REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

10/02/2022 13:30

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RNS Number : 3380B  Xtract Resources plc  10 February 2022

 

For immediate release

10 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 from drill hole
BRDD-21-020 completed on the Phase 2 diamond drilling programme at the
Bushranger copper-gold exploration project.

 

Highlights

 

·    Drill hole BRDD-21-020 has successfully tested the north-western
extension of the mineralisation intersected in drill hole BRDD-21-018, with
the return of two consistent intervals of copper mineralisation, including:

·    46m at 0.31% CuEq from 581m, and,

·    66m at 0.27% CuEq from 677m, which includes,

§ 8m at 0.40% CuEq from 687m

·    The results indicate a good correlation to the mineralisation
intersected in drill hole BRDD-21-018 (see announcement dated 19 January 2022)
both down-plunge and along-strike to the NW

·    These two holes have confirmed the extension on the Racecourse
deposit at depth by about 150m to the north-west of previous drilling

·    Follow-up drilling in this area will focus on the interpreted
shallower and higher-grade 'crown' to the mineralisation

 

Colin Bird, Executive Chairman said: "This hole is towards the extreme
northwest of the Racecourse deposit and as such we believe that we are closing
off the outer reaches of the conceptual open pit in this area. Despite being
close to closure, there are some good runs of significant mineralisation that
will be included in the final resource modelling."

Phase Two Bushranger Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-020*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-020  581       627     46            0.27      0.05      1.40      0.31
 including    611       627     16            0.37      0.03      2.10      0.40
  and         677       743     66            0.26      0.01      1.40      0.27
 including    685       737     52            0.29      0.01      1.50      0.30
 and          687       695     8             0.37      0.02      2.00      0.40

 

*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-21-020 was the second hole drilled of a trio of holes drilled
from the same drill pad at the north-western limits of the Racecourse Inferred
Mineral Resource, which aimed to test the extension of mineralisation
interested in drill hole BRDD-21-018 further towards the northwest. The hole
was drilled at an inclination of -60 degrees towards the ENE and completed at
a final depth of 768.4m.

 

Showing good consistency with the results from drill hole BRDD-21-018 (see
announcement dated 19 January 2022) the drill hole intersected two zones of
copper mineralisation, including a 46m interval assaying at 0.31% CuEq from
581m depth, and a second, wider, zone returning 66m at 0.27% CuEq from 677m
depth, which includes a higher-grade intersection of 8m at 0.40% CuEq from
687m depth. The results of both drill holes BRDD-21-018 and BRDD-21-020 have
confirmed 150m of mineralised strike extension to the northwest of the
Racecourse deposit.

 

Follow-up drilling in this area of the deposit will focus on targeting the
higher-grade 'crown' of the mineralisation at shallower depths, achievable
with new drill-pad locations cited further towards the northwest.

 

 

Bushranger Prospect Drill Hole Location Plan Map

http://www.rns-pdf.londonstockexchange.com/rns/3380B_1-2022-2-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3380B_1-2022-2-10.pdf)

 

Bushranger Prospect Drill Holes BRDD-21-018 and BRDD-21-020 Cross-Section

http://www.rns-pdf.londonstockexchange.com/rns/3380B_2-2022-2-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3380B_2-2022-2-10.pdf)

 

Bushranger Prospect Phase One and Two Drill Assay Summary

http://www.rns-pdf.londonstockexchange.com/rns/3380B_3-2022-2-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3380B_3-2022-2-10.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
 "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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