Silverking Project Update

Xtract Resources

01/07/2025 07:00

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

 

For further information, please contact: Xtract Resources PLC

 

Xtract Resources Plc
Colin Bird,
Executive Chairman
+44 (0)20 3416 6471
www.xtractresources.com
Beaumont Cornish Limited
Nominated Adviser and Joint Broker
Roland Cornish
Michael Cornish
Felicity Geidt
+44 (0)207628 3369
www.beaumontcornish.co.uk
Novum Securities Limited
Joint Broker
Jon Bellis
Colin Rowbury
+44 (0)207 399 9427
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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