REG - Xtract Resources plc - Bushranger Project Drilling Update

Xtract ResourcesAnnouncement

02/12/2021 07:00

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RNS Number : 2937U  Xtract Resources plc  02 December 2021

 

For immediate release

2 December 2021

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Phase 2 Drilling Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
report on three further holes completed as part of the ongoing Phase 2 diamond
drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

·    Drillholes BRDD-21-028 and BRDD-21-030 successfully tested the
extension of mineralisation below and lateral to drillholes BRDD-21-013 &
BRDD-21-016 (refer to announcements of 29 October and 19 November, 2021)
within the southern projection of the Racecourse porphyry deposit.

·    Based on preliminary logging, variable strength visible chalcopyrite
mineralisation, with shorter sections of better mineralisation were
intersected over wide intervals in both holes - including a 406m interval from
174m downhole in BRDD-21-028, and a 470.6m interval from 16.0m downhole in
BRDD-21-030. Laboratory assays will be required to determine intervals of
potentially economic grade.

·    Drillhole BRDD-21-029 tested the along-strike continuation of the
main Racecourse mineralised porphyry body 240m south from drillhole
BRDD-21-027 (refer to announcement 19 November, 2021). Based on preliminary
logging, the hole intersected strongly siliceous porphyry-style alteration and
associated traces of visible chalcopyrite mineralisation over a 459m downhole
interval from 66m depth, with best mineralisation reported from 225.0-266.4m.

·    Drilling is ongoing at Bushranger and results will continue to be
reported as core logging and assay results are received.

 

Colin Bird, Executive Chairman said: "These results continue to expand the
Racecourse deposit, indicating continuity both in thickness and along strike
towards the south. In general the drilling programme is confirming the outline
of the conceptual pit and demonstrates continuity beyond the pit limits. The
deposit appears to be closing off at the northwest end, while the southeastern
end demonstrates further extensions in strike and deposit thickness. We
suspect that the southeastern extension is veering more towards the
south-southwest and we will test out this assumption with subsequent holes."

 

Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-028, BRDD-21-029
& BRDD-21-030

Drill hole BRDD-21-028 was drilled at an inclination of -65 degrees towards
the ENE and was completed at a final depth of 580.2m. The hole was drilled
into the side of the main Racecourse porphyry intrusion in the southern region
of the currently defined Racecourse inferred mineral resource. The hole was
stepped out slightly to the west and designed to drill below drill holes
BRDD-21-013 & BRDD-21-016 for which assays have been received (refer to
announcement 19 November, 2021). Subject to laboratory assays, variable
strength chalcopyrite mineralisation was logged over a 406m interval from 174m
downhole, with up to five sub-intervals of stronger mineralisation, starting
from 269m.

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. This hole was also
drilled into the side of the main Racecourse porphyry intrusion, 120m
along-strike to the NW of hole BRDD-21-013 at a similar level (refer to
announcement 29 October, 2021). Based on preliminary logging, and subject to
laboratory assays, chalcopyrite was first logged at just 16m downhole, and
continued to the end of hole. Two zones of stronger chalcopyrite
mineralisation were logged between 189m - 279m and 303m - 319m downhole.

Drillhole BRDD-21-029 was drilled at an inclination of -75 degrees towards the
west and was completed at a final depth of 551.8m. The hole was drilled 240m
to the south from hole BRDD-21-027 (refer announcement 19 November, 2021) and
was drilled towards the west to test for the southern extension of the main
Racecourse mineralised porphyry body. Based on preliminary logging, and
subject to laboratory assays, the hole intersected zones of very siliceous
alteration with traces of chalcopyrite from 66m to 525m downhole. A zone of
stronger pyrrhotite-pyrite mineralisation with associated chalcopyrite was
intersected across a 40m interval between 225m and 266.4m downhole. The main
Racecourse porphyry body dips towards the west, and with the promising signs
of porphyry-style alteration and mineralisation, it is interpreted that this
hole drilled slightly to the east of the southern extension of the Racecourse
mineralised porphyry.

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/2937U_1-2021-12-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2937U_1-2021-12-1.pdf)

 

Drill Hole BRDD-21-028 and BRDD-21-030 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/2937U_2-2021-12-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2937U_2-2021-12-1.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
 "Chalcopyrite"               A copper-iron sulphide mineral, CuFeS(2), often found in copper ores.
 "Cu"                         Copper
 "CuEq"                       Copper equivalent grade, calculated using assumed metal prices for copper,
                              gold and other metals
 "Induced Polarisation (IP)"  A method of ground geophysical surveying which employs the passing of an
                              electrical current into the ground to test for indications of conductive
                              metallic sulphides

 "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
 "Pyrite"                     Iron sulphide mineral, FeS2
 "Pyrrhotite"                 An iron sulphide mineral, Fe(1-X)S, often magnetic

ENDS

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