Xtract Resources logo

XTR - Xtract Resources News Story

1.15p 0.0  2.2%

Last Trade - 18/10/19

Sector
Basic Materials
Size
Micro Cap
Market Cap £5.04m
Enterprise Value £4.69m
Revenue £1.24m
Position in Universe 1651st / 1855

Xtract Resources plc - Chepica Gold Mine - Operational Update

Mon 30th November, 2015 7:01am
RNS Number : 2873H
Xtract Resources plc
30 November 2015

30 November 2015

Xtract Resources Plc

("Xtract" or "the Company")

Chepica Gold Mine - Operational Update

Xtract Resources Plc (AIM:XTR) has made good progress at its Chepica Gold and Copper Mine in Chile ("Chepica") and is pleased to provide an operational update on progress to date in Q4 2015.

Progress highlights for Q4 2015

Colin prospect

Two reefs have been developed on 5 level that is ready for stoping operations, they are:

- Connie 1 reef: 3.4g/t gold over width of 3.58m* over strike length of 75m

- Connie 2 reef: 3.06g/t gold over width of 3.00m* over strike-length of 45m

The combined tonnage available for stoping from the two reefs on 5 level is 7,000t (assuming a lift of 6m to be blasted in December 2015)

The incline development from 5 level to 4 level have intersected reef and development to expose the reef will commence in December 2015

The decline development from 5 to 6 level has intersected reef and development on reef will commence in December 2015

Chepica prospect

The decline has been developed from surface to a depth of 90m (another 85m from intersecting 8 level) and support is currently being installed from the portal or entrance of the development

Total Operation

A total of 5,770t have been milled to date on a plan of 11,999t for Q4 2015

In addition a surface ore stockpile of 6,480t has been accumulated and trucking is continuing in December 2015 to increase the size of the stockpile

The plant is currently processing ore from the stockpile in addition to the underground ore

Drilling is continuing at the Colin prospect where a resource upgrade is expected in Q1 of 2016

* The full width of the reef has not been exposed by development and from drilling the true width of the reef when stoping commences is estimated at 4 to 5m

Jan Nelson, CEO of Xtract, said: "Excellent progress has been made at the mine in Q4 2015. Our new development plan is on target and we have now not only fully developed the two reefs on 5 level at the Colin prospect, but we have also opened up reefs on 4 and 6 level. Together with the tons that the reef development and the stoping of the two reefs on 5 level will generate we are confident of achieving our tonnage target for the quarter. In addition we have also built up a significant ore stockpile on surface that feeds into the mill in addition to production from underground. I look forward to reporting the key metrics for Q4 2015 early in the new year."

Work is progressing well on the Manica acquisition and on the O'Kiep, Caroulsberg and Concordia Copper Dumps and an update will provided on each of these in the coming weeks.

Enquiries:

Xtract Resources Plc

Jan Nelson, CEO

+44 (0)20 3416 6471

Cenkos Securities plc

Derrick Lee

Beth McKiernan

+44 (0)131 220 6939

Beaufort Securities

Jon Belliss

+44 (0)207 382 8300

St James's Corporate Services Limited

Phil Dexter

+44 (0)20 7796 8647

+44 (0)7798 634398

Gable Communications

Justine James

xtract@gablecommunications.com

+44 (0)20 7193 7463

+44 (0) 7525 324431


This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLPGGRGGUPAPGB
© Stockopedia 2019, Thomson Reuters, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.