REG - Xtract Resources plc - Bushranger assay results and drilling update

Xtract ResourcesAnnouncement

07/07/2022 12:30

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RNS Number : 7011R  Xtract Resources plc  07 July 2022

 

For immediate release

7 July 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results and Drilling Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
advise that independent laboratory assays have been received for drill holes
BRDD-22-040, BRDD-21-041 & BRDD-22-042 from the Phase 2 diamond drilling
programme at the Bushranger copper-gold exploration project.

 

Highlights

 

·    Assay results for holes drilled between the Racecourse and Ascot
deposits have defined the southern limit of the Racecourse Mineral Resource
and the northern margin of Ascot

·    Hole BRDD-22-042 cut a lengthy interval of low-grade copper
mineralisation to the south of the Racecourse deposit which is considered to
be below viable mining grade and will thus be valuable in defining the
southern limit of the conceptual open pit

·    At Ascot, mineralisation in hole BRDD-22-040 returned modest assay
grades over a wide interval at relatively shallow depths to the northwest of
previous drilling; this latest Ascot hole again shows relative gold
enhancement compared to Racecourse

·    Drilling is continuing for now at Ascot to test copper and gold
distribution at depth beneath previous drill intersections

·    Two exploratory drillholes completed at the Footrot prospect 7km to
the southeast of Racecourse (FTDD-22-001 and FTDD-22-002) encountered weak
copper mineralisation along with much disseminated to semi-massive pyrite and
pyrrhotite within porphyritic intrusives, providing encouragement that the
Bushranger project area contains potential for multiple porphyry copper-gold
targets

 

 

Colin Bird, Executive Chairman said: "Hole BRDD-22-042 is the most southern
hole we've drilled in the Racecourse resource area and, while considerable
lengths of mineralisation are present, it is evident that we've reached the
southern end of the Racecourse mineral deposit. We will now advance planning
to define the conceptual open pit on the back of the drilling results, updated
resource modelling and metallurgical test work completed."

 

 

Phase Two Bushranger Prospect Assay Results

Table 1

Assay Results from Drill Hole BRDD-21-040

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-040  143       361     218           0.10      0.08      0.60      0.15
 Including    143       169     26            0.16      0.04      0.77      0.19
 And          175       197     22            0.12      0.19      0.47      0.24
 Including    183       195     12            0.14      0.30      0.53      0.32
 And          213       265     52            0.15      0.14      0.75      0.24
 Including    213       245     32            0.15      0.18      0.86      0.27
              555       565     10            0.31      0.10      3.08      0.39

 

Table 2

Assay Results from Drill Hole BRDD-21-041

 

 Hole ID     From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-41  399       429     30            0.15      0.02      1.68      0.17
 Including   415       429     14            0.22      0.02      2.57      0.25

 

Table 3

Assay Results from Drill Hole BRDD-22-042

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-042  49        57      8             0.18      0.13      0.10      0.26
              109       125     16            0.16      0.03      0.09      0.19
 Including    119       125     6             0.23      0.08      1.30      0.29
              147       299     152           0.14      0.06      1.00      0.18
 Including    205       215     10            0.64      0.06      4.20      0.70
 And          231       241     10            0.26      0.01      1.60      0.27
 And          253       271     18            0.22      0.02      1.30      0.25
 And          295       299     4             0.59      0.10      4.80      0.69

 

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide,
Australia

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

Racecourse

Drill hole BRDD-22-042 was drilled towards the west at an inclination of -55
degrees, completing at a final depth of 653.6m. The hole is located beyond the
southern limit of the Racecourse Inferred Mineral Resource and represents the
most southerly hole drilled into the Racecourse deposit. Assay results include
a wide 152m interval averaging 0.18% CuEq from 147m downhole depth, with
multiple sub-intervals of higher-grade mineralisation assaying up to 4m at
0.69% CuEq from 295m downhole depth. Several mineralised intervals were also
intersected above the main mineralised zone at shallow depths, including an 8m
interval averaging 0.26% CuEq from a downhole depth of just 49m.

 

These results help to define the southern limit of the Racecourse Inferred
Mineral Resource, with the assay results of adjacent drill hole BRDD-22-043
still awaited.

 

Drill hole BRDD-21-041 was drilled at a shallower angle from the same pad as
drill hole BRDD-21-032, in the area between Racecourse and Ascot. The hole
aimed to test for potential mineralisation above drill hole 32, which
intersected significant lengths of porphyritic alteration (see announcement
dated 17(th) December 2021). The new hole was drilled at -55 degrees to the
WSW, and completed at a depth of 691.9m, having intersected a 30m interval of
copper mineralisation averaging 0.17% CuEq from 399m downhole depth. This hole
confirms that the area between Racecourse and Ascot is mineralised, but
copper-gold intercepts are relatively thinner and low grade.

 

Ascot

Drill hole BRDD-21-040 was drilled at an inclination of -50 degrees from the
same drill pad as the Ascot discovery hole (BRDD-21-035) but angled further to
the northwest. The hole completed at a depth of 777.2m, having intersected a
wide copper interval of 218m at 0.15% CuEq from a downhole depth of 143m,
which included enhanced gold intersections up to 12m at 0.3g/t Au (0.32% CuEq)
from 183m downhole depth. The aim of this drillhole was to test for shallower,
possibly open-pittable mineralisation at Ascot and, while it confirmed the
continuation of mineralisation at shallower depths 100m to the north of
drillhole BRDD-21-035, it appears to lie on the northern margin of the Ascot
deposit.

 

Drilling of what is expected to be the final Phase 2 deep drillhole has
commenced at the Ascot prospect and results will be delivered in due course.

 

Footrot

Two exploratory holes were drilled at the Footrot prospect 7km to the
southeast of Racecourse to test for copper-gold related porphyry
mineralisation in an area with coincident surface geochemical and geophysical
anomalies. Both holes (FTDD-22-001 and FTDD-22-002) drilled into porphyritic
intrusives with weak copper mineralisation along with much disseminated to
semi-massive pyrite and pyrrhotite, and completed at depths of 468m and 336m
respectively. These holes provide encouragement that the Bushranger project
area contains potential for multiple porphyry copper-gold targets. Core
samples from the Footrot holes will now be dispatched for laboratory analysis.

 

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/7011R_1-2022-7-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7011R_1-2022-7-7.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-040

 

http://www.rns-pdf.londonstockexchange.com/rns/7011R_2-2022-7-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7011R_2-2022-7-7.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-041

 

http://www.rns-pdf.londonstockexchange.com/rns/7011R_3-2022-7-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7011R_3-2022-7-7.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-042

 

http://www.rns-pdf.londonstockexchange.com/rns/7011R_4-2022-7-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7011R_4-2022-7-7.pdf)

 

Bushranger Prospect Assay Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/7011R_5-2022-7-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7011R_5-2022-7-7.pdf)

 

 

 

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 (http://www.xtractresources.com)

 Beaumont Cornish Limited                           Roland Cornish       +44 (0)207628 3369

 Nominated Adviser and Joint Broker                 Michael Cornish      www.beaumontcornish.co.uk (http://www.beaumontcornish.co.uk)

                                                    Felicity Geidt

 Novum Securities Limited                           Jon Belliss          +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury

 

 

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:

 

 "Ag"              Silver
 "Au"              Gold
 "Cu"              Copper
 "CuEq"            Copper equivalent grade, calculated using assumed metal prices for copper,
                   gold and other metals

 "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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