Xtract Resources PLC - London-based miner - Says the widely reported rainstorms currently being experienced in New South Wales, Australia, have hurt its drilling operations. The contractor was unable to drill over the weekend and Monday was particularly wet. However, Xtract says there has been no damage to the drilling equipment and it is optimistic that drilling will be able to recommence by the coming weekend.
At the time of suspension, Xtract says hole BRDD-21-006 had advanced to 297 metres depth having encountered veining with pyrite, pyrrhotite and traces of chalcopyrite over the last 10 metres.
Current stock price: 5.98 pence, down 2.0% on Tuesday
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Xtract (XTR)