REG - Xtract Resources plc - Bushranger Project Drilling Update

Xtract ResourcesAnnouncement

06/04/2022 07:00

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RNS Number : 3989H  Xtract Resources plc  06 April 2022

 

For immediate release

6 April 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Drilling Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
report on three further drill holes completed in the area between Racecourse
and Ascot on the Bushranger copper-gold porphyry exploration project.

 

Highlights

 

·    Three further drill holes have been completed on the project which
offer the potential to extend the Ascot mineralised zone 250m along-strike to
the north

·    Drill hole BRDD-22-044 was the most southerly of the three, drilled
directly east and intersected a wide zone of variable strength visible
chalcopyrite mineralisation that shows similar characteristics to drill hole
BRDD-21-035 drilled at Ascot

·    Drill holes BRDD-22-045 and BRDD-22-046 were drilled from the same
location towards the northeast, and both holes intersected strongly altered
volcanics with inclusions of variable strength visible chalcopyrite
mineralisation, giving the opportunity to extend the mineralisation further
north again

 

Colin Bird, Executive Chairman said: "These holes were drilled with a view to
understand the characteristics of the Ascot mineralised zone. I am pleased to
report that all intersected visible mineralisation and look forward to assays
being returned. The objective is to add strike to the Ascot mineralised zone
and move towards an inferred mineral resource, while drilling to extend
further south."

 

Bushranger Drilling Update

 

Three further drill holes have been completed on the Bushranger copper-gold
exploration project. All three drillholes, BRDD-22-044, BRDD-22-045, and
BRD-22-046 were completed from the same drill site and fanned out towards the
east. These holes were targeted to test for extensions of mineralisation 250m
along-strike to the north of Ascot.

 

All holes intersected porphyritic intrusive volcanics, moderately to strongly
altered volcanics, and wide zones of visible weak to locally moderate
chalcopyrite mineralisation, including several sub-intervals of stronger
mineralisation, all with the potential to extend the Ascot mineralisation to
the north.

 

Drillhole BRDD-22-044 was drilled at an inclination of -70 degrees towards the
east and completed at a final depth of 696.7m. This hole was well mineralised,
intersecting multiple zones of weak to locally moderate to strong visible
chalcopyrite mineralisation throughout. The hole displays mineralised
characteristics that are very similar to those found in drill hole BRDD-21-035
drilled at Ascot, and gives confidence for the along-strike continuation of
the Ascot mineralisation 250m to the north.

 

Drillhole BRDD-22-045 was drilled at an inclination of -80 degrees towards the
northeast and completed at a final depth of 645.7m. The hole intersected long
runs of strongly altered volcanics and traces of visible chalcopyrite
mineralisation through-out the hole, including two sub-intervals of stronger
mineralisation. Although the large zones of alteration are encouraging, this
hole was likely drilled at too steep an angle to interest the main zone of
mineralisation.

 

Drillhole BRDD-22-046 was drilled above drill hole BRDD-22-045 at an
inclination of -60 degrees towards the northeast and completed at a final
depth of 723.7m. The drill hole intersected a similar alteration and
mineralisation style to drill hole BRDD-22-044, with multiple intersections of
visible trace to locally weak to strong chalcopyrite mineralisation, giving
the potential to extend the Ascot mineralisation further north again beyond
drill hole BRDD-22-044.

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/3989H_1-2022-4-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3989H_1-2022-4-5.pdf)

 

Photo 1 - Mineralised Drill Core from Drill Hole BRDD-21-044

 

http://www.rns-pdf.londonstockexchange.com/rns/3989H_2-2022-4-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3989H_2-2022-4-5.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                           Colin Rowbury        +44 (0)207 399 9427

 Joint Broker                                                            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:

 

 "Chalcopyrite"                A copper-iron sulphide mineral, CuFeS(2), often found in copper ores.

 "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

 "Porphyritic"                 A rock texture containing distinct crystals or crystalline particles embedded
                               in a compact groundmass

ENDS

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