REG - Xtract Resources plc - Silverking Project drilling update

Xtract ResourcesAnnouncement

13/03/2025 14:15

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RNS Number : 6084A  Xtract Resources plc  13 March 2025

13 March 2025

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Silverking Project drilling update

The Board of Xtract Resources Plc is pleased to confirm the successful
completion of the first three diamond drill holes SKIDD001, 002 and 003 at
Silverking and the interception in drill core of copper mineralisation over
near-continuous downhole lengths of 46.4 metres, 95 metres and 66.2 metres
respectively. Silverking is subject to an option and joint venture agreement
("Joint Venture") with Oval Mining Limited, enabling Xtract to earn-in up to a
70% interest in the Silverking copper mine and accompanying exploration
licence located in the Mumbwa District of the Central Province of Zambia.

 Highlights

·    Drill hole SKIDD001 intersected what is described in core logs as
significant sulphide mineralisation comprising chalcopyrite, bornite and
chalcocite over a drill intercept width of 46.4m from a depth of 93.6m.

·    Drill hole SKIDD002, drilled approximately 30m below SKIDD001,
intersected strong oxide copper mineralisation over a width of 38.2m and a
further 56.8m sulphide intersection for a combined 95m mineralised package
from a depth of 28m.

·   Drill hole SKIDD003 intersected  semi-continuous oxide and sulphide
mineralisation over a substantial width of 66.2m from a depth of 93m.

·    Drilling is continuing with a focus on establishing the morphology of
the main pipe-like structure before moving on to drill a second pipe and other
structures within the Project area.

·    The bornite and chalcocite intercepts (see core photographs below)
together with native copper are encouraging ahead of scheduled copper assays.

Colin Bird, Executive Chairman of Xtract, commented: "Intersection of
potentially high grade copper mineralisation over substantial widths in the
first three holes is very encouraging and suggests that the historic drill
intercept made at a higher elevation has depth continuity. We are busy
defining the shape and extent of the structure in both depth extent and the
lateral shape which will potentially contribute to a larger tonnage of future
ore. The high copper content of bornite and chalcocite minerals implies that
copper grades following assay analysis could be potentially impressive. We
have mobilised our in-house metallurgist and will be collecting representative
samples later this week. We have our mining team on standby pending the next
few drill holes at which point we should have a better indication of the
morphology of the first mineralised structure and can complete high level
estimates of the likely depth to a conceptual pit floor and a stripping ratio.
We look forward to keeping shareholders updated on progress".

Drill core photo 1 - hole SKIDD001 showing chalcopyrite copper mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/6084A_1-2025-3-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6084A_1-2025-3-13.pdf)

Drill core photo 2 - hole SKIDD001 showing bornite-chalcocite copper
mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/6084A_2-2025-3-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6084A_2-2025-3-13.pdf)

 

Silverking Project

As announced on 3 April 2024, Xtract entered into a joint venture agreement
with Oval Mining in relation to the Silverking Project and licence. Silverking
mineralisation is characterised by deep levels of intense oxidation, breccia,
vein and stockwork hosted copper mineralisation and is distinguished by
high-grade supergene enrichment, also diagnostic of the nearby Kitumba
deposit.

The former Silverking open pit and underground mine extends to a mining depth
of only 70m and based on underground mapping and historic diamond and reverse
circulation ("RC") drilling is believed to remain open both down-dip and along
strike.

Historic peak Silverking reported drill intercepts including 50m @ 5.47% Cu in
borehole SVKRC002 from 55m to 105m depth. The hole stopped in mineralisation.
Mineralised intercepts peaked at 52.2% Cu over a 1m drilled interval.

A wide-spaced geochemical soil survey supplemented by magnetic and IP ground
geophysical surveys undertaken by Glencore identified a number of high
priority targets warranting follow-up. In particular, a second breccia pipe
located 800m from the main Silverking mineralised body was identified and has
not been explored. Evidence at surface suggested possible stockwork or
disseminated copper mineralisation between the two breccia pipes. Xtract's
proposed exploration work will focus on testing the depth extension of the
Silverking breccia pipe, the nearby pipe and general licence exploration.

Further background details on the licence and the Joint Venture were announced
on 3 April 2024, a copy of which is available from the Company's website.

Qualified Person

 

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a 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
this announcement.

 

For further information, please contact: Xtract Resources PLC

 

 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 Bellis           +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury        www.novumsecurities.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,
Executive Chairman and Director.

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

Technical glossary

 

 "bornite"                A copper-iron sulphide mineral, Cu5FeS4, often found in copper ores

 "breccia"                Rock fragmented into angular components

 "chalcocite"             A copper sulphide mineral, Cu2S, found in zones of secondary enrichment of
                          copper ores

 "chalcopyrite"           A copper-iron sulphide mineral, CuFeS2, often found in copper ores

 "IP geophysical survey"  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

 "magnetic survey"        A geophysical technique which measures variations in the Earth's magnetic
                          field caused by variations in rock type or geological structures

 "stockwork"              A large-scale ramifying series of fissures filled with mineralised material

 "sulphide"               A metallic compound of sulphur

 "supergene"              Descriptive of a mineral deposit, weathering or alteration formed by
                          descending solutions

 

ENDS

 

 

 

 

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