REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

24/11/2021 07:00

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RNS Number : 3437T  Xtract Resources plc  24 November 2021

 

For immediate release

24 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 for drill hole
BRDD-21-012 on the Phase 2 diamond drilling programme at the Bushranger
copper-gold exploration project.

 

Highlights

 

·    BRDD-21-012 has returned a wide copper intercept on the main western
zone of the Racecourse porphyry, with a separate zone of gold mineralisation
intercepted at depth

·    Assay results include 122m @ 0.34% CuEq from 202m depth, which
includes 68m at 0.48% CuEq from 202m depth, and 38m at 0.66% CuEq from 230m
depth (full details are in Table 1 below)

·    Gold intervals include 6m @ 0.74g/t Au from 460m downhole depth
within a wider 48m intercept on the eastern flank of the porphyry; this fits
an emerging pattern of gold enhancement on the eastern side of the porphyry

·    Drillhole BRDD-21-012 was drilled at -50 degrees in the main central
zone of the Racecourse porphyry and designed to drill just above the
higher-grade mineralised "crown" of the intrusion

 

Colin Bird, Executive Chairman said: "This hole drilled in the centre of the
deposit over the crown has produced a very pleasing result. We have
intersected significant lengths of mineralisation with good copper values.
Again, a gold horizon has been intersected deeper in the hole that carries
good gold values, and our modelling is starting to define the extents of this
stand-alone zone."

 

Phase Two Bushranger Prospect Assay Results - Drill Hole BRDD-21-012

 

Table 1 - Assay Results from Drill Hole BRDD-21-012*

 Hole ID       From (m)  To (m)  Interval (m)  Cu (%)  Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD_021-012  202       324     122           0.30    0.04      2.00      0.34
 including     202       270     68            0.42    0.05      3.50      0.48
 including     230       268     38            0.59    0.05      5.40      0.66
               434       482     48            0.04    0.27      0.20      0.20
 including     460       466     6             0.03    0.74      0.20      0.47

 

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

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

 

 

Drillhole BRDD-21-012 was drilled at -50 degrees to the NE and completed at a
final depth of 498.4m. The hole was designed primarily to test the tenor of
copper mineralisation at shallow depths above the high-grade "crown" of the
Racecourse porphyry intrusion. Assay results have confirmed a 122m intercept
grading at 0.34% CuEq from 202m downhole, which includes higher grade
intervals of up to 38m grading at 0.66% CuEq from 230m downhole.

 

A deeper zone of gold mineralisation was intersected on the eastern side of
the Racecourse porphyry body. The zone includes a broad intercept of 48m at
0.27 g/t Au from 434m depth, which includes a 6m intercept grading 0.74 g/t Au
from 460m depth. This secondary gold zone on the eastern flank of the porphyry
body has been consistent in the assay results received to date and the company
intends to model its significance.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/3437T_1-2021-11-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3437T_1-2021-11-23.pdf)

 

Drill Hole BRDD-21-012 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/3437T_2-2021-11-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3437T_2-2021-11-23.pdf)

 

Racecourse Prospect Summary of Mineralised Intersections

 

http://www.rns-pdf.londonstockexchange.com/rns/3437T_3-2021-11-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3437T_3-2021-11-23.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        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
 "Induced Polarisation (IP)"  A method of ground geophysical surveying which employs the passing of an
                              electrical current into the ground to test for indications of conductive
                              metallic sulphides

 "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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