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(Alliance News) - Xtract Resources PLC on Wednesday said it has secured all required government approvals to begin drilling the Bushranger copper gold project in Australia.
The exploration firm said it expects to begin maiden drilling this week. Shares in the company jumped 10% to 1.26 pence each in London on Wednesday morning.
"With the completion of the acquisition of ProspectOre Pty Ltd and the Bushranger copper-gold project, we have moved to commence drilling as quickly as possible. The phase one drilling programme on the Racecourse mineral resource will investigate the potential north-western extension of the existing mineral resource and also investigate the zonation of gold mineralisation within the deposit," Executive Chair Colin Bird said.
A successful maiden drilling campaign could be followed up by the drilling of six diamond drill holes.
"Upon completion of the drilling programme, Xtract plans to re-estimate the Racecourse mineral resource under JORC," Xtract said.
By Eric Cunha; ericcunha@alliancenews.com
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