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Alliance News


Xtract Resources Shares Jump As Zambia Exploration Project Starts Well

Thu, 16th May 2019 12:54


LONDON (Alliance News) - Shares in mining firm Xtract Resources PLC jumped Thursday after it made a "good start"to its preliminary exploration programme at two copper-gold projects in Zambia.

Shares in Xtract were 10% higher at 0.77 pence on Thursday.

Xtract explained that exploration work had begun on its Matrix project in the north-western province of the country, with soil sample results suggesting the quartz-hematite breccia zone for over 600 metres from its previous open pit mine.

The firm added that there was also indication of a larger zone of alteration up to 2.5 kilometres long for accompanying elements such as potassium.

A contract has been signed for the Matrix project for a magnetic survey of the site. This is in order to outline the sub-surface extent of the alteration or mineralisation.

"This is a very good start to our preliminary exploration programme and I am particularly pleased with the relatively high potassium trend potential indicating alteration," Xtract Executive Chair Colin Bird said.

"The apparent mineralised zone is quite wide and the magnetic survey currently under way will hopefully further assist in targeting our proposed drilling programme," Bird added.

At its Eureka project - located in the centre of the country - Xtract explained the site had been visited and a "large" data bank had been acquired for analysis. The data is intended to be digitised and interrogated with a "view of selecting targets."

"A further visit to the Eureka project and an archive search made it very clear that Eureka is drill-ready," Bird explained. "The proposed digitising of all information will greatly assist the targeting of drill-holes."

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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