REG - Xtract Resources plc - Silverking Project Drilling Update

Xtract ResourcesAnnouncement

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RNS Number : 1514H  Xtract Resources plc  02 May 2025

2 May 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 further assay results
for the second batch of 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

 

·    Continued high-grade copper and silver intercepts over significant
mineralised widths.

·    Borehole SKIDD004: 1.50% Cu & 20.25g/t Ag over 40.2m from 71.80m

·    Borehole SKIDD005: 4.73% Cu & 55.08g/t Ag over 3.7m from 68.0m.

·    Borehole SKIDD005: 0.58% Cu & 2.31g/t Ag over 27.0m from 107.0m.

·    Borehole SKIDD006: 0.56% Cu & 10.33g/t Ag over 3.3m from 69.0m.

·    Strike length of the mineralised trend now extended to more than 160m
in length.

·    Metallurgical test work now extended to include upgrading and
pre-concentration of lower grade footwall and hangingwall mineralisation using
gravity processes (spirals and jigs) to generate a pre-concentrate for final
processing at a centralised facility.

·    Amenability of lower grade mineralisation has the potential to
materially increase production tonnage and copper output subject to successful
test work.

 

 

Colin Bird, Executive Chairman of Xtract, commented: "The latest results have
doubled the strike extent of the high-grade mineralisation to more than 160m.
We will continue to step out drilling until we reach the limits of
mineralisation and at the same time will continue to test the depth of
mineralisation with selected deeper drilling to approximately 400 vertical
metres.  The scope of the metallurgical test work has been expanded and we
are working with metallurgical engineers that have had very exciting results
upgrading lower grade copper mineralisation through conventional gravity
processing to produce a pre-concentrate for suitable final concentration
processes. This could be significant as our high-grade orebody is typically
associated with a lower grade mineralised envelope that may be treatable
offering additional copper production. We will continue to update shareholders
as new assay data is generated".

 

Drilling Results

The assay results for the first 6 diamond drillholes completed on the
Silverking Project located in the Mumbwa District of the Central Province of
Zambia (including those notified on 29 April 2025)  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

 SKIDD004
 Main Zone    71.8            112.0         40.2                    1.50          20.25

 SKIDD005
 Main Upper   68.0            71.7          3.7                     4.73          55.08
 Main Lower   107.0           134.0         27.0                    0.58          2.31

 SKIDD006
 Main Zone    69.0            72.3          3.3                     0.56          10.33

 

 

 

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.

 

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 (http://www.xtractresources.com)

 

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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