Last checked at 11 May 2016 07:00
11 May 2016
Xtract Resources Plc
("Xtract" or "the Company")
Manica Gold Resource increased by 36% to 1.257Moz
ahead of completion of Bankable Feasibility Study
Xtract Resources Plc (AIM:XTR) announces that Minxcon (Pty) Ltd has completed an independent technical report (the "Report") on the mineral resources of the Company's Fair Bride gold deposit at the 3990 Mining Concession ("Manica") in Mozambique. The Report confirms that the resource at Manica has increased by 36% to 1.257Moz at a cut-off of 1g/t. The content of the Report will form a key part of the Bankable Feasibility Study on the Manica project ("BFS"), which is nearing completion.
Auroch Minerals NL completed the previous resource estimate, and the following table sets out the changes between the two resource calculations:
% change | Minxcon Resource Update | Previous results | |
Total Resource | 36% increase | 1.257moz (17.3Mt @ 2.26g/t) | 923koz (9.54Mt @ 3.01g/t) |
Measured Resource | 71% increase | 500koz (6.14Mt @ 2.53g/t) | 292koz (2.89Mt @ 3.14g/t) |
Indicated Resource | 32% decrease | 178koz (2.6Mt @ 2.16g/t) | 263koz (2.66Mt @ 3.07g/t) |
Measured and Indicated Resource | 22% increase | 678koz (8.71Mt @ 2.42g/t) | 555koz (5.55Mt @ 3.11g/t) |
Inferred Resource | 57% increase | 579koz (8.6Mt @ 2.10g/t) | 368koz (23.98Mt @ 2.87g/t) |
Jan Nelson, CEO of Xtract commented: "We are extremely pleased with this significant increase in the Manica resource ahead of the completion of the BFS. Not only has the gold content increased significantly but the total Measured and Indicated volume available to be mined has also increased by over 56%. This creates flexibility from an open pit perspective, considering our revised mine plan. The significant increase in the Inferred category also shows that the life of mine of the project has the potential to be increased well beyond 12 years with further drilling."
A copy of the Resource Report will be available on the website: www.xtractresources.com
Enquiries:
Xtract Resources Plc | Jan Nelson, CEO
| +44 (0)20 3416 6471
|
Cenkos Securities plc | Derrick Lee Beth McKiernan | +44 (0)131 220 6939 |
Beaufort Securities | Jon Belliss
| +44 (0)207 382 8300 |
St James's Corporate Services Limited | Phil Dexter
| +44 (0)20 7796 8647 +44 (0)7798 634398 |
Gable Communications | Justine James xtract@gablecommunications.com | +44 (0)20 7193 7463 +44 (0) 7525 324431 |
Qualified Person
In accordance with AIM Guidelines, Peter Moir, B.Sc. Civil Engineering, M.Eng. Petroleum Engineering, UK Chartered Engineer and Director of Xtract Resources plc is the qualified person as defined in the Guidance Notes for Mining, Oil and Gas Companies, February 2010, of the London Stock Exchange, that has reviewed the technical information contained in this press release. Mr Moir has more than 30 years' experience in technical, operational and commercial aspects of the E&P business.
Competent Person Sign Off - Minxcon
Mr Uwe Engelmann (Director, Minxcon): BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. (Reg. No. 400058/08), MGSSA (Reg. No. 966310).
Uwe Engelmann has gained over eighteen years' experience in the mining and exploration industry working for various mining companies in South Africa. He has been heading up the exploration division of Minxcon Exploration (formerly Agere Project Management) since 2007 where he has been involved in most aspects of exploration, predominantly in Africa, in a wide range of commodities including gold, platinum, copper, coal, manganese, chrome and iron ore.