REG - Xtract Resources plc - Bushranger Project Phase 2 Drilling Update

Xtract ResourcesAnnouncement

17/12/2021 13:45

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RNS Number : 0791W  Xtract Resources plc  17 December 2021

 

For immediate release

17 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 four further holes completed as part of the ongoing Phase 2 diamond
drilling programme at the Bushranger copper-gold exploration project.

 

Highlights

 

·    Drill hole BRDD-21-036 tested the southern end of the Racecourse
Inferred Mineral Resource, intersecting zones of alteration and variable
strength visible copper mineralisation from 11m depth to end of hole at 618m,
with stronger mineralisation from 11m-216m depth

·    Drillholes BRDD-21-031, 032 and 034, were drilled to test IP
geophysical anomalies to the southeast, well beyond the current limit of the
Racecourse resource. All three holes intersected extensive zones of
porphyritic alteration, along with traces of chalcopyrite, with some weak
traces of mineralisation. Modelling of the results suggests that the
Racecourse deposit swings to the south in this area and drilling needs to be
sited further to the west to target potential Racecourse continuation

·    All mineralisation recorded by preliminary logging is subject to
checking by laboratory assays

·    Drilling is continuing at the Bushranger Project to further test the
Racecourse deposit and the newly discovered Ascot prospect, with additional
laboratory assays for previously completed holes expected shortly

 

Colin Bird, Executive Chairman said: "Drill hole BRDD-21-036 confirmed the
southern continuity of the Racecourse mineralisation, again with a significant
interval of stronger mineralisation, which supports our prognosis that the
southern extension progresses well beyond the southern end of the conceptual
open pit. The other three drill holes are exploring the IP anomalies to the
south east and all experienced alteration and traces of chalcopyrite. It is
evident that the geophysics is greatly assisting our modelling and the
suggestion is that the Racecourse deposit swings to the south in this area,
and further drilling towards the west will test this theory. We continue to be
excited with the overall progress of the Phase Two drilling, which has
increased the size of the conceptual open pit and identified a separate body
which we have called Ascot."

 

Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-031, 032, 034 &
036*

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 hole is located 750m
to the SE of the current limit of the Racecourse mineral resource. Preliminary
logging noted traces of chalcopyrite from a downhole depth of 4.6m, with small
downhole intervals of stronger mineralisation reported between 395 and 640m
depth, which sit within a wide zone of porphyry related alteration.

Drill holes BRDD-21-032 and 034 were drilled from the same pad 500m to the SE
beyond the Racecourse resource limit. BRDD-21-032 was angled towards the east
at an inclination of -080 degrees, the hole was completed at a final depth of
636.7m. Based on preliminary logging the hole intersected traces of
chalcopyrite mineralisation and associated alteration over a 554.5m interval
from 44.5m depth. BRDD-21-034 was drilled at an inclination of -050 degrees
towards the east. The hole was completed to a final depth of 524.7m, having
intersected weak intervals of visible copper mineralisation over a downhole
interval of 464.7m from 24.4m depth.

Modelling of trends from recent drilling and the geophysical signature suggest
that all three of these holes may be located on the eastern margin of the
Racecourse porphyry system. The Racecourse deposit appears to track in a more
southerly direction and follow up drilling at this end of the deposit will
focus further to the west to test the revised model.

Drill hole BRDD-21-036 was drilled from the same drill pad as drill hole
BRDD-21-024 (refer to RNS dated 9 November 2021) towards the southern end of
the Racecourse Inferred Mineral Resource at an inclination of -070 degrees to
the east.  It confirmed the most southerly extension currently tested at
Racecourse with intervals of variable strength visible copper mineralisation
recorded from 11m depth to the end-of-hole depth of 618m. Based on preliminary
logging, two zones of stronger chalcopyrite mineralisation were intersected
over downhole intervals of 205m from 11m depth, and 18m from 473m depth, with
best-developed chalcopyrite recorded between 11m and 132m, an interval of
121m.

* Note that all recording of mineralisation based on preliminary core logging
is subject to confirmation by laboratory assays

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/0791W_1-2021-12-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0791W_1-2021-12-17.pdf)

 

Bushranger Prospect Cross Section Holes BRDD-21-024 & BRDD-21-036

 

http://www.rns-pdf.londonstockexchange.com/rns/0791W_2-2021-12-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0791W_2-2021-12-17.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:

 

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

ENDS

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