REG - Xtract Resources plc - Western Foreland Exploration Update

Xtract ResourcesAnnouncement

06/03/2025 07:00

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RNS Number : 5387Z  Xtract Resources plc  06 March 2025

6 March 2025

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")

Western Foreland Exploration Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
provide an update on exploration taking place on Licences 29123-HQ-LEL,
30458-HQ-LEL, 30459-HQ-LEL, 21850-HQ-LEL and 21851-HQ-LEL (the "Licences")
located in NW Zambia within both the Western Foreland and Fold & Thrust
Belt domains.

 

Highlights

 

·    Successful reconnaissance has triggered a phase two exploration
programme focusing on identified anomalies and regional analogues to both the
Western Foreland and Fold & Thrust Belt found on all 5 licences.

·    Lithological drilling has defined the stratigraphy confirming that
the necessary architecture and structure is present to host redox fronts and
Western Foreland-type mineralisation and therefore the licences remain highly
prospective.

·    Mapping, geophysical interpretation, detailed ground magnetic surveys
and stream sediment sampling undertaken on all five licences and 3 drillholes
completed on 29123-HQ-LEL.

·    A total of 8 stream sediment copper anomalies identified on 4
licences located within the Fold & Thrust Belt.

·    Phase 2 programme to commence at the end of the rainy season.

 

Colin Bird, Executive Chairman said: "We have achieved our two objectives of
firstly confirming that Licence 29123-HQ-LEL and part of 21851-HQ-LEL situated
within the Western Foreland bordered by recent discoveries by Ivanhoe Mines
within the DRC's extension of the Western Foreland host the requisite
geological and structural characteristics required to create redox fronts and
therefore Kamoa-style mineralisation. Secondly, our studies on Licences
30458-HQ-LEL, 30459-HQ-LEL and 21850-HQ-LEL and 21851-HQ-LEL coincident with
the Fold & Thrust Belt domain all returned copper anomalies warranting
further follow-up including drilling. The Western foreland in Zambia remains
largely under-explored and we are excited to be at the forefront of
exploration in this potential emerging copper district. We are completing our
detailed exploration programme and logistical planning, so we are ready to
launch a new campaign after the rainy season. We look forward to updating
shareholders on future progress".

 

Western Foreland & Fold & Thrust Belt Reconnaissance

 

Licence 29123 and the northwest corner of licence 21851-HQ-LEL overlay the
Western Foreland geological domain. The known extent of the Western Foreland
overlies Northwestern Zambia and neighbouring DRC and Angola as illustrated in
Figure 1 below.

Figure 1: Xtract licence (red outline) and boreholes drilled on the Western
Foreland area during 2024.

http://www.rns-pdf.londonstockexchange.com/rns/5387Z_1-2025-3-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5387Z_1-2025-3-5.pdf)

 

Recent discoveries by Ivanhoe, within the DRC's extension of the Western
Foreland, reaffirmed the stratabound nature of mineralisation. Copper
mineralisation in this setting is governed by redox fronts - the front
situated between oxidized and reducing strata. Redox fronts can be targeted
based on the succession of strata, manifested in the local stratigraphy.

 

In 2024, Xtract's primary objective within the Western Foreland was to
continue defining the stratigraphy within these two licence areas. Mapping,
geophysical interpretation and detailed ground magnetic surveying was
undertaken to infer stratigraphy and inform borehole placement. Three diamond
drill boreholes, totalling 529.4m were completed on Licence 29123-HQ-LEL.
These boreholes holes successfully established the stratigraphy of the
targeted area and provided invaluable information for a broader exploration
programme.

 

Exploration, mapping and stream sediment sampling has identified a significant
number of copper anomalies across the 4 licences located within the Fold &
Thrust Belt. The clearly defined targets can now be followed up by detailed
ground geophysics and subject to results, further diamond drilling.

 

The 2025 exploration programme will focus on the potential redox boundaries
inferred from the defined stratigraphy. Detailed ground electro -magnetic (EM)
and magnetic surveys, along selected profiles are planned. Positive results
will be followed up with diamond core drilling.

 

As previously announced on 31 May 2024, Xtract agreed a restated joint venture
agreement with Cooperlemon Consultancy in relation to the exploration for
copper at the Licences.

 

Qualified Person

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, PGeo, Technical Director of Galileo. 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.

 

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

 

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.

 

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

 

 "redox"            Oxidation/reduction reaction occurring in the weathering zone along the water
                    table

 "reducing strata"  Rock strata in which the oxidation state of a rock is decreased through
                    chemical reaction

 "stratabound"      Occurring within a particular strata or layer

 

ENDS

 

 

 

 

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