TIDMXTR
RNS Number : 0570W
Xtract Resources plc
15 August 2022
For immediate release
15 August 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project - Results of Scoping Metallurgical Test Work
Programme
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to report the results of a scoping metallurgical test work
programme carried out on four samples from the Racecourse and Ascot
deposits at Bushranger.
Highlights
-- Altrius Consulting ('ACPL') developed and managed a scoping
metallurgical test work programme to assess the metallurgical
response of the copper-gold mineralisation from the Bushranger
Project on behalf of the Company
-- Four master composite samples of quartered drill core were
prepared, based upon a geographic location within the Racecourse
and Ascot deposits, namely Racecourse Central, Racecourse
North-West, Racecourse South-East and Ascot
-- The samples were representative of the anticipated average
copper grade of the deposit, ranging from 0.33-0.48% Cu, with minor
silver (1.1g/t to 3.3g/t) and trace gold (0.007g/t to 0.04g/t),
other than the more gold-rich Ascot sample which assayed 0.30g/t
Au
-- The test work completed to date has yielded encouraging
copper recovery results generally running at 89-90%, other than for
the Racecourse North-West sample (76% recovery) where further work
is recommended to better understand the different metallurgical
response from this area
-- Initial test work was focussed on copper recovery not gold,
however, the Ascot sample also yielded payable gold and silver in
the Cu concentrate
-- At Racecourse, sampled intervals were not from areas where
gold grade was relatively high, however it was considered that due
to the metallurgical performance observed in these areas, that
payable gold would probably be achieved with additional
optimisation of the recovery circuit and/or in areas where gold
grade was slightly higher. Further sampling and test work needs to
be completed to confirm this hypothesis
-- All concentrates produced payable silver grades. Further work
was also recommended targeted at recovering molybdenum
-- Test work indicates that the concentrates produced contained
no significant penalty elements, with these concentrates considered
"clean" and therefore should be readily saleable
Coli n Bird, Executive Chairman said: "The results of the test
work are considered typical of metal recoveries for deposits on the
Lachlan Fold Belt. The Ascot overall gold grade has yet to be
determined, so metallurgical work here is still at an early stage.
The new report will be used to update the Bushranger concept study
and was necessary to further advance the Racecourse project. We are
pleased to note that there are no significant penalty elements and
concentrate is regarded as clean and saleable.
No test work has been directed specifically at molybdenum
recovery. Some nearby mines on the Lachlan Fold Belt are recovering
molybdenum and, in one case a new circuit has been installed
specifically for recovery of the metal. At Bushranger, molybdenum
recovery will be disregarded for the concept study for now but
could make a contribution to a future mining operation ."
Test Work Details
Samples for the Bushranger Project sighter metallurgical test
work programme were selected and sampled ( 1/4 core) from the
remaining drill core from the Phase II drilling campaign, conducted
within the Racecourse and Ascot deposits. The samples were selected
(
Table 1), such that four master composite samples were formed,
based upon a geographic location within the deposits and
representative of the anticipated average copper resource grades,
as detailed below:
Table 1 - Core Sample Selection Summary
Drill Collar Composite From To Assay Weight
(m) (m) Cu (%) Au (g/t) Ag (g/t) (kg)
----- ---- ------- --------- --------- -------
BRDD_21_008 Central 206 274 0.48 0.040 3.3 93.4
------------ ----- ---- ------- --------- --------- -------
BRDD_21_011 North-West 308 370 0.34 0.020 1.1 65.5
------------ ----- ---- ------- --------- --------- -------
BRDD_21_013 South-East 142 208 0.33 0.007 1.6 65.4
------------ ----- ---- ------- --------- --------- -------
BRDD_21_035 Ascot 552 616 0.38 0.30 2.3 66.1
------------ ----- ---- ------- --------- --------- -------
The weighted mean assay results for the sampled intervals
indicate the presence of predominantly copper (0.33% to 0.48%) with
minor silver (1.1g/t to 3.3g/t) and trace gold (0.007g/t to
0.04g/t), with the exception of the Ascot sample which returned a
gold grade of 0.30g/t. A sequential copper analysis on the
Bushranger samples concluded that for all the samples tested, the
predominant copper mineral is chalcopyrite.
Key components of the sighter metallurgical test work programme
included:
-- Comprehensive head analysis of each master composite sample
-- Comminution test work to assess ore hardness (Bond Ball Mill Work Index)
-- Sequential copper speciation to provide an indication of copper mineralogy
-- Rougher flotation test work at a pre-determined primary grind
size, to assess rougher copper recovery
-- Rougher flotation test work at two different reagent suites,
aiming to maximise rougher copper recovery
-- Bulk rougher flotation to generate concentrate for cleaner
flotation test work, with and without concentrate regrind
-- Mineralogical evaluation of flotation tails - diagnostic
assessment to assess nature and occurrence of gold losses
Ore hardness assessments, utilising Bond Ball Mill Work Index
testing, concluded that the samples are of an extreme hardness with
an average work index of 23.35 kWh/t. Abrasion index testing
classifies the ore as moderately abrasive, with an average
abrasiveness of 0.2985.
Table 2 - Cleaner Flotation Regrind Test Work Summary
Sample Cumulative Conc. Grade Recovery (%) Tails Grade Mass
Yield
(%)
Au Ag Cu (%) As (ppm) Au Ag Cu Au Ag As Cu (%)
(g/t) (g/t) (g/t) (g/t) (ppm)
----- -------- -------- -------- -------
BR_Centre 0.9 181.6 23.3 210 23 85 89 0.02 0.3 8 0.03 2%
-------- -------- ------- --------- ----- ---- ---- -------- -------- -------- ------- -------
BR_NW 0.6 58.1 20.4 409 37 54 78 0.01 0.6 10 0.05 1%
-------- -------- ------- --------- ----- ---- ---- -------- -------- -------- ------- -------
BR_SE 0.3 81.1 18.8 155 19 50 87 0.02 1.2 10 0.02 2%
-------- -------- ------- --------- ----- ---- ---- -------- -------- -------- ------- -------
BR_Ascot* 5.4 152.3 27.3 93 41 42 82 0.07 1.7 6 0.03 1%
-------- -------- ------- --------- ----- ---- ---- -------- -------- -------- ------- -------
Average 1.8 118.3 22.5 217 30 58 84 0.03 1.0 9 0.03 1%
-------- -------- ------- --------- ----- ---- ---- -------- -------- -------- ------- -------
*Ascot requires no regrind
The regrind-cleaner flotation test work (coarse flotation
followed by regrind of coarse rougher concentrate and selective
flotation or cleaning) indicated that the average final copper
concentrate grades would vary between 19% copper and 27% copper,
with a corresponding final copper recovery of between 78% and
89%.
When normalising the cleaner flotation results to produce a
concentrate with a 20% copper grade, typical for saleable
concentrates, the following copper recovery is predicted:
o Ascot - 90% (no regrind, three stages cleaner flotation)
o BR_Centre - 90% (15um regrind, three stage cleaner
flotation)
o BR_SE - 89% (15um regrind, pH 10.5, three stage cleaner
flotation)
o BR_NW - 76% (15um regrind, pH 10.5, three stage cleaner
flotation)
Silver recovery to copper concentrates averaged 58%
These results are considered encouraging, with further study
required on the Racecourse North-West sample to understand the
reason for the lower copper recovery in this sample.
Regarding gold recovery, this initial test work was focussed on
copper not gold. No optimisation work was included to increase gold
recovery at this stage. However, the Ascot sample yielded payable
gold in the Cu concentrate. At Racecourse, even though these
samples were not selected from relatively high gold grade areas, it
was considered that payable gold would probably be achieved with
additional optimisation of the recovery circuit and/or in areas
where gold grade was slightly higher. However, further sampling and
test work needs to be completed to confirm this hypothesis.
Similarly with molybdenum, the content of the cleaner was
generally low, however further investigation is considered
warranted in subsequent test programmes given that molybdenum
recovery was not specifically targeted.
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 Michael Cornish www.beaumontcornish.co.uk
and 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.
Marius Phillips, Engineering Director of Altrius Consulting, is
a Chartered Professional Engineer with over 25 years' experience.
Mr Phillips has developed a strong operational, managerial and
technical base in minerals processing and the extractive metallurgy
of base metals, precious metals and PGMs. Mr Phillips has reviewed
and approved this announcement as a Qualified Person.
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:
"Chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores
"Comminution" Grinding of the rock
"Flotation" The separation of small particles of a solid
by their different capacities to float
"kWh/t" Kilowatt hours per tonne
"Mineralisation" Process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"Molybdenum" Ore mineral, MoS(2)
"Rougher flotation" Flotation designed to remove the maximum amount
of the valuable mineral at as coarse a particle
size as practical
ENDS
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