Broker                Felicity Geidt 
  Novum Securities Limited    Jon Belliss 
   Joint Broker                Colin Rowbury         +44 (0)207 399 9427 
                                                     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, CuFeS2, often 
                      found in copper ores 
 
 "Cu"                Copper 
 "Footwall"          The mass of rock below a fault, vein or bed 
                      of mineralization. 
 "Hanging wall"      The mass of rock above a fault vein or bed 
                      of mineralisation. 
 
 "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 
 
 
 
 

ENDS

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END

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September 14, 2021 06:43 ET (10:43 GMT)

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