Xtract Share News (XTR)

(Sharecast News) - Xtract Resources reported on three further holes completed as part of the ongoing phase 2 diamond drilling programme at the Bushranger copper-gold exploration project on Thursday.

The AIM-traded firm said holes BRDD-21-028 and BRDD-21-030 successfully tested the extension of mineralisation below and lateral to holes BRDD-21-013 and BRDD-21-016, within the southern projection of the Racecourse porphyry deposit.

It said that, based on preliminary logging, variable strength visible chalcopyrite mineralisation with shorter sections of better mineralisation were intersected over wide intervals in both holes, including a 406 metre interval from 174 metres downhole in BRDD-21-028 and a 470.6 metre interval from 16 metres downhole in BRDD-21-030.

Laboratory assays would be required to determine intervals of potentially economic grade.

Drillhole BRDD-21-029 tested the along-strike continuation of the main Racecourse mineralised porphyry body 240 metres south from hole BRDD-21-027.

Based on preliminary logging, the hole intersected "strongly siliceous" porphyry-style alteration and associated traces of visible chalcopyrite mineralisation over a 459 metre downhole interval from 66 metres depth, with best mineralisation reported from 225 metres to 266.4 metres.

Drilling was ongoing at Bushranger, with results to continue to be reported as core logging and assay results were received.

"These results continue to expand the Racecourse deposit, indicating continuity both in thickness and along strike towards the south," said executive chairman Colin Bird.

"In general the drilling programme is confirming the outline of the conceptual pit and demonstrates continuity beyond the pit limits."

Bird said the deposit appeared to be closing off at the northwest end, while the southeastern end demonstrated "further extensions" in strike and deposit thickness.

"We suspect that the southeastern extension is veering more towards the south-southwest and we will test out this assumption with subsequent holes."

At 1137 GMT, shares in Xtract Resources were down 1.25% at 4.74p.