Xtract Resources PLC (AIM:XTR) is a gold and copper exploration and development Company with projects in Chile and South Africa.
The Chépica Gold and Copper Mine in Chile is advancing well and the mine is on track to move into profitability in April 2015. Underground development has accelerated and the focus is to develop the reef horizon in order to commence stoping at the end of H1 2015. At the new Salvadori prospect, which forms part of the Chépica mine, a new gold reef has been discovered at surface which will increase mining flexibility in addition to having a positive impact on the grade recovered at the mine.
In South Africa, Xtract has acquired the O’Kiep and Carolusberg copper sulphide dump projects. Located within 30km of Springbok in the Northern Cape Province, with 33.8Mt of sulphide copper tailings material on surface, the priority is to carry out drilling, sampling and metallurgical work in order to commission a feasibility report.