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(Alliance News) - Xtract Resources PLC on Tuesday announced that drilling at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt, Australia recommenced last Thursday following a short break over the Christmas period.
The miner with projects in Mozambique and Zambia said drilling of the first of three holes on the phase one programme of the Bushranger project has progressed to a depth of 607 metres in drill hole BRDD-20-001. Significant copper mineralisation began in the drill hole at a depth of 110 metres and continues to the 607 metres drill hole depth, it added.
Shares in Xtract were up 13% at 2.55 pence in London on Tuesday.
"We now have nearly 500 metres of mineralisation in this first drill hole, which is very encouraging," said Executive Chair Colin Bird.
"The mineralisation is fine grained chalcopyrite within a quartz feldspar porphyry intrusive body, which is characteristic of mineralised porphyry bodies within the Lachlan Fold Belt in New South Wales. If the mineralisation continues to the planned total hole depth of 815 metres, we will just continue to drill until we drill through all the mineralisation," he added.
By Zoe Wickens; zoewickens@alliancenews.com
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