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

Xtract ResourcesAnnouncement

27/07/2022 12:15

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RNS Number : 9509T  Xtract Resources plc  27 July 2022

 

For immediate release

27 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-22-045, BRDD-22-046, BRDD-22-053 & BRDD-22-054 from the Phase 2
diamond drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

·    Significant intervals of gold mineralisation have been intersected on
the western side of the Racecourse Inferred Mineral Resource in an area with
no previous historical drilling, which will be incorporated into an updated
Racecourse resource model

·    The best intercept is from drill hole BRDD-22-054;

·    26m at 1.64g/t Au (1.24% CuEq) from a downhole depth of 338m

§ Including: 18m at 2.28g/t Au from a downhole depth of 346m

·    A wide copper interval was intersected in drill hole BRDD-22-053
which is beyond the western limit of the current Racecourse Inferred Mineral
Resource with a return of 320m at 0.16% CuEq from a downhole depth of 161m

·    At Ascot, a 60m interval returning 0.20% CuEq from a downhole depth
of 321m was returned in drill hole BRDD-22-046, which has added further
clarity to the northern extension of the Ascot mineralisation. While a gold
horizon was intersected in drill hole BRDD-22-046, with a return of;

·    22m at 0.21g/t Au from a downhole depth of 263m, including

§ 6m at 0.57g/t Au from a depth of 265m

·    All assays from the Phase Two Drilling at Racecourse have now been
returned and the company intends to now finalise an updated resource model for
the deposit

·    Assays from the Phase Two Drilling at Ascot continue to be received

 

 

Colin Bird, Executive Chairman said: "The Phase Two drilling programme has
been extremely successful in defining Racecourse and partially identifying
Ascot, which remains open ended and relatively untested. All results have now
been returned from Racecourse which will allow the team to commence the
modelling of the Racecourse conceptual open pit and define the contained
copper tonnages.

 

Assay results continue to arrive, with the results from four drillholes still
expected at Ascot and to the south of Racecourse, and the results of two
drillholes expected from Footrot. Operations have now closed down while we
assess the results of the Phase Two Drilling Programme and future exploration
and development activities will be designed once all the information from
Phase Two has been modelled and assimilated. We will keep shareholders fully
informed with activity moving forwards."

 

Phase Two Bushranger Prospect Assay Results

Table 1

Assay Results from Drill Hole BRDD-22-045 (Ascot)

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-045  278       288     10            0.22      0.03      3.76      0.28
              390       404     14            0.14      0.05      1.46      0.18
 Including    396       402     6             0.20      0.08      2.20      0.27
              492       496     4             0.29      0.03      2.70      0.33

 

Table 2

Assay Results from Drill Hole BRDD-22-046 (Ascot)

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-046  263       285     22            0.03      0.21      0.5       N/A
 Including    265       271     6             0.01      0.57      0.1       N/A
              321       381     60            0.15      0.05      1.6       0.20
 Including    341       361     20            0.32      0.08      1.60      0.39

 

 

Table 3

Assay Results from Drill Hole BRDD-22-053 (Racecourse)

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-053  161       481     320           0.11      0.06      0.52      0.16
 Including    201       219     18            0.12      0.13      1.89      0.23
 and          281       287     6             0.22      0.02      2.00      0.25
 and          305       313     8             0.19      0.07      0.25      0.24
 and          385       391     6             0.37      0.05      0.00      0.41
 and          405       429     24            0.24      0.24      0.07      0.42

 

 

Table 4

Assay Results from Drill Hole BRDD-22-054 (Racecourse)

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-054  220       428     208           0.08      0.24      0.09      0.26
 Including    338       364     26            0.07      1.64      0.09      1.24
 Including    346       364     18            0.04      2.28      0.09      N/A
              476       510     34            0.15      0.01      0.14      0.16
 Including    478       486     8             0.35      0.01      0.50      0.36

 

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

**CuEq Formula: CuEq = Cu% + 0.7081xAu (g/t) + 0.0075xAg (g/t)

 

 

Ascot

Both drill holes BRDD-22-045 and BRDD-22-046 were drilled from the same drill
pad as drillhole BRDD-22-044 (refer to RNS dated 10 May 2022), towards the
northern extent of the currently defined Ascot mineralisation. Both drill
holes were drilled towards the northeast and angled roughly 80m further to the
north than BRDD-22-044 to test for a northerly extension of mineralisation.
Drillhole BRDD-22-045 was drilled at an inclination of -80 degrees and
completed at a final depth of 645.7m, while drill hole BRDD-22-046 was drilled
at a shallower inclination of -60 degrees, completing at a final depth of
723.7m depth.

 

Drillhole BRDD-22-045 contained sporadic intervals of copper mineralisation
with best results including 10m at 0.28% CuEq from a depth of 278m and 4m at
0.33% CuEq from a depth of 492m.

 

Drillhole BRDD-22-046 intersected a gold horizon at a relatively shallow
depth, returning up to 6m at 0.57g/t Au from a depth of 265m, and a copper
zone at greater depth. The copper intersected in drill hole BRDD-22-046 was
more consistent than that in drillhole BRDD-22-045 with a 60m interval
containing 0.20% CuEq from a downhole depth of 321m, which includes a
higher-grade interval of 20m at 0.39% CuEq from a depth of 341m. This copper
zone is consistent with intervals returned in BRDD-22-044 roughly 80m to the
south, and BRDD-21-031 roughly 130m to the north, and has added further
definition to the northern limits of the Ascot mineralisation.

 

 

Racecourse

 

Drillholes BRDD-22-053 and BRDD-22-054 mark the final two holes drilled at the
Racecourse Inferred Mineral Resource as part of the Phase Two Drilling
Programme. Both holes were designed as deep in-fill holes to the Racecourse
deposit, where there were large gaps in the current Inferred Mineral Resource
which required drilling. The holes were drilled on the western side of the
Racecourse Inferred Mineral Resource angled towards the east in the
southern-central area of the deposit, with the intention of extending the
mineralisation at depth to the west.

 

Drillhole BRDD-22-053 was drilled at -50 degrees towards the northeast and
completed at a final depth of 624.4m. A wide, 320m interval of mineralisation
containing an average of 0.16% CuEq was intersected from a downhole depth of
161m, which includes multiple sub-intervals of higher-grade mineralisation,
including up to 24m at 0.42% CuEq from a downhole depth of 405m, which also
contains an average of 0.24g/t Au.

 

Drillhole BRDD-22-054 was drilled at -50 degrees towards the east and
completed at a final depth of 564.1m. The hole was well mineralised having
intersected a wide 208m interval of 0.26% CuEq from a downhole depth of 220m,
which includes several high-grade gold intercepts, returning up to 26m at
1.64g/t Au (1.24% CuEq) from a depth of 338m, including 18m at 2.28g/t Au
(1.67% CuEq) from a depth of 346m.

 

These gold intercepts are very interesting and will form a pivotal part of the
resource modelling for the deposit, which can now commence following the
return of all assays from Racecourse.

 

 

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/9509T_1-2022-7-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9509T_1-2022-7-27.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-045 & 046

 

http://www.rns-pdf.londonstockexchange.com/rns/9509T_2-2022-7-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9509T_2-2022-7-27.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-053

 

http://www.rns-pdf.londonstockexchange.com/rns/9509T_3-2022-7-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9509T_3-2022-7-27.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-054

 

http://www.rns-pdf.londonstockexchange.com/rns/9509T_4-2022-7-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9509T_4-2022-7-27.pdf)

 

Bushranger Prospect Drill Hole Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/9509T_5-2022-7-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9509T_5-2022-7-27.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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