REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

12/11/2021 10:25

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RNS Number : 2359S  Xtract Resources plc  12 November 2021

 

For immediate release

12 November 2021

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
advise that independent laboratory assays have been received from drill hole
BRDD-021-011 completed on the Phase 2 diamond drilling programme at the
Bushranger copper-gold exploration project.

 

Highlights

 

·    Drill hole BRDD-21-011 has returned very promising intersections of
copper and gold mineralisation near the northern limits of the modelled
Racecourse Inferred Mineral Resource

·    Full results are available in Table 1, with highlights below;

·    18m at 0.38% CuEq (0.14% Cu, 0.41g/t Au, 0.5g/t Ag) from 142m

·    18m at 0.25% CuEq (0.05% Cu, 0.35g/t Au, 0.4g/t Ag) from 220m

·    78m at 0.32% CuEq (0.3% Cu, 0.02g/t Au, 1.00g/t Ag) from 294m

·    16m at 0.47% CuEq (0.44% Cu, 0.03g/t Au, 1.80g/t Ag) from 342m

·    Of particular interest are the significant intervals of comparatively
gold-rich mineralisation encountered in the upper part of the hole which may
be indicative of a mineral zonation system at Racecourse

 

Colin Bird, Executive Chairman said: "We are pleased to report on the assay
results for hole BRDD-21-011 - the copper values are consistent with the
results for the deposit in general. The intersection of two above-average gold
zones high in the system has not been evidenced at Racecourse before, although
it is not unusual for the region. It would appear that gold mineralisation
occurring above the crown of the porphyry intrusion may add to the overall
value of the project."

 

Phase Two Bushranger Assay Results

 

Table 1 - Assay Results from Drill Hole BRDD-21-011*

 Hole ID       From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-021-011  146       164     18            0.14      0.41      0.60      0.39
               220       238     18            0.05      0.35      0.40      0.25
               294       424     130           0.25      0.03      0.90      0.28
 Including     294       372     78            0.30      0.02      1.00      0.32
 Including     308       324     16            0.38      0.03      1.30      0.40
 and           342       358     16            0.44      0.03      1.80      0.47
 and           390       424     34            0.25      0.07      0.90      0.29

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

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

Drill hole BRDD-021-011 was drilled at an inclination of -60 degrees towards
the NE and completed at a depth of 673m. The hole was designed to test the
up-dip extension of mineralisation intersected in holes BRDD-021-002 &
BRDD-021-003 from the Phase 1 drilling programme (refer to RNS dated 26 May
2021), in the upper part of the conceptual open pit towards the northern end
of the Racecourse deposit.

 

It is interpreted that the hole passed close to the crown of the porphyry
intrusion and significant lengths of copper and gold mineralisation were
intersected. Two gold zones were intersected in the shallower portion of the
intrusion, before passing into the main copper mineralised zone associated
with the western limb of the Racecourse porphyry intrusion.

 

The gold zone may represent a gold-rich halo of porphyry style alteration and
mineralisation associated with later stage mineralised fluids in the upper
portion of the Racecourse porphyry intrusion and this will be modelled
further.

 

BRDD-21-011_assays_Xsection

http://www.rns-pdf.londonstockexchange.com/rns/2359S_1-2021-11-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2359S_1-2021-11-12.pdf)

 

A plan map showing the location of hole BRDD-021-011 was appended to the RNS
dated 9 November 2021. A summary of the Racecourse Phase Two drilling
programme was announced on 20 October 2021.

 

 

Correction: In the announcement dated 9 November 2021, drill hole BRDD-021-024
was described in the text as drilled towards the NW, the correct direction of
drilling was towards the NE, as reflected in the published plan and section
maps accompanying the RNS.

 

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        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:

 

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