TIDMXTR
RNS Number : 0930Q
Xtract Resources plc
23 February 2021
For immediate release
23 February 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Copper/ Gold Project - Completion of Third Hole of
Drilling Programme
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide information on completion of the third hole of
the Phase One diamond drilling programme at the Racecourse Mineral
Resource on the Bushranger porphyry copper-gold exploration project
located in the Lachlan Fold Belt ("LFB"), New South Wales,
Australia.
Highlights
-- Angled hole BRDD-21-003, the third hole of the planned
drilling programme, was completed at 975.5m, having drilled through
the altered and mineralised porphyry system from 240m to the base
of hole.
-- Chalcopyrite copper mineralisation was first observed at 119m
and became more persistent from 240m, with the best mineralised
interval coinciding with the central alteration zone over a 227m
length from 598m to 825m.
-- The core will now be logged, split and sampled in preparation
for laboratory analysis for copper, gold and other elements.
-- The drill rig will be moved to drill the fourth hole of the
programme to test the deposit further to the west and
down-plunge.
Colin Bird, Executive Chairman said: "We are very pleased with
the most recent hole and are gaining considerable insight into the
geometry and extent of the mineralised system at the Racecourse
deposit. The copper-bearing interval in this hole was considerably
longer than anticipated, suggesting the possibility that the
deposit may be significantly larger than first thought. We await
assay results and, in the meantime, the drill rig will be moved to
drill the fourth hole of the programme to the west and down-plunge
of the previous holes."
Drilling Summary
Hole BRDD-21-003, the third hole of the Phase One Drilling
Programme at the Racecourse Mineral Resource on the Bushranger
Project, was drilled to test the width and grade of the porphyry
mineralisation higher in the deposit than the previous two holes in
order to assist in defining the 3-dimensional shape and orientation
of the porphyry system. The hole was drilled at -60 degrees towards
the north-northwest to a finishing depth of 975.5m.
A summary log of the hole is as follows:
0 - 119m Unaltered and unmineralised andesitic to basic
volcanics interlayered with andesitic sandstone and siltstone
119 - 123m Shear/Breccia zone with quartz-pyrite alteration and
minor sphalerite and chalcopyrite
123 - 188m Unaltered volcanics
188 - 198m Quartz-pyrite-pyrrhotite alteration zone with minor chalcopyrite
198 - 240m Unaltered volcanics
240 - 495m Volcanic rocks - outer alteration zone of porphyry
copper system with pyrite and lesser chalcopyrite-sphalerite
mineralisation as veinlets and stringers
495 - 570m Intermediate volcanic alteration zone with
pyrite-pyrrhotite-chalcopyrite both disseminated and hosted in
veinlets/stringers
570 - 598m Porphyritic intrusion -
pyrite-pyrrhotite-chalcopyrite both disseminated and hosted in
veinlets/stringers
598 - 825m Central volcanic (potassic) alteration zone with
pyrite-pyrrhotite and stronger chalcopyrite mineralisation, both
disseminated and hosted in veinlets/stringers
825 - 890m Intermediate to outer volcanic alteration zone with
continuing pyrite-pyrrhotite-chalcopyrite, similar in style to the
earlier zones
890 - 975.5m Outer porphyry alteration zone. Continuing
pyrite-pyrrhotite-chalcopyrite, both disseminated and hosted in
veinlets/stringers. Sphalerite-galena occurs in places, also hosted
in veinlets/stringers. Mineralisation diminishes towards the base
of the hole
End of hole at 975.5m
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 Jon Belliss +44 (0) 207 399 9427
Joint Broker Colin Rowbury 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:
" albite" A plagioclase felspar mineral with less than
10% anorthite content
"alteration zone" A zone exhibiting change in mineralogical
composition of a rock commonly brought about
by reactions with hydrothermal solutions
"andesitic" Of an igneous rock with 52% to 66% silica
"Au" Gold
"biotite" A brown-coloured iron rich mica
"breccia" Rock fragmented into angular components
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
"Cu" Copper
"disseminated" Mineralization distributed throughout a rock
"exploration" Method by which ore deposits are evaluated
"galena" Lead sulphide mineral, PbS
"mineralisation" Process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"porphyry" A deposit of disseminated copper minerals
in or around a large body of intrusive rock
"pyrite" Iron sulphide mineral, FeS2
"pyrrhotite" An iron sulphide mineral, Fe1-XS, often magnetic
"quartz" A mineral composed of silicon dioxide, SiO2
"sphalerite" Zinc sulphide mineral, ZnS
"stringer" A narrow vein or irregular filament of mineral
traversing rock mass of different composition
ENDS
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