REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

03/02/2022 14:30

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RNS Number : 6492A  Xtract Resources plc  03 February 2022

 

For immediate release

3 February 2022

 

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-021-019 on the Phase 2 diamond drilling programme at the Bushranger
copper-gold exploration project.

 

Highlights

 

·    Drillhole BRDD-21-019 has returned wide intervals of copper
mineralisation in the northern-central area of the Racecourse Inferred Mineral
Resource

·    Full results are available in Table 1 below, which include best
intercepts:

·    202m at 0.27% CuEq from 276m downhole depth

§ Including 76m at 0.41% CuEq from 276m downhole depth

§ Including 18m at 0.67% CuEq from 312m downhole depth

·    The hole was drilled above historical drill hole BRD009 and the
results show a strong correlation with the historically reported intercept in
this hole of 168m at 0.46% CuEq from 317m downhole depth

·    Again, drill hole BRDD-21-019 has returned intersections of gold,
with a result of 18m at 0.22 g/t Au from 312m depth, and the Company intends
to model its significance

Colin Bird, Executive Chairman said: "This again is a very satisfactory result
which being in the central area was anticipated. The position of the hole and
the result will be included in the modelling adding veracity to the overall
resource modelling.

We continue to drill from previous pads whilst awaiting permission for new
pads which will be situated for optimum test drilling at Ascot and the
Southern extension of Racecourse as well as peripheral targets which are of
interest. The peripheral targets are being generated by this drilling
programme and warrant further investigation once the pads are approved."

 

Phase Two Bushranger Prospect Assay Results - Drill Hole BRDD-21-019

Table 1 - Assay Results from Drill Hole BRDD-21-019*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-019  276       478     202           0.23      0.04      2.10      0.27
 Including    276       352     76            0.35      0.06      3.10      0.41
 Including    312       330     18            0.51      0.22      4.10      0.67
 And          422       438     16            0.31      0.01      1.60      0.32

 

*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-21-019 was drilled at an inclination of -58 towards the NE in
the northern central area of the Racecourse inferred mineral resource,
completing at a final depth of 693.6m. The hole was drilled above historical
drill hole BRD009 and designed to test the extension of copper mineralisation
intersected in drill hole BRDD-21-008, which returned a total interval of 184m
@ 0.51% CuEq, 100m further towards the NW.

 

The results of drill hole BRDD-21-019 include a wide 202m interval of copper
mineralisation grading at 0.27% CuEq from 276m depth, which includes a
higher-grade intercept of 18m at 0.67% CuEq from 312m depth.

 

The results show a strong correlation with the results reported from historic
drill hole BRD009 which gives a promising indication for the consistency of
mineralisation within the Racecourse Inferred Mineral Resource. Interestingly,
there are further indications of gold mineralisation present in the system,
with a result of 18m at 0.22 g/t Au from 312m downhole, and the Company
intends to model this further.

 

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/6492A_1-2022-2-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6492A_1-2022-2-3.pdf)

 

Bushranger Drill Hole BRDD-21-019 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/6492A_2-2022-2-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6492A_2-2022-2-3.pdf)

 

Bushranger Prospect Phase 1 & 2 Drilling Result Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/6492A_3-2022-2-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6492A_3-2022-2-3.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
 "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 2012).

 "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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