Xtract Resources plc Geophysical surveying at Bushranger (0361U)
March 31 2021 - 2:00AM
UK Regulatory
TIDMXTR
RNS Number : 0361U
Xtract Resources plc
31 March 2021
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, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Jon Belliss +44 (0) 207 399 9427
Joint Broker Colin Rowbury 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 An electrical geophysical exploration technique
(IP)" 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
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