REG - Xtract Resources plc - Silverking Project Update

Xtract ResourcesAnnouncement

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RNS Number : 2011N  Xtract Resources plc  17 June 2025

17 June 2025

 

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Silverking Project 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. 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. The current drilling programme forms part of the work required to
achieve an initial 51% interest in the Project.

 

Highlights

 

Main Body

·    A strike length of 260 metres based on current drilling with
mineralisation intersected over downhole widths of more than 25 metres

·    Borehole SKIDD010: 5.99% Cu, 40.22g/t Ag over 24.1m from 111.0m.

·    Borehole SKIDD012: 4.09% Cu, 15.49g/t Ag over 10.1m from 88.9m.

·    Results pending on a further 8 drill holes

·    New Discovery: SKIDD018 intersected mineralisation at a shallow depth
indicating the presence a new mineralised body oriented sub-parallel to the
Main Body.

 

Kopje Prospect

·    The Kopje Prospect located south of the Main Body and forms a 200m
diameter steep dolomitic hill. Sulphide mineralisation has been identified at
the base of the hill.

·    Multiple structures have been identified all intersecting on the
hill.

·    The area around the Kopje Prospect is covered in sand and scree
hiding potential underlying structures that may host mineralisation extending
away from the hill.

·    The most pronounced structure is oriented north - south and extends
for more than 1km in length and represents a target of note.

 

Worm Prospect

·    The Worm Prospect is a sinuous structure extending along the entire
length of the western boundary of the Silverking Licence for more than 2km. It
has been suggested that the feature is part of the governing regional
structure upon which the Kitumba mine (27.9Mt @ 2.2% Cu) located a few
kilometres to the south of Silverking was formed.

 

Application of New Technology

·    Xtract has secured geophysical equipment enabling the Company to
undertake ground VTEM time domain surveys that extend to depths of around
400m.

·    It is believed that this unit is the only one operating in southern
Africa.

·    Xtract has invested in training of in-house personnel to form a team
capable of mounting ground VTEM surveys in Zambia.

·    The survey identified the blind mineralised structure intersected in
SKIDD018 sitting parallel to the Main Body.

·    The survey indicates the presence of a mineralised body located at an
approximate depth of 40 to 50m below surface aligned perpendicular to the
sub-vertical Main Body.

·    The ground VTEM survey has quickly defined a substantial target that
can now be drilled with a high degree of accuracy.

·    The VTEM equipment has been temporarily located to another Xtract
property and will be returned to Silverking once planned drilling has been
completed and outstanding assays have been received.

 

Current Exploration Programme

 

·    Once assays have been received for drill holes SKIDD013 to SKIDD020,
the information will be assessed to improve the definition of the Main Body.

·    Drilling is being planned for the shallow body located parallel to
the Main Body.

·    A total of 2,000 metres of drilling is planned for the Kopje
comprising an estimated 7 drill holes. An access road and drill pads are
required to complete this programme which is expected to take several weeks to
construct.

·    Further soil geochemical surveys are planned for known extensions to
mineralisation and in areas where potential has been projected.

·    Additional ground VTEM surveys are planned particularly targeting
blind mineralisation buried beneath sand cover.

 

Colin Bird, Executive Chairman of Xtract, commented: "The success of recent
exploration and the innovative addition of the ground VTEM survey capability
has shown that Silverking may be more than a small-scale mining opportunity.
We have carefully considered our plans and have elected to complete more
thorough and detailed exploration over the Licence before commencing mining.
We will keep shareholders up to date with pending assay results and any
further successes with ongoing exploration".

 

Joint Venture Agreement Outline

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 Director of 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

 "Cu"        Copper

 "g/t"       Grams per tonne

 "sulphide"  A metallic compound of sulphur

 

ENDS

 

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