REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

17/05/2022 09:15

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RNS Number : 7617L  Xtract Resources plc  17 May 2022

 

For immediate release

17 May 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 two further
drill holes, BRDD-22-031 and BRDD-22-038 from the Phase 2 diamond drilling
programme at the Bushranger copper-gold exploration project.

 

Highlights

 

·    Full results are available in Tables 1 and 2, with best results
including;

·    12m at 0.88% CuEq from 600m in BRDD-21-031

·    104m at 0.24% CuEq from 79m in BRDD-21-038

·    8m at 1.46% CuEq from 175m in BRDD-21-038

·    2m at 2.3 g/t Au from 589m in BRDD-21-038

·    Both of these drill holes have so far defined the along-strike
extension of the Ascot mineralisation by up to 675m, with further results
expected shortly

·    Drill hole BRDD-21-031 was drilled 475m along-strike to the north
from the discovery hole (BRDD-21-035) at the Ascot prospect. Results include a
52m interval at 0.27% CuEq which displays a strong correlation with the
intercept of 52m at 0.21% CuEq in drill hole BRDD-22-044 (see announcement 10
May), which is along-strike to the south and sits between BRDD-21-031 and
BRDD-21-035

·    Drill hole BRDD-21-038 was drilled 200m to the south from the
discovery hole (BRDD-21-035) at Ascot and intercepted a 104m interval at 0.24%
CuEq from a shallow depth of 79m. Below this, near vertical mineralised
structures were intersected which contain up to 2m at 2.3 g/t Au

·    This hole offers the potential for significant intervals of
along-strike copper mineralisation to extend close to surface at Ascot,
upgrading the open pit potential of the prospect.

 

Colin Bird, Executive Chairman said: "I am pleased that we are adding real
strike to the Ascot deposit and increasing our understanding of the system.
Both holes intersected mineralisation and once again short interval gold
intercepts were encountered, indicating a good potential for gold at Ascot.

Modelling continues at the project, with the Racecourse prospect indicating
that it has grades and tonnes justifying a rework of the conceptual open pit."

 

 

 

 

 

Phase Two Bushranger Prospect Assay Results

Table 1

Assay Results from Drill Hole BRDD-22-031

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-031  586       638     52            0.22      0.05      3.0       0.27
 Including    600       612     12            0.70      0.16      9.9       0.88

 

*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-22-038

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-038  79        183     104           0.18      0.08      1.1       0.24
 Including    101       111     10            0.30      0.07      1.1       0.35
 And          175       183     8             1.17      0.37      8.7       1.46
              329       333     4             0.23      0.10      4.0       0.32
              411       415     4             0.37      0.06      6.0       0.45
              521       527     6             0.05      0.35      1.6       0.27
              589       591     2             0.01      2.30      0.6       1.40

 

*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-21-031 was drilled at an inclination of -060 degrees towards
the WSW and was completed at a final depth of 690.4m. The drill hole
intersected a 52m interval of 0.27% CuEq from a downhole depth of 586m which
shows a strong correlation with the intercept of 52m at 0.21% CuEq from 388m
down hole depth in drill hole BRDD-22-044 (see announcement dated 10 May
2022). Drill hole BRDD-21-031 likely represents the northerly extension of the
Ascot mineralisation 475m along-strike from the discovery drill hole
BRDD-21-035.

Drill hole BRDD-21-038 was drilled 200m to the south from the Ascot discovery
hole at an inclination of -50 degrees towards the west and completed at a
final depth of 659.6m.  The drill hole intersected a wide 104m interval of
0.24% CuEq from a relatively shallow downhole depth of 79m, which included two
higher grade intervals of 10m at 0.35% CuEq from 101m downhole and 8m at 1.46%
CuEq from 175m downhole. At greater depths in the hole a number of vertical
mineralised vein structures were recorded with high copper equivalent and gold
values. This hole offers the potential for significant intervals of
along-strike copper mineralisation to extend close to surface at Ascot,
upgrading the open pit potential of the prospect.

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/7617L_1-2022-5-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7617L_1-2022-5-17.pdf)

 

 

 

Bushranger Cross-Section Drill Hole BRDD-21-038

 

http://www.rns-pdf.londonstockexchange.com/rns/7617L_2-2022-5-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7617L_2-2022-5-17.pdf)

 

Bushranger Prospect Assay Summary

 

http://www.rns-pdf.londonstockexchange.com/rns/7617L_3-2022-5-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7617L_3-2022-5-17.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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