TIDMXTR
RNS Number : 7617L
Xtract Resources plc
17 May 2022
For immediate release
17 May 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to advise that independent laboratory assays have been
received for two further drill holes, BRDD-22-031 and BRDD-22-038
from the Phase 2 diamond drilling programme at the Bushranger
copper-gold exploration project.
Highlights
-- Full results are available in Tables 1 and 2, with best results including;
-- 12m at 0.88% CuEq from 600m in BRDD-21-031
-- 104m at 0.24% CuEq from 79m in BRDD-21-038
-- 8m at 1.46% CuEq from 175m in BRDD-21-038
-- 2m at 2.3 g/t Au from 589m in BRDD-21-038
-- Both of these drill holes have so far defined the
along-strike extension of the Ascot mineralisation by up to 675m,
with further results expected shortly
-- Drill hole BRDD-21-031 was drilled 475m along-strike to the
north from the discovery hole (BRDD-21-035) at the Ascot prospect.
Results include a 52m interval at 0.27% CuEq which displays a
strong correlation with the intercept of 52m at 0.21% CuEq in drill
hole BRDD-22-044 (see announcement 10 May), which is along-strike
to the south and sits between BRDD-21-031 and BRDD-21-035
-- Drill hole BRDD-21-038 was drilled 200m to the south from the
discovery hole (BRDD-21-035) at Ascot and intercepted a 104m
interval at 0.24% CuEq from a shallow depth of 79m. Below this,
near vertical mineralised structures were intersected which contain
up to 2m at 2.3 g/t Au
-- This hole offers the potential for significant intervals of
along-strike copper mineralisation to extend close to surface at
Ascot, upgrading the open pit potential of the prospect.
Colin Bird, Executive Chairman said: "I am pleased that we are
adding real strike to the Ascot deposit and increasing our
understanding of the system. Both holes intersected mineralisation
and once again short interval gold intercepts were encountered,
indicating a good potential for gold at Ascot.
Modelling continues at the project, with the Racecourse prospect
indicating that it has grades and tonnes justifying a rework of the
conceptual open pit."
Phase Two Bushranger Prospect Assay Results
Table 1
Assay Results from Drill Hole BRDD-22-031
From To Interval CuEq
Hole ID (m) (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD-21-031 586 638 52 0.22 0.05 3.0 0.27
Including 600 612 12 0.70 0.16 9.9 0.88
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
Table 2
Assay Results from Drill Hole BRDD-22-038
From To Interval CuEq
Hole ID (m) (m) (m) Cu (%) Au (g/t) Ag (g/t) (%)
BRDD-21-038 79 183 104 0.18 0.08 1.1 0.24
Including 101 111 10 0.30 0.07 1.1 0.35
And 175 183 8 1.17 0.37 8.7 1.46
329 333 4 0.23 0.10 4.0 0.32
411 415 4 0.37 0.06 6.0 0.45
521 527 6 0.05 0.35 1.6 0.27
589 591 2 0.01 2.30 0.6 1.40
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg
(g/t)
Drill hole BRDD-21-031 was drilled at an inclination of -060
degrees towards the WSW and was completed at a final depth of
690.4m. The drill hole intersected a 52m interval of 0.27% CuEq
from a downhole depth of 586m which shows a strong correlation with
the intercept of 52m at 0.21% CuEq from 388m down hole depth in
drill hole BRDD-22-044 (see announcement dated 10 May 2022). Drill
hole BRDD-21-031 likely represents the northerly extension of the
Ascot mineralisation 475m along-strike from the discovery drill
hole BRDD-21-035.
Drill hole BRDD-21-038 was drilled 200m to the south from the
Ascot discovery hole at an inclination of -50 degrees towards the
west and completed at a final depth of 659.6m. The drill hole
intersected a wide 104m interval of 0.24% CuEq from a relatively
shallow downhole depth of 79m, which included two higher grade
intervals of 10m at 0.35% CuEq from 101m downhole and 8m at 1.46%
CuEq from 175m downhole. At greater depths in the hole a number of
vertical mineralised vein structures were recorded with high copper
equivalent and gold values. This hole offers the potential for
significant intervals of along-strike copper mineralisation to
extend close to surface at Ascot, upgrading the open pit potential
of the prospect.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/7617L_1-2022-5-17.pdf
Bushranger Cross-Section Drill Hole BRDD-21-038
http://www.rns-pdf.londonstockexchange.com/rns/7617L_2-2022-5-17.pdf
Bushranger Prospect Assay Summary
http://www.rns-pdf.londonstockexchange.com/rns/7617L_3-2022-5-17.pdf
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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
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 Michael Cornish www.beaumontcornish.co.uk
and 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:
"Ag" Silver
"Au" Gold
"Cu" Copper
"CuEq" Copper equivalent grade, calculated using
assumed metal prices for copper, gold and
other metals
"Mineralisation" Process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"Porphyry" A deposit of disseminated copper minerals
in or around a large body of intrusive rock
ENDS
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END
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