REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

31/03/2022 12:30

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RNS Number : 7889G  Xtract Resources plc  31 March 2022

 

For immediate release

31 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-021-028 and BRDD-21-030 from the Phase 2 diamond drilling programme at
the Bushranger copper-gold exploration project.

 

Highlights

 

·    Drillhole BRDD-21-030 was drilled into the side of the Racecourse
porphyry in the southern central region and has intersected a wide interval of
mineralisation that has enrichments of gold

·    Full results are available in Table 2, which includes best
intercepts;

·    170m at 0.24% CuEq from 161m downhole depth

§ Including 74m at 0.34% CuEq (incl. 0.11 g/t Au) from 161m downhole depth

·    26m at 0.40% CuEq (incl. 0.27 g/t Au) from 209m depth

·    Drill hole BRDD-21-030 shows good continuation with drill hole
BRDD-21-013 (refer to announcement 29 October 2021), confirming the copper
mineralisation intersected continues along-strike for up to 120m in the
southern central area of the Racecourse porphyry

·    Drillhole BRDD-21-028 was stepped to the west to test continuity of
mineralisation at depth, the hole had long intersections of lower-grade
mineralisation averaging between 0.11% CuEq to 0.15% CuEq, with higher-grade
intervals including;

·    8m at 0.31% CuEq from 334m depth

·    4m at 0.71% CuEq from 470m depth

·    30m at 0.2% CuEq from 510m depth

·    Drillhole BRDD-21-028 has successfully extended mineralisation
intersected in drillholes BRDD-21-013 & BRDD-21-016 (refer to RNS 19
November 2021) to depth in the southern central area of the Racecourse
Porphyry

 

Colin Bird, Executive Chairman said: "We are pleased to report continued
success with the return of the assay results from two further drill holes at
the Bushranger Project. Drill hole BRDD-21-030 has provided a very pleasing
result which includes a wide intercept of 0.34% CuEq from a downhole depth of
161m, offering strike continuity of mineralisation in this area of the
resource. Drill hole BRDD-21-028 has confirmed continuity of mineralisation to
depth in the western area of the porphyry and these results will be used to
inform the updated resource model.

The MIMDAS survey is on-going and we hope to report soon the successful
approval of new drill pad locations to explore the extension of the Racecourse
porphyry further towards the south."

 

 

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-028*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)**
 BRDD-21-028  278       282     4             0.25      0.03      0.70      0.28
              334       342     8             0.27      0.06      0.40      0.31
              376       384     8             0.17      0.01      0.10      0.18
              450       540     90            0.14      0.01      0.10      0.15
 Including    456       488     32            0.17      0.01      0.10      0.17
 Including    470       474     4             0.70      0.02      0.50      0.71
 and          510       540     30            0.20      0.01      0.20      0.20
 Including    522       538     16            0.24      0.01      0.30      0.24

 

*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-21-030*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)**
 BRDD-21-030  161       331     170           0.19      0.08      0.5       0.24
 Including    161       235     74            0.26      0.11      1.10      0.34
 Including    163       189     26            0.37      0.05      2.50      0.42
 and          209       235     26            0.23      0.27      0.30      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-21-028 was drilled at an inclination of -65 degrees towards
the ENE into the western side of the main Racecourse porphyry body in the
southern region of the Inferred Mineral Resource and was completed at a final
depth of 648.5m The hole was stepped out to the west and designed to test
continuity of mineralisation below drill holes BRDD-21-013 and BRDD-21-016
(refer to announcements dated 29 October 2021 and 19 November 2021),
BRDD-21-028 showed good continuity with these two previous drill holes,
extending the intersections to depth in this area.

 

Drill hole BRDD-21-030 was drilled at an inclination of -65 degrees towards
the NE and was completed at a final depth of 486.6m. The hole was drilled into
the side of the main Racecourse porphyry 120m along-strike to the NW from
drillhole BRD-21-013 at a similar level (refer to announcement dated 29
October 2021). Hole BRDD-21-030 shows good strike continuity with drill hole
BRDD-21-013, with both holes giving wide intervals of 0.24% to 0.25% CuEq
grade, confirming that the mineralisation extends along strike in the southern
area of the Racecourse porphyry.

 

In addition, drill hole BRDD-21-030 has again intercepted elevated intervals
of gold, including a 26m intercept which averages at 0.27 g/t Au from a
downhole depth of 209m, giving further promise of a significant gold bearing
zone within the Racecourse porphyry.

 

The MIMDAS geophysical survey will be completed shortly, with preliminary
results expected following completion of data processing.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_1-2022-3-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7889G_1-2022-3-31.pdf)

 

Bushranger Drill Holes BRDD-21-028 & BRDD-21-030 Cross-Section

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf)

 

Bushranger Phase 1 & 2 Drilling Result Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/7889G_3-2022-3-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7889G_3-2022-3-31.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
 "MIMDAS"          An advanced electrical geophysical technique which collects multiple
                   geophysical datasets,including Chargeability (IP), Resistivity/Conductivity
                   (IP and MT)

 "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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