REG - Xtract Resources plc - Bushranger completion of phase two drilling

Xtract ResourcesAnnouncement

04/08/2022 09:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220804:nRSD9166Ua&default-theme=true

RNS Number : 9166U  Xtract Resources plc  04 August 2022

For immediate release

4 August 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Completion of Phase Two Drilling

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
report that the Phase Two drilling programme at the Bushranger copper-gold
exploration project has now completed.

 

Highlights

 

·   Drill hole BRDD-21-055 has now completed signifying the completion of
the Phase Two drilling programme at the Bushranger Copper-Gold Exploration
Project

·  Hole BRDD-22-055 was drilled at the Ascot Prospect and designed to test
for the extension of mineralisation beneath the discovery hole (BRDD-21-035)
at depth

·   Subject to laboratory assays, the mineralisation styles intersected were
of a similar nature to those intersected in drill hole BRDD-21-035, and offer
potential to extend mineralisation with a high copper and gold tenor by up to
100m at depth

·    Six further exploratory drill holes, BRDD-22-047 through to
BRDD-22-052, have been completed at the Ascot Prospect, which tested the
ground between Ascot and Racecourse, the southern extents of Ascot, and
further defined the structure and extent of mineralisation in the central
mineralised zone surrounding the discovery hole, BRDD-21-035 (refer to RNS
dated 20 Jan 2022)

·    Subject to laboratory assays, all holes have intersected extensive
zones of altered volcanics with trace, to locally weak to strong
porphyry-related mineralisation throughout, and once all assays are received,
the company intends to complete a maiden resource for the Ascot Prospect

·    A Phase Three drilling programme is under consideration, with aims
to;

o  define the shallow, high-grade crown in the centre of the Racecourse
Prospect;

o  identify the extents of the Ascot Prospect;

o  target the higher-grade gold intersections at both prospects, especially
at shallower depths;

o  drill test satellite IP/geochemical anomalies

 

Colin Bird, Executive Chairman said: "The Phase Two programme has been
completed in terms of drilling, MIMDAS geophysical surveying and metallurgical
testwork, and all of these activities have been summarised in formal technical
reports by the independent contractors. The process has been exhaustive,
producing a very firm platform for project evaluation and on-going decision
making.

The programme has been hugely successful in that almost every drill hole has
intersected mineralisation in one form or another at varying depths and
widths, demonstrating that both Racecourse & Ascot are prolific in
mineralisation. I look forward to a complete formal summarisation of all the
information generated by Phase Two and informing the market of our on-going
strategy."

 

 

Completion of Phase Two Drilling

 

The final drill hole, BRDD-22-055 has completed, signifying the end to the
Phase Two programme of drilling at Bushranger. A deep drillhole, BRDD-22-055
was designed to test for the extension of mineralisation at depth below the
discovery hole at Ascot (drill hole BRDD-21-035). The hole was drilled at an
inclination of -80 degrees towards the east, completing at a final depth of
721.5m, where BRDD-21-035 was drilled sub-optimally towards the west.

 

Based on logging and subject to laboratory assays, the mineralisation styles
interested in BRDD-22-055 were of a similar nature to those observed in drill
hole BRDD-21-035 (refer to RNS dated 20 January 2022) and offer the potential
to extend this mineralisation by up to 100m at depth in an area with
potentially high copper and gold return.

 

Six further exploratory drill holes have also been completed at the Ascot
prospect, BRDD-22-047 through to BRDD-22-052, assays are still awaited, with
results briefly discussed below.

 

Drill holes BRDD-22-047 and BRDD-22-048 were both drilled at an inclination of
-60 degrees towards the northeast along the same line in the area between
Racecourse and Ascot. Drill hole BRDD-22-047 completed at a final depth of
714.6m with drill hole BRDD-22-048 completing at a final depth of 969.6m.
Subject to laboratory assays, both drill holes intersected several zones of
altered volcanics with trace mineralisation, with BRDD-22-047 also
intersecting some weak and locally moderate mineralisation from: 282-297m;
353-394m; and 527-532m.

 

Drill hole BRDD-22-049 was drilled towards the east at the southern extent of
the currently defined Ascot mineralisation and completed at a final depth of
877m. Subject to laboratory assays, the hole intersected altered sediments and
volcanics with zones of weak to locally strong porphyry related mineralisation
throughout from 386m downhole depth to 862m downhole depth.

 

Drill holes BRDD-22-050 and BRDD-22-051 were drilled to the west from the same
drill pad as the Ascot discovery hole BRDD-21-035 (refer RNS dated 20 Jan
2022). Both holes were drilled at the same azimuth, with drill hole
BRDD-22-050 drilled at a steeper inclination of -80 degrees to a final depth
of 673.7m, and drill hole BRDD-22-051 drilled at a shallower angle of -50
degrees to a final depth of 555.3m. BRDD-22-050 was planned to test a strong
IP anomaly to the east of the mineralisation intersected in BRDD-21-035; while
BRDD-22-051 was drilled above BRDD-21-035 to test the shallower extents of the
mineralisation intersected in the Ascot discovery hole. BRDD-22-050
intersected mainly traces of mineralisation with a zone of weak mineralisation
from 344-358m. BRDD-22-051 also intersected mainly traces of mineralisation
with a zone of weak to moderate mineralisation from 433-450m.

 

Drill hole BRDD-22-052 was drilled towards the east at an inclination of -55
degrees, across the Ascot discovery hole, BRDD-22-035, and completed at a
depth of 704.5m. The aim of BRDD-22-052 was to test the depth extent of the
two shallower mineralised zones in BRDD-21-035. Subject to laboratory assays,
altered volcanics and trace mineralisation was intersected throughout, along
with locally weak to moderate zones of mineralisation at between the depths of
112m and 664m.

 

 

Resource Modelling & Phase Three Drill Planning

 

Following the successful completion of the Phase Two drilling Programme at
Bushranger, the Company will now take some time to reflect on the results of
the programme as the upgraded resource model for Racecourse is completed and a
maiden resource model for Ascot achieved.

 

Given the discovery of significant intervals of copper and gold mineralisation
both at the new Ascot discovery and Racecourse, the company intend to plan a
Phase Three drilling programme which will focus on in-fill and upgrade
drilling of the current known resources; resource extension drilling; and
testing of further IP/geochemical anomalies outside the Ascot and Racecourse
prospects.

 

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/9166U_1-2022-8-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9166U_1-2022-8-4.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                           Colin Rowbury        +44 (0)207 399 9427

 Joint Broker

 

 

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:

 

 

 "MIMDAS"          An advanced electrical geophysical technique which collects multiple
                   geophysical datasets, including Chargeability (IP), Resistivity/Conductivity
                   (IP and MT)

 "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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLFIFVDTAISIIF