REG - Xtract Resources plc - Bushranger drilling programme progress update
RNS Number : 2382NXtract Resources plc28 January 2021
For immediate release
28 January 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Copper/ Gold Project Drilling Programme - Progress Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update regarding progress of the second hole in the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.
Highlights
· Drilling of the second hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has continued to 405m out of a planned hole depth of about 750m
· Hole BRDD-21-002 is angled at -80 degrees and is offset from strike with the aim of crossing through the down-plunge extension of the deposit at depth
· Weak to moderate copper mineralisation and bedrock alteration was first noted in the hole at a depth of about 130m within the hanging-wall margin of the deposit and becomes more pronounced from 340m as the hole approaches the main porphyry target zone
Colin Bird, Executive Chairman said: "The rig was moved from the first down-plunge hole and commenced drilling on the current hole on 23 January. The new hole was sited offset from strike to intersect the deposit at a target depth of about 450-500m. We are currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone. We will continue to report results as the hole advances over the coming days."
Hole BRDD-21-002 Drilling Results to Date
As with the previous hole, the drillers continue to drill on a 24-hour basis. Hole BRDD-21-002 was located above, and lateral to, the main porphyry copper-gold body to provide an intersection across the down-plunge extension of the deposit.
Copper mineralisation, in the form of weak disseminated and fracture-fill chalcopyrite associated with green, propylitic alteration of the bedrock, has been visually identified in core since about 130m depth and has gradually become stronger from 340m towards the current hole depth of 405m. Such alteration and mineralisation is typical of the hanging-wall margin above the Racecourse deposit. Drilling is continuing towards a planned total depth of approximately 750m.
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,
Executive Chairman
+44 (0)20 3416 6471
Beaumont Cornish Limited
Nominated Adviser and Joint Broker
Roland Cornish
Michael Cornish
Felicity Geidt
+44 (0)207628 3369
Novum Securities Limited
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:
"alteration zone"
A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions
"Au"
Gold
"chalcopyrite"
A copper-iron sulphide mineral, CuFeS2, often found in copper ores
"Cu"
Copper
"disseminated"
Mineralization distributed throughout a rock
"exploration"
Method by which ore deposits are evaluated
"Inferred Mineral Resource"
That part of a Mineral Resource for which 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
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 or visit 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.ENDDRLBBGDBSSDDGBI
Recent news on Xtract Resources
See all newsREG - Xtract Resources plc - Zambian Exploration Licence Joint Venture
AnnouncementREG - Xtract Resources plc - Completion of Disposal of Manica Gold Project
AnnouncementREG - Xtract Resources plc - Disposal of Manica Gold Project
AnnouncementREG - Xtract Resources plc - Result of Meeting
AnnouncementREG - Xtract Resources plc - Update on Zambian Copper Joint Venture & Strategy
Announcement