TIDMXTR
RNS Number : 3492Y
Xtract Resources plc
08 September 2020
For immediate release
8 September 2020
Xtract Resources Plc
("Xtract" or the "Company")
Pitting programme results at Eureka project
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide information on the outcome of a pitting
programme designed to track extensions to the Eureka copper-gold
deposit on small scale mining licence number 22134-HQ-SML (" Eureka
Licence") located in the Central part of The Republic of Zambia
("Eureka Project").
Highlights
-- Exploration pitting along strike from the shallow Eureka
copper-gold deposit confirms earlier modelling of a strike
extension to the northwest
-- Pit channel sample measurements by hand-held XRF analyser
return values in weathered bedrock up to 2.65% Cu in Pit EX-P3
-- Potential indicated to extend the deposit strike by more than 50% to over 300m
-- Zone potentially remains open to further strike expansion
beyond the exploration pitting area and is open down-plunge
-- Pitting at Eureka West indicates potential for additional width at this target
-- Planning will commence for follow-up drilling with the aim of
significantly expanding the Eureka deposit
Colin Bird, Executive Chairman said: "This exploration pitting
programme has produced a pleasing result, with high grade sample
results in Pits EX-P1 to EX-P4 to the northwest of the historic
open pit confirming historic copper soil anomalies on the axis of
the previously established mineralisation. The programme certainly
gives us confidence regarding our immediate goal of a small-scale
copper producing operation. The system is open ended, and there is
potential to identify a larger discovery.
Our intention is now to prepare for a drill programme to
identify a mineral deposit of sufficient capacity to support a
7-year open pit mine life, whilst drilling outlying holes to test
for more significant extensions. "
Summary of Exploration Pitting Results at Eureka
Earlier 3-D modelling on the Eureka main pit copper-gold deposit
suggested that the mineralisation might extend towards the
west-northwest from the small historic open pit, along the trend of
a 3km copper-in-soil anomaly. A programme of exploration pitting
was undertaken by the Company to test for such extensions.
A total of 19 pits were dug by mechanical excavator at 50m
spacing along north-south profiles to a maximum depth of 7m,
chiefly on the main Eureka open pit extension, but also including
several in the area of the 'villager's pit' on the Eureka West
target. The weathering profile in the vicinity of the main Eureka
open pit is quite deep and most of the exploration pits did not
encounter solid bedrock, mainly cutting through overlying soils and
saprolite. Channel profile samples were taken every metre down the
pits and these were subsequently dried, sieved, labelled and bagged
in the field for later analysis. Prepared samples were analysed for
copper by GeoQuest, an independent geological contracting company
based in Lusaka, using a hand-held XRF analyser.
Results show strongly anomalous values in four pits, designated
EX-P1 to EX-P4, to the northwest of the open pit mine. Although
visible copper mineralisation was not identified in the heavily
weathered profile, all of these pits returned sample values in
excess of 1,000ppm Cu, with values peaking in Pit EX-P3 at 2.65%
Cu. This strongly indicates a potential north westerly extension of
the mineralisation drilled at the open pit and, if confirmed by
follow-up drilling, would extend the known 200m strike of the
Eureka deposit by a further 110m to more than 300m overall - with
scope for additional extensions again beyond the line of
exploration pits.
At Eureka West, almost 1km to the southwest of the main Eureka
target, three exploration pits were completed near the Villager's
pit excavation, with channel samples returning values up to 0.21%
Cu in pit EX-P35. These results support the previous identification
of disseminated copper mineralisation in bedrock and boulders and
could expand the target over a greater width.
With the potential for significantly extended strike at the main
Eureka copper-gold pit deposit, as well as additional encouragement
at Eureka West, the Company will now prepare a follow-up drilling
programme aimed at further extending and evaluating these
near-surface targets.
Eureka Project background
As previously announced, a shallow open pit mine was developed
at Eureka by a local operator in 2008 within a strong, 3km long
copper-gold soil anomaly, when about 1,000 tonnes of ore at 3% Cu
was reportedly recovered. R ecent drilling by Xtract was carried
out to confirm and extend the deposit as originally defined by
limited historic drilling. Intercepts up to 32m @ 1.58% Cu, 0.07g/t
Au, including 19.0m @ 2.08% Cu, 0.08g/t Au (Hole EX-01) were cored
in the recent drill programme. The deposit remains open in several
directions.
A second sub-parallel copper anomaly in soils about 600-700m
long occurs at Eureka West, 1km to the southwest of the main Eureka
pit. A small copper pit at this locality was operated by artisanal
miners - a composite grab sample taken by the Company from
hand-sorted boulder piles at the site returned 9.81% Cu, 1.94g/t
Au, 13.77g/t Ag. This is a further priority drill target for the
Company.
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
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 Colin Bird, 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
Qualified Person:
Information in this announcement relating to the exploration
works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a
consultant to Xtract. Mr Slowey is a graduate 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 the geological content of this
announcement.
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas
Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of Xtract
Resources plc, with more than 40 years' experience mainly in hard
rock mining, is the qualified person as defined in the Guidance
Note of the London Stock Exchange, who has reviewed the technical
information contained in this press release.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Ag" Silver
"Au" Gold
"Cu" Copper
"mineralisation" Process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"oxide resource" Mineral resource comprised substantially of
oxide minerals.
"Pitting" Small excavation by mechanical digger through
soils and overburden to collect samples for
analysis
"saprolite" The intensely weathered and leached near-surface
zone of bedrock developed in tropical to arid
climates
"soil anomaly" A concentration of one or more elements in
soil that is markedly higher than background
"sulphide" A metallic compound of sulphur.
"XRF analyser" Instrument to determine the chemistry of a
sample by measuring the fluorescent (or secondary)
X-ray emitted from a sample when it is excited
by a primary X-ray source
ENDS
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END
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