REG - Xtract Resources plc - Silverking Project Update

Xtract ResourcesAnnouncement

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RNS Number : 0817P  Xtract Resources plc  01 July 2025

1 July 2025

 

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Silverking Project Update - Completion of Phase 1 Drilling

 

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 1 drill programme focussed on the Main Body
and its immediate extensions has been completed. 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

 

·    Holes SKIDD013 to SKIDD019 have been completed. Notable downhole
intercepts include:

o  SKIDD013: 23m @ 1.49% Cu & 18.96g/t Ag from 128m.

o  SKIDD014: 16m @ 0.74% Cu & 2.81g/t Ag from 17m.

o  SKIDD018: 9m @ 4.68% Cu & 38.67g/t Ag from 228m.

·    In addition, a channel sample across an old working at the Kopje
prospect located south of the Main Body yielded the following result:

o  SKICH001: 4.3m @ 2.55% Cu & 30.40g/t Ag.

·    Sufficient drill data and assays generated to allow for in-house
estimation of an initial non-code compliant mineral resource for internal
purposes only and preliminary mine planning.

·    Preparatory work underway to provide an access road and drill pads
for an estimated 2,000m of drilling over the Kopje Prospect.

·    Further work on the Worm Prospect will be subject to the outcome of
ongoing exploration.

 

Colin Bird, Executive Chairman of Xtract, commented: "Drilling continues to
generate encouraging high-grade copper - silver intercepts and with each set
of results we move closer to being able to determine an initial non-code
compliant mineral resource estimate for internal purposes only and thereafter
a mine plan and schedule.  Before we can determine the optimised mineral
processing option, we need to have a more detailed understanding of the likely
global resource for the Project. We look forward to updating shareholders with
the next phase of project development".

 

Drilling Results

Following completion of the Phase 1 drilling, the downhole assay results for
the drillholes on the Silverking Project located in the Mumbwa District of the
Central Province of Zambia (including those previously notified) 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

 SKIDD010
 Main Zone    111.0           135.1         24.1                    5.99          40.22

 SKIDD012
 Main Zone    88.9            99.0          10.1                    4.09          15.49

 SKIDD013
 Main Zone    128.0           151.0         23.0                    1.49          18.96

 SKIDD014
 Main Zone    17.0            33.0          16.0                    0.74          2.81

 SKIDD018
 Main Zone    228.0           237.0         9.0                     4.68          38.67

 

 

 

 

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

 "Cu"   Copper

 "g/t"  Grams per tonne

 

ENDS

 

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