Xtract Share News (XTR)

(Sharecast News) - Xtract Resources updated the market on the outcome of a pitting programme designed to track extensions to the Eureka copper-gold deposit on small scale mining licence 22134-HQ-SML on Tuesday, located in the central part of the Republic of Zambia.
The AIM-traded firm said the exploration pitting along strike from the shallow Eureka copper-gold deposit confirmed earlier modelling of a strike extension to the north west.

Pit channel sample measurements by hand-held x-ray fluorescence analyser return values in weathered bedrock, up to 2.65% copper in pit EX-P3.

The potential to extend the deposit strike by more than 50% to over 300 metres was also indicated.

Xtract said the zone potentially remained open to further strike expansion beyond the exploration pitting area, and was open down-plunge.

Pitting at Eureka West indicated the potential for additional width at that target, the board added.

It said planning would begin for follow-up drilling, with the aim of "significantly expanding" the Eureka deposit.

"This exploration pitting programme has produced a pleasing result, with high grade sample results in pits EX-P1 to EX-P4 to the north west of the historic open pit confirming historic copper soil anomalies on the axis of the previously established mineralisation," said executive chairman Colin Bird.

"The programme certainly gives us confidence regarding our immediate goal of a small-scale copper producing operation."

Bird said the system was open-ended, adding that there was potential to identify a larger discovery.

"Our intention is now to prepare for a drill programme to identify a mineral deposit of sufficient capacity to support a seven-year open pit mine life, whilst drilling outlying holes to test for more significant extensions."

At 1455 BST, shares in Xtract Resources were up 2.94% at 1.57p.