Last checked at 31 Mar 2021 07:00
For immediate release
31 March 2021
Xtract Resources Plc
("Xtract" or the "Company")
Commencement of Geophysical Surveying at Bushranger Copper-Gold Project
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on exploration work at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.
Highlights
· Following the initial positive results of the Phase One drilling programme, a geophysical crew has been mobilised to the Racecourse site to commence a deep penetrating Induced Polarisation (IP) survey
· The survey will track extensions of the Racecourse deposit potentially beyond 1,000m depth down plunge and along strike where little historic drilling has been completed
· The information obtained will assist in planning a Phase Two drilling programme to further extend the mineral resource towards the target of 2Mt of contained copper equivalent
· Drilling on the final hole (BRDD-21-006) of the Phase One drilling programme at Racecourse is continuing and further news will be reported when the hole is completed
Colin Bird, Executive Chairman said: "Results from the Phase One drilling programme have demonstrated mineralisation widths and plunge depths beyond our expectations. Results appear to show a large porphyry system, warranting planning for a Phase Two drilling programme. In order to identify extensions to the deposit in several directions, we intend to carry out a deep-penetrating IP survey - the bedrock resistivity at Racecourse allows significant depth penetration to enable tracking of anomalies potentially beyond 1,000m depth. We now have the benefit of previous drilling to guide us in interpreting prospectivity. We intend to use every tool available to plan the Phase Two drilling programme and the team is excited to advance the positive indications from Phase One towards our target of 2Mt of contained copper equivalent which would trigger the Anglo buy-back option."
Encouraged by the potential scale of the Racecourse porphyry copper deposit as shown by the Phase One diamond drilling programme to date, the Company has commenced preparations for a geophysical survey to help to define the continuation of the deposit along strike and down plunge.
The geophysical programme will comprise an Induced Polarisation (IP) MIMDAS survey. This IP system has been chosen due to its excellent depth penetration abilities and good signal to noise ratio. The survey has been designed to potentially trace copper-gold and associated sulphide mineralisation to beyond 1,000m vertical depth. This will allow us to track extensions of the Racecourse deposit down plunge to the northwest, as well as along strike to the northeast and southwest where little historic drilling has been completed.
The geophysical contractor has mobilised to site and the survey will take about 3-4 weeks to complete.
Drilling on the final hole (BRDD-21-006) of the Phase One drilling programme at Racecourse is continuing and further news will be reported when the hole is completed.
Further information is available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Director.
Enquiries:
Xtract Resources Plc | Colin Bird, Executive Chairman
| +44 (0)20 3416 6471 www.xtractresources.com |
Beaumont Cornish Limited Nominated Adviser and Joint Broker | Roland Cornish Michael Cornish Felicity Geidt | +44 (0)207628 3369 www.beaumontcornish.co.uk |
Novum Securities Limited Joint Broker |
Jon Belliss Colin Rowbury |
+44 (0)207 399 9427 www.novumsecurities.com |
Qualified Person:
Information in this announcement relating to the exploration works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved the geological content of this announcement.
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Xtract Resources plc, with more than 40 years' experience mainly in hard rock mining, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Induced polarisation (IP)" | An electrical geophysical exploration technique which measures the polarizability and resistivity of rocks below the surface. |
"mineralisation" | process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
"Mineral Resource" | A concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories (JORC 2012). |
"Mt" | Million tonnes |
"porphyry" | A deposit of disseminated copper minerals in or around a large body of intrusive rock |
ENDS