REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

07/03/2022 07:00

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RNS Number : 7492D  Xtract Resources plc  07 March 2022

 

For immediate release

7 March 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 holes
BRDD-021-021 and BRDD-21-024 from the Phase 2 diamond drilling programme at
the Bushranger copper-gold exploration project.

 

Highlights

 

·    Drillhole BRDD-21-021 has returned wide intervals of strong copper
mineralisation in the central area of the Racecourse Inferred Mineral
Resource, with higher grade intervals occurring in the upper portion of the
hole closer to surface

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

·    280m at 0.36% CuEq from 205m downhole depth

§ Including 92m at 0.53% CuEq from 205m depth

·    Drillhole BRDD-21-021 has also returned a 36m interval of enhanced
gold, assaying at 0.19 g/t Au at a depth of 347m

·    Drillhole BRDD-21-024 towards the south of the Racecourse Inferred
Mineral Resource has returned multiple intervals assaying at 0.31% CuEq, with
a best return of 14m from 162m downhole depth, which includes 0.25 g/t Au.
Full results are available in Table 2 below

 

Colin Bird, Executive Chairman said: "We are pleased with the context of this
update, the contents of which will assist in our overall decision making and
modelling. Hole BRDD-21-021 was undoubtedly one of the most impressive drill
holes we have drilled with good intervals of higher-than-average copper
equivalent grade, and a good interval of higher gold than average. Hole
BRDD-21-024 tends to confirm our prognosis that the orientation of
mineralisation in the extreme south is trending more towards the south, which
is being confirmed by the early indications of the current geophysics
programme. Again, there was a good interval of gold mineralisation in this
hole which is adding to our model.

On completion of the geophysics survey, and the granting of permission for the
new drill pads, we will be better able to continue drilling the inferred
extension of the Racecourse system to the south."

 

 

 

 

 

 

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-021*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-021  205       485     280           0.31      0.07      1.2       0.36
 Including    205       297     92            0.46      0.09      1.80      0.53
 And          347       383     36            0.38      0.19      1.20      0.51

 

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

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

 

 

 

Table 2 - Assay Results from Drill Hole BRDD-21-024*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-024  80        104     24            0.18      0.01      0.80      0.19
 Including    80        88      8             0.29      0.02      1.70      0.31
 And          162       176     14            0.16      0.25      0.20      0.31
 And          240       248     8             0.30      0.01      0.20      0.31

 

*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-21-021 was drilled at an inclination of -55 degrees towards the
east to a final depth of 686.1m. The hole was drilled at a steeper angle from
the same drill pad as the best hole on the Bushranger project to date,
BRDD-21-008, but in a more easterly direction to test the along-strike
continuity of the mineralisation towards the south-east and at depth. Hole
BRDD-21-021 has repeated the success of hole BRD-21-008, which an overall
intercept of 280m at 0.36% CuEq from 205m, including a higher-grade interval
of 92m at 0.53% CuEq from 205m downhole depth.

 

Drillhole BRDD-21-024 is situated towards the southern extension of the
Racecourse Inferred Mineral Resource and was drilled at an inclination of -60
degrees towards the northwest, completed at a final depth of 660.6m. The drill
hole intersected intervals of copper mineralisation between the depths of 80m
and 248m within large zones of porphyry related alteration, with a best return
of 14m at 0.31% CuEq including 0.25 g/t Au. The gold zone in this hole is of
significance and could suggest more structural controls on the mineralisation
in this area.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/7492D_1-2022-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7492D_1-2022-3-4.pdf)

 

Bushranger Drill Hole BRDD-21-021 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/7492D_4-2022-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7492D_4-2022-3-4.pdf)

 

Bushranger Drill Hole BRDD-21-024 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/7492D_2-2022-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7492D_2-2022-3-4.pdf)

 

Bushranger Prospect Phase 1 & 2 Drilling Result Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/7492D_3-2022-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7492D_3-2022-3-4.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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