REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

21/12/2021 07:00

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RNS Number : 2701W  Xtract Resources plc  21 December 2021

 

For immediate release

21 December 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-021-015 on the Phase 2 diamond drilling programme at the Bushranger
copper-gold exploration project.

 

Highlights

 

·    BRDD-21-015 has returned intervals of copper and gold mineralisation
on the main western zone of the Racecourse porphyry, which is inclusive of two
main zones of copper mineralisation

·    Assay results have graded up to intervals of 10m at 0.63% Cu from
616m depth and 8m at 0.34 g/t Au from 462m depth

·    Full results are available in Table 1, with the two main intervals
returning 28m at 0.32% CuEq from a downhole depth of 482m, and 78m at 0.27%
CuEq from a downhole depth of 560m

·    The hole was drilled at an inclination -55 towards the east, above
drill holes BRDD-21-002 & BRDD-21-003 from the Phase 1 drilling and
designed to test the extension of mineralisation in these holes to shallower
depths

Colin Bird, Executive Chairman said: "Again, this is a satisfactory result and
is consistent with our expectations. Interestingly there are higher grade gold
intervals above the copper mineralised zones suggesting zones of gold do exist
in the system. We anticipate the northern end of the deposit will be moving
towards closure for contribution to the open pit, while the southern end
remains open with a suggestion that the mineralisation swings to the south."

 

Phase Two Bushranger Prospect Assay Results - Drill Hole BRDD-21-015

Table 1 - Assay Results from Drill Hole BRDD-21-015*

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)  Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-015  430       436     6             0.24    0.04      3.7       0.29
              462       470     8             0.11    0.34      1.2       0.32
              482       510     28            0.29    0.02      1.9       0.32
 Including    490       504     14            0.35    0.03      2.3       0.39
              560       638     78            0.23    0.06      0.4       0.27
 Including    560       566     6             0.06    0.25      0.1       0.21
 Including    574       626     52            0.30    0.04      0.4       0.33
 and          616       626     10            0.63    0.02      0.7       0.64

 

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

**CuEq Formula: CuEq = Cu% + 0.6011xAu (g/t) + 0.0075xAg (g/t)

 

Drillhole BRDD-21-015 was drilled at -55 degrees towards the ENE and completed
at a final depth of 780.5m. The hole was drilled above drill holes BRDD-21-002
and BRDD-21-003 from the Phase 1 drill programme and was designed with
BRDD-21-011, to extend the mineralisation intersected in these holes towards
the surface. Variable copper mineralisation was intersected from 350m to 720m
downhole, which is inclusive of two broader zones of mineralisation, including
28m at 0.32% CuEq from 482m depth, and 78m at 0.27% CuEq from 560m depth.

 

Fringing the top of each copper mineralised zone are two separate zones with
elevated gold values, these have returned assay results of 8m at 0.34 g/t Au
from 462m, and 6m at 0.25 g/t Au from 560m depth, and the company intends to
model the significance of this gold zone as the assay results from the Phase
Two programme continue to be delivered.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/2701W_1-2021-12-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2701W_1-2021-12-20.pdf)

 

Bushranger Drill Holes BRDD-21-011 and BRDD-21-015 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/2701W_2-2021-12-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2701W_2-2021-12-20.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
 "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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