REG - Xtract Resources plc - Bushranger Project MIMDAS geophysical survey

Xtract ResourcesAnnouncement

28/02/2022 13:00

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RNS Number : 0494D  Xtract Resources plc  28 February 2022

 

For immediate release

28 February 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project MIMDAS Geophysical Survey Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
report on the commencement of a MIMDAS geophysical survey to cover the area
south of Racecourse and to include the Ascot discovery on the Bushranger
copper-gold porphyry exploration project.

 

Highlights

 

·    A MIMDAS Induced Polarisation (IP) geophysical survey has commenced
at the Bushranger Project in the area to the south of Racecourse and over the
Ascot discovery

·    Inclusive of six 200m spaced lines, the survey is designed to
follow-up the previous 2021 MIMDAS survey completed by Xtract

·    The main focus will be to image the response of the recently
discovered Ascot mineralisation to target further drilling

·    The survey is expected to take four weeks to complete, with extra
time anticipated for analysis and interpretation of the results - As results
come in, Xtract will be provided with an interim analysis which will continue
to assist with targeting

 

Colin Bird, Executive Chairman said: "This survey is a relatively close spaced
survey and will provide much information on the area between Racecourse and
Ascot as well as providing orientation to the Southern end of the Racecourse
porphyry. The Racecourse conceptual open pit needs to be further drilled North
and South and the South will be guided by this MIMDAS geophysics. The
Northwest is showing signs of closing off whilst the South appears to be open
and continuous.

The modelling will require the conceptual open pit to be closed off in all
directions in order to ensure that infrastructure or tailings dams are not
incorrectly positioned over what is a continuing ore body."

 

 

Bushranger Project MIMDAS Induced Polarisation Survey

 

A new MIMDAS IP survey is underway at Bushranger, the survey has been designed
to extend the previous 2021 MIMDAS survey to the southeast to include the
Ascot discovery, along with the prospective ground between the Racecourse and
Ascot prospects. The aim of the survey is to model the geophysical response of
the Ascot mineralisation which will assist with drill hole planning at the new
Ascot copper-gold prospect.

 

MIMDAS (MIM Distributed Acquisition System) is an advanced electrical
geophysical technique which collects multiple geophysical datasets, including
Chargeability (IP), Resistivity/Conductivity (IP and MT). Electrical
geophysical exploration methods are an established method for detecting
concentrations of conductive sulphide minerals found within porphyry systems.
The MIMDAS surveying method has had recent success in the Lachlan Fold Belt of
New South Wales, assisting the discovery of mineralisation in the Cadia Valley
and at the neighbouring Boda project.

 

Six lines are planned for a total of 17 line kilometres at a 200m line
spacing. The survey is underway and is expected to complete within four weeks,
with extra time anticipated to complete the analysis and interpretation of the
raw data by geophysical consultants.

 

 

Bushranger Prospect Drill Hole Location Plan With MIMDAS Survey Lines

 

http://www.rns-pdf.londonstockexchange.com/rns/0494D_1-2022-2-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0494D_1-2022-2-28.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:

 

 "Chargeability"              A measure of electrical capacitance of a rock that may indicate the presence
                              of disseminated sulphide minerals but not all chargeability features are
                              caused by such sulphides.

 "Conductor"                  A body that transfers or conducts electro-magnetic current.
 "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

 "Magnetotelluric (MT)"       An electromagnetic surveying method used to map subsurface resistivity
                              (http://www.emgs.com/content/635/Resistivity-electrical)  variations by
                              measuring naturally occurring electric and magnetic fields on the Earth's
                              surface

 "MIMDAS"                     An advanced electrical geophysical technique which collects multiple
                              geophysical datasets,including Chargeability (IP), Resistivity/Conductivity
                              (IP and MT)

 "Resistivity"                A geophysical exploration technique utilising the variable electrical
                              resistivity or conductivity of different rock types.

ENDS

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