Member Info for Kiwi_

At Eureka, the study confirms that mineralisation intersected by historic drill holes and partially mined remains open in several directions. In particular the study highlights the potential of the area to the southeast of the pit as well as the depth continuation. Additional drill testing of this zone at more optimal drilling angles, as well as the strike extrapolation of the zone will be a priority for Xtract, once historic drill sites have been accurately surveyed in the field.



A second sub-parallel copper anomaly in soils about 600-700m long occurs at Eureka West, 1km to the southwest of the main Eureka pit. This is likely to be related to the high grade copper-gold mineralisation previously discovered by Xtract at a small informal villager's pit. It seems that limited previous drilling in the area did not test this mineralisation. This is a further priority drill target for the Company.

Apart from these two priority targets, several other geophysical anomalies were highlighted by historic exploration but not followed-up. Xtract proposes to re-visit these to determine if they warrant drill testing.

Further details on Eureka were announced on 5 March 2019 and are available from the Company's website which details the Company's project portfolio, as well as a copy of this announcement: www.xtractresources.com

Eureka:

Historic data overview confirms targets for fast-track drilling

· Two copper (+ gold) soil anomalies highlighted, the largest extending for 3km

· Main anomaly peaks at 1,315ppm Cu, 540ppb Au in vicinity of previous worked shallow open pit mine

· Drilling review indicates mineralisation in Eureka pit area remains open, with particular focus to the southeast and to depth

· Parallel soil anomaly coincides with Eureka West target where undrilled high-grade copper mineralisation is exposed in trial pit

· Several further geophysical targets not tested

· Near-term drill targets selected subject to surveying of historic drill hole collars and preparatory ground work



Colin Bird, Executive Chairman said: "We are pleased by the outcome of the interim review of the extensive exploration dataset that we have acquired for Eureka. The more we examine the historic information the more we are convinced that the strong structural and geochemical trends, along with significant drill intercepts and past mining history, can be indicators of substantial copper-gold orebodies on the property. Our exploration programme will be directed towards large scale oxide deposits, with sulphides at deeper levels. Initial shallow drilling will test the presence and configuration of these copper bodies. The occurrences of gold is encouraging and is in line with our belief that there is potential iron oxide copper gold (IOCG), Olympic Dam style mineralisation.



Our strategy is different to that of the explorers in the 1960s, in that we are interested in the large scale copper oxide occurrences as well as deeper sulphide material. I look forward to fast-tracking the testing of selected targets and reporting the results to our shareholders".



Summary

The Eureka small-scale mining licence, comprising approximately 345 hectares, is accessed by a 100km dirt road from Kabwe, west of the Zambian Copperbelt district.



Intermittent exploration by previous operators over several decades has generated extensive layers of very useful information, including soil geochemistry, pitting/trenching, ground magnetics, induced polarisation and electromagnetic surveying, structural interpretation, as well as diamond drilling and reverse circulation ('RC') drilling. Xtract has acquired the data and has worked with its technical consultants to review and integrate the various elements in order to assist with early drill target selection.



Of particular interest is a northwest structural corridor with coincident anomalous regional soil geochemistry for copper and gold. The anomaly extends for over 3km, much of it within the Eureka licence, with peak values of 1,315ppm Cu, 540ppb Au located within the area of the shallow Eureka copper pit reported previously.



At Eureka, the study confirms that mineralisation intersected by historic drill holes and partially mined remains open in several directions.

Kalengwa is believed to belong to the iron-oxide-copper-gold ("IOCG") deposit type which includes, amongst many others, Olympic Dam and Ernest Henry in Australia. The confirmed occurrence of intrusive igneous bodies in the mine vicinity is encouraging as such bodies typically act as source rocks/conduits for substantial IOCG mineralisation. Blackthorn Resources has defined over 1 million tonnes of copper in situ at its Kitumba project 180 km south-east of the Kalengwa Copper Mines based on IOCG copper mineralisation style. Similarities to Kalengwa include host rock age, regional scale faulting and the presence of intrusive source rocks.

The Board of Xtract believe that it is likely that only the upper supergene mineralisation was exploited at Kalengwa and that operations terminated when Roan Consolidated Mines believed that they had exhausted the high-grade supergene core. Previous drilling of the orebody down-plunge and on the north-east and south-west flanks of the open pit have demonstrated that further resources may potentially remain unexploited in these areas. Xtract believes that additional drilling has the potential to significantly increase the historically reported resources. There is a historic resource, which was prepared in 1998 but is not compliant with a recognised standard and which has not been subsequently updated or verified ("Non-JORC compliant Resource"), of 1.45Mt @ 2.50% Cu (for 36,300 tonnes of copper metal) at the Kalengwa Mine (Source: African Minerals Ltd, Assessment of Kalengwa Mine, 1998, as reported by Lunga Resources Ltd, 2013).

https://www.xtractresources.com/kalengwa_glance.htm

Kalengwa Processing Copper Project

Highlights

Xtract has conditionally been appointed as contractor to oversee and commence initial production from the Kalengwa dumps of approximately 1.34 million tonnes with a potential to contain 25,000 tonnes of copper metal

Xtract and KPZ have agreed a 90-day due diligence period following completion of which, should Xtract wish to proceed to act as contractor, Xtract will pay USD200,000 to KPZ to be settled through the issuance of new Xtract ordinary shares

Kalengwa Mine produced in the 1970s and is believed to have been one of the highest grade copper deposits in Zambia

High grade ore in excess of 26% Cu are reported to have made up approximately 20% of the ore body which was trucked for direct smelting at copper belt mines

Xtract intends to commence a simple ore sorting programme, building up to a more significant ore processing operation within the next 8 months, with an annual production target rate of 6,000 tonnes of copper metal

Xtract will receive, if it elects to proceed as Contractor, 33.33% of net profits from the operations and will incur the further estimated capital cost as set out below

An exploration programme will determine the extent of previously reported potential strike extensions to the North and South of the historic open pit to determine the potential for a new open pit operation



Kalengwa Processing Project Summary

Kalengwa is located in the North-western province of Zambia 800 km north-west of Lusaka and 400 km south-west of Kitwe. KPZ, has been awarded a large-scale exploration permit 24401-HQ-LEL, which was issued on 2 April 2019 and is valid for an initial period of 4 years.

The Kalengwa Copper Mine is believed to have been one of the highest-grade copper mines in Zambia. It paid for its own infrastructure which at the time was in a remote location south of the main Zambian Copper belt. A mineralised high-grade supergene core was reported to have yielded an average grade of 27% Cu, making up approximately 20% of the ore body, which was trucked unprocessed to Kitwe for direct smelting. Total production of 1.9 Mt of 9.44% Cu and 50 g/t Ag was reported from the open pit resulting in circa 15,000 tonnes of copper production per annum for 12 years of production. Kalengwa Mine was owned and managed by Roan Consolidated Mines Ltd. from 1970 to 1982, who were also the proprietors of Mufulira, Luanchya, Chambishi and Chibuluma Mines.

Kalengwa is believed to belong to the iron-oxide-copper-gold ("IOCG") deposit type which includes, amongst many others, Olympic Dam and Ernest Henry in Australia. The confirmed occurrence of intrusive igneous bodies in the mine vicinity is encouraging as such bodies typically act as source rocks/conduits for substantial IOCG mineralisation. Blackthorn Resources has defined over 1 million tonnes of copper in situ at its Kitumba project 180 km south-east of the Kalengwa Copper Mines based on IOC

Morning all,

I have to say things look so much better here now than it did two or three years ago, far more projects and scope to add even further value here. I think we may even start tracking towards 4s soon enough with so many projects occuring simultaneously, with the price of Gold heading higher that price tag of $20 million becomes more and more apetizing to other companies on the sidelines. Interesting how we have had these last two holdings RNSs, I would not rule out a further increase in holdings RNS this week going by the large buys on Thursday and Friday. It is great to be on these boards sometimes when they are so quiet yet bigger players are taking long positions whilst the herd are elsewhere, you have to ask yourself what it is that they see that the majority don't. As their due diligence is far more in depth than any private investor, plus they are most likely inside anyway. All bodes very well for the forseeable future here, added again Friday and will be adding again Monday/Tuesday as the opportunities present themselves. So very indervalued here, this must be one of the cheapest listed gold producer on the LSE.

A 5 or 10 Million Buy from Colin Bird would speak volumes as to just how confident he is here, sounded really positive on the podcast.

950K BUY

A few cheapies left ar 1.4p then we are onto 1.5s

Resistance now support? ;)

I suspect we will get a buy from Colin Bird here soon to

You are certainly right there mate and look how quiet it is ;)

and if the herd turn up maybe we could be looking at 4s

Ticking up again and no one is here lol

375K Buy Live

473K Buy Live

The 1.43 is available over the phone, not online

Andrew, cannot get a quote at 1.4p but can over the ask at 1.43 as you were saying

I never really have trouble selling for some reason, but buying can often be quite difficult as soon as volumes pick up

Nice one mate, can you try and get a quote for 750K on open and I will do the same and see who has the better price. I will do mine over the phone if it goes NT. Maybe XO have a better line to the mms

Andrew, thanks for pointing out the XO platform as that is the first I have heard of it. I just checked their site, well priced trading fees to.

Thanks Andrew, I'm a scrooge and dislike paying a premium. When I get NT and still want to buy I often get a quote over the phone, I will pay a premium sometimes but was not feeling it today. I will still try and add tomorrow, my approach is different to most.