Rns2 Mar 2022 07:21
release
2 March 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on further work completed in the area inclusive of the southern extension of Racecourse and the Ascot prospects on the Bushranger copper-gold porphyry exploration project.
Highlights
· Seven further exploratory drill holes have been completed on the project, which were all located in the southern area between the Racecourse and Ascot prospects
· Initial core logging suggests that the Ascot mineralised zone extends for at least 300m along strike
· Drill holes BRDD-21-038, BRDD-21-039 & BRDD-21-040 were designed to test for northerly and southerly extensions of Ascot. All three holes intersected porphyritic intrusives and strongly altered volcanics, with multiple intervals of weak to locally moderate chalcopyrite mineralisation, including some stronger zones in BRDD-21-038, located 200m south of the Ascot discovery hole
· Drill holes BRDD-21-041, BRDD-21-042 & BRDD-21-043 were angled towards the west into the southern extension of Racecourse, all holes intersected porphyritic intrusives and strongly altered volcanics, with wide zones of visible weak to locally moderate chalcopyrite, including several sub-intervals of stronger mineralisation, all with the potential to extend the Racecourse mineralisation to the south
· Drill hole BRDD-21-037, planned to test a separate resistivity target some distance to the east of Racecourse, appears to have drilled the outer perimeter of the deposit, with relatively weak alteration and copper mineralisation
· Structural information suggests that the Racecourse porphyry swings towards a southerly strike direction as it moves towards the south and follow-up holes will be collared from drill pads located further to the west, for which approval is expected shortly from the NSW authorities
Colin Bird, Executive Chairman said: "The drilling speeds and operations at site are progressing very satisfactory with a lot of core being generated, and geological logging results being vital to future decisions, the suite of holes in this RNS are all assisting our knowledge of the ore bodies and their disposition. We continue to amass good intersections whilst testing the perimeters, which is necessary for final modelling.
The current geophysics together with this information, and once granted, the new drill pads will allow us to efficiently target and move toward our stated objectives. The results continue to give us confidence in the conceptual open pit at Racecourse and the potential of the Ascot discovery."
Bushranger Drilling Update
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