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

Xtract ResourcesAnnouncement

29/09/2025 16:30

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RNS Number : 2703B  Xtract Resources plc  29 September 2025

29 September 2025

 

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Silverking Project Phase 2 Drilling Update

 

The Board of Xtract Resources Plc is pleased to provide an exploration update
on the Silverking Project located in the Mumbwa District of the Central
Province of Zambia where the Phase 2 drill programme has been completed on the
Main Body and nearby extensions. 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

 

·    1,483.50 m of diamond drilling has been completed in 8 holes in phase
2 of drilling at Silver King, focussing primarily on exploration around the
Kopje prospect identified at the end of phase 1, as well as infilling critical
areas of the Main Body

 

·    Hole SKIDD025 within the Silver King Main Body intercepted
approximately 3m of visible abundant malachite consistent with the
mineralisation model, confirmed with pXRF analytical measurements on site.

 

·    Holes SKIDD021, 022 and 024 were drilled into the Kopje prospect, and
successfully intersected mineralisation, including:

o SKIDD022 intercepted approximately 8m of native copper stringers from 82m
down hole in a leached oxide zone

o SKIDD024 intercepted about 23m from 102m downhole depth of mixed native
copper, chalcocite and chalcopyrite consistent with an oxide transition zone.

 

·    Logging work is ongoing at site and samples are being prepared for
dispatch for laboratory assay.

 

·    Further holes are planned to test both the near-surface and deeper
hypogene mineralisation of the Kopje prospect.

 

·    Ongoing regional exploration works have also defined two new copper
soil anomalies:

o House Grid Anomaly, a 200m strike length by 150m width anomaly at 5x
background.

o Solar Anomaly, a 220m strike length by 100m width

 

 

 

Colin Bird, Executive Chairman of Xtract, commented: "The Silverking programme
has improved our knowledge of the Main Body where preliminary pit shell design
can now be completed over the updated geological model. The mineralisation
intersected at the Kopje Prospect will now be subject to additional work to
test for the same mineralisation closer to surface.  In parallel, we will
continue to drill other high-quality anomalies that have been discovered as
part of routine exploration with a view to developing a Mineral Resource
Estimate for development".

 

Joint Venture Agreement Outline

As announced on 3 April 2024, Xtract entered an initial 18-month option period
to acquire a 51% interest in the project, contingent upon fulfilling
expenditure commitments of US$500,000. With the completion of the current
phase of drilling that expenditure threshold has now been reached. Xtract has
the option to increase its interest to 70% by expending an additional
US$1,000,000 over the subsequent two years, subject to Cooperlemon's right to
maintain its interest in the licence through its option to earn back up to 70%
by participating in such ongoing expenditure.

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, PGeo, Technical Advisor to Xtract. 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.

 

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

 "chalcocite"     A copper sulphide mineral, Cu(2)S, found in zones of secondary enrichment of
                  copper ores

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

 "Cu"             Copper

 "g/t"            Grams per tonne

 "hypogene"       Primary mineral deposits formed by ascending solutions

 "malachite"      A green copper carbonate mineral (Cu(2)(OH)(2)CO(3)) which forms by alteration

                of copper sulphide minerals

 "pXRF"           A hand-held instrument to determine the chemistry of a sample by measuring the
                  fluorescent (or secondary) X-ray emitted from a sample when it is excited by a
                  primary X-ray source

 

ENDS

 

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