REG - Xtract Resources plc - Silverking Project drilling update

Xtract ResourcesAnnouncement

Tue 07:00

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RNS Number : 5042G  Xtract Resources plc  29 April 2025

29 April 2025

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Silverking Project drilling update

 

The Board of Xtract Resources Plc is pleased to report assay results for the
first 3 diamond drillholes completed on the Silverking Project located in the
Mumbwa District of the Central Province of Zambia. 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

 

·    Notable high-grade copper - silver intercepts achieved over
impressive mineralised widths

·    Borehole SKIDD003: 4.15% Cu and 42.91g/t Ag over 29.70m from 93.0m.

·    Borehole SKIDD002: 3.18% Cu and 40.32g/t Ag over 54.10m from 56.9m.

·    Borehole SKIDD001: 0.74% Cu and 8.33g/t Ag over 23.0m from 113.0m.

·    The 3 drillholes with accompanying assays are focussed on the
original mineralised structure from which Xtract has commenced step out
drilling to define mineralisation limits.

·    Peak individual intercepts achieved included copper grades of 41.96,
31.1, 30.73 and 19.47% Cu. Silver grades associated with high copper values
frequently exceeded 15g/t Ag with a number of samples in excess of 200g/t Ag.

·    Mineralisation has been tested to an end of hole depth of
approximately 200m with drilling scheduled to now extend to a vertical depth
of approximately 400m.

·    Metallurgical test work at an independent southern African laboratory
continues to assess and optimise flotation recovery.

·    The current programme represents exploration and evaluation of the
first target identified within the Silverking Licences. Work will continue to
test other targets that have been identified with a view to quickly
establishing the scope for Silverking to deliver a much larger Mineral
Resource.

 

Colin Bird, Executive Chairman of Xtract, commented: "Our early excitement at
the discovery of significant intercepts of massive sulphide mineralisation in
drill core (RNS No: 6084A - 13 March 2025) has been confirmed with impressive
copper grades in the first three holes. High copper grades are backed up by
significant silver assays peaking at grades in excess of 200g/t Ag which at
current silver prices, represent a by-product value potentially sufficient to
cover the majority of future mining costs. The exploration team has stepped
out from the initial target and has commenced drilling to test possible
extensions and also the depth extent of the body. In addition, new previously
unrecognised structures that may also host copper - silver mineralisation are
being evaluated.  Preliminary modelling of an open pit has commenced, and the
model will be adjusted depending on the results of deeper drilling.  We will
continue to update Shareholders as new assays are received and in the event
that the expansive exploration programme makes additional discoveries".

 

Drilling Results

The assay results for the first 3 diamond drillholes completed on the
Silverking Project located in the Mumbwa District of the Central Province of
Zambia are set out in the Table below:

 

 

 Hole ID      Depth From (m)  Depth To (m)  Intersection Width (m)  Grade Cu (%)  Grade Ag (g/t)
 SKIDD001
 Hangingwall  98.0            113.0         15.0                    0.30          0.65
 Main Zone    113.0           136.0         23.0                    0.74          8.33
 Footwall     136.0           146.0         10.0                    0.50          5.20

 SKIDD002
 Hangingwall  32.0            56.9          24.9                    0.42          0.28
 Main Zone    56.9            111.0         54.1                    3.18          40.32
 Footwall     111.0           126.0         15.0                    0.48          5.27

 SKIDD003
 Main Zone    93.0            122.7         29.7                    4.15          42.91
 Footwall     122.7           127.0         4.3                     0.32          1.77

 

 

 

Qualified Person:

Colin Bird: The technical information contained in this announcement has been
reviewed, verified, and approved by Colin Bird, C.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.

 

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.

 

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

 

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

 

 "Ag"        Silver

 "Cu"        Copper

 "g/t"       Grams per tonne

 "sulphide"  A metallic compound of sulphur

 

 

ENDS

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