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Xtract Resources PLC - copper-gold projects in Australia, Mozambique and Zambia - Confirms intervals of copper mineralisation at second and third drill holes during Phase One diamond drilling programme at the Racecourse mineral resource on its Bushranger copper-gold exploration project, located in the Lachlan Fold Belt of New South Wales, Australia.
Results include 362 metres at 0.20% copper equivalent from 422 metres at BRDD-21-002 and 200 metres at 0.20% copper equivalent from 598 metres from BRDD-21-003.
Executive Chair Colin Bird says: "The assay results from the first three holes of the Phase One drilling programme at the Racecourse prospect have succeeded in extending the copper mineralisation 350 metres to 450 metres to the northwest of the current limit of the mineral resource and a significant distance down dip.
"In comparison to previous drilling on the project by Anglo American PLC, our recent intersections are substantially wider, suggesting that as the Racecourse mineralisation extends to the northwest it is growing significantly in thickness."
Bird believes assay results enhance Xtract's ability to potentially open pit mine the Racecourse copper mineralisation, so it has hired external mining consultants to build a financial model of what an open pit mining operation could look like.
Commits to Phase 2 drilling at Racecourse, to be carried out in the third quarter.
Current stock price: 4.32 pence, down 7.0% on Wednesday
Year-to-date change: up sharply from 1.78p
By Paul McGowan; paulmcgowan@alliancenews.com;
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