TIDMXTR
RNS Number : 0510R
Xtract Resources plc
02 November 2021
For immediate release
2 November 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Phase 2 Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to provide an update regarding the ongoing Racecourse
prospect Phase 2 drilling programme, with the completion of drill
holes BRDD-21-022 and BRDD-21-023.
Highlights
-- Drillhole BRDD-21-022 was drilled from the NE side of the
deposit, successfully intersecting the high-grade "crown" at
shallow depth and testing the down-plunge extent of the eastern
limb of the deposit. Based on preliminary logging, the hole was
mineralised throughout a lengthy interval of 731m, including three
zones of more intense mineralisation
-- Drillhole BRDD-21-023 tested the along-strike continuation of
mineralisation intersected in drillholes BRDD-21-018 &
BRDD-21-020 towards the NW of the deposit. The new hole intersected
a 152m interval of variable copper mineralisation, confirming the
extension of the deposit beyond the limit of the current Inferred
Mineral Resource.
Colin Bird, Executive Chairman Said: "These two holes are very
pleasing, with particularly lengthy intersections recorded in hole
BRDD-21-022. Along with the other holes from the Phase 2 programme
to date, these new holes further extend the dimensions of the
deposit and the conceptual open pit, which bodes well for the size
of the conceptual pit in terms of expanded tonnage. We await the
assay results, particularly for hole BRDD-21-022 which reports
three zones of more intense mineralisation."
Bushranger Phase Two Drilling Update - Drill Holes BRDD-21-022
& BRDD-21-023
Drill hole BRDD-21-022 was drilled at an inclination of -80
degrees towards the WSW and completed at a final depth of 810.7m.
Drilled from the same drill-pad as hole BRDD-21-017, it was the
first of the Phase Two programme to be drilled in a south-westerly
direction, and was designed to target the higher-grade "crown" at
the top of the porphyry system as well as the down-plunge
continuity of the eastern limb of the Racecourse deposit. The hole
was very well mineralised throughout, having intersected the crown
from 32m down hole depth and then continuing through the eastern
limb of the mineralised body. The overall intersection of visible
mineralisation was 731m, which included three zones of more intense
mineralisation between 62m - 124m, 209m - 320m and 540m - 688m.
The combined intensity and thickness of the copper
mineralisation in hole BRDD-21-022 is very promising and offers the
potential to expand the Racecourse Mineral Resource at depth.
Hole BRDD-21-023 was drilled at an inclination of -50 degrees
towards the NW from the same drill pad as hole BRDD-21-020. The
hole completed at a depth of 868.5m and was designed to test the
along strike-continuation of the mineralisation intersected in
holes BRDD-21-018 & BRDD-21-020 further to the NW (refer to RNS
20 October 2021). Variable strength visible copper mineralisation
was logged over a 152m down hole width from a depth of 482m, which
included a 46m zone of stronger mineralisation from 536m downhole.
This hole sits outside the limit of the current Inferred Mineral
Resource and offers the potential to extend the Racecourse prospect
Mineral Resource towards the NW.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/0510R_1-2021-11-2.pdf
Racecourse Prospect Geological Cross Section for Drill Hole
BRDD-21-022
http://www.rns-pdf.londonstockexchange.com/rns/0510R_2-2021-11-2.pdf
Racecourse Prospect Geological Cross Section for Drill Hole
BRDD-21-023
http://www.rns-pdf.londonstockexchange.com/rns/0510R_3-2021-11-2.pdf
Phase Two Drilling Programme at the Racecourse Mineral Resource
- Background
Refer to RNS dated 7 October 2021 for a summary of the
Bushranger Phase Two Drilling Programme.
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
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, 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:
"Inferred Mineral That part of a Mineral Resource for which
Resource" quantity and grade (or quality) are estimated
on the basis of limited geological evidence
and sampling. Geological evidence is sufficient
to imply but not verify geological and grade
(or quality) continuity. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes
"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
ENDS
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END
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