Xtract Resources plc Manica Gold Concession Update (4149R)
June 14 2018 - 6:08AM
UK Regulatory
TIDMXTR
RNS Number : 4149R
Xtract Resources plc
14 June 2018
For immediate release
14 June 2018
Xtract Resources Plc
("Xtract" or the "Company")
Manica Gold Concession Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update on its Manica Alluvial operations and
its Hard Rock Collaboration Agreement with Omnia Mining Ltd
("Omnia") for the exploitation of hard rock deposits at the Manica
concession.
Highlights
-- Sustantial improvement in alluvial mining contractor gold
production for quarter to date and ahead of Q1 2018
-- Xtract reviewing further contractor proposals for the western half of the concession
-- Omnia hard rock collaboration agreement trenching uncovers
concealed extensions to hard rock exposure
-- Exposures have been channel sampled and rock chips sent away for assaying sampling
-- The parties are investigating the cost of upgrading the
current plant to feed all types of oxidation from oxides to
sulphides
Colin Bird, Executive Chairman said: "The continued overall
improvement in alluvial gold production from the prior quarter
shows pleasing progress and we hope to build on this and look
forward to reporting our Q2 production in mid-July. We are
seriously considering dividing the concession into North-South
halves as oppose to East-West since the river beds and terraces
require different processing plant configuration. We are currently
in the process of identifying more hard rock mining positions
irrespective of whether the crop is oxide transition or sulphide
and concurrently evaluating the cost and time of operating the
plant to treat all gold mineralisation types. The co-ownership of
an all-purpose plant will position the Collaboration Agreement very
strongly in the Manica area."
Manica Alluvial production
As previously reported, we continue to address key areas of
performance in respect of alluvial production based on the
experience built up over the last eight months, since the mining
contractors commenced alluvial production in October 2017,
reflecting the random nature of alluvial gold distribution. The
Manica alluvials are typical in that the presence of gold is often
random, supporting our assessment that volume is the key to a
successful alluvial operation. The Company expects to report its
production for Q2 (being the three months ending 30 June 2018) in
mid-July. Cumulative production to date is running ahead of Q1
(being the three months ended 31 March 2018), and significantly
better than prior quarters with more than two weeks of potential
production remaining.
Further details are available from the Company's website which
details the company's project portfolio as well as a copy of this
announcement: www.xtractresources.com
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. The
person who arranged for the release of this announcement on behalf
of the Company was Joel Silberstein, Director.
Enquiries:
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Colin Rowbury +44 (0)207 399 9427
Joint Broker www.novumsecurities.com
ENDS
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END
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