29 Jul Phase Two Drilling Update at Bushranger
Xtract Resources Plc
(“Xtract” or the “Company”)
Phase Two Drilling Update at Bushranger
The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to report on progress of the Phase Two diamond drilling programme at the Bushranger copper-gold porphyry exploration project in New South Wales, Australia.
· First completed hole of Phase 2 drill programme encountered well-developed copper mineralisation over approximately 120m length in angled hole BRDD-21-008
· Logging and core splitting is under way to prepare samples for assay
· Drilling of hole BRDD-21-007 is continuing from adjoining pad about 100m distant, with a third, steeper angled hole already under way from the first drill pad
Colin Bird, Executive Chairman said: “The Phase 2 drilling programme at the Racecourse deposit is now well under way at two sites. The first completed hole, BRDD-21-008, encountered strongly developed copper mineralisation, as anticipated. Drilling of the initial hole at the second drill pad is still continuing and we will report on this hole when completed. Work on site continues to progress rapidly and the third hole of the programme has already commenced.”
Phase 2 Drilling Progress to Date
Drilling commenced as planned at Racecourse from two drill pads utilising one diamond drill rig at each pad. Hole BRDD-21-008 was completed at 591.4m depth and drilling on hole BRDD-21-007 is continuing. Drilling on a third hole at the first drill pad is already under way.
BRDD-21-008 was drilled at an angle of -50 degrees towards the northeast. The hole encountered traces of disseminated/vein type chalcopyrite copper mineralisation from about 170m downhole, with particularly strong mineralisation developed between 260-380m approximately (view core photographs linked to this announcement). Further copper traces continued until about 580m depth. The width of the main mineralised interval was much as anticipated in advance of drilling. Detailed logging and core cutting is well under way and samples will be dispatched for assay shortly.
BRDD-21-008: Sulphide mineralisation at about 291m depth
BRDD-21-008: Vein-type mineralisation at about 297m depth
BRDD-21-008: Close-up of chalcopyrite mineralisation at 309m depth
Phase 2 Drilling Programme at the Racecourse Mineral Resource – Background
The Bushranger porphyry copper-gold project is located in the highly prospective Lachlan Fold Belt (“LFB”) of New South Wales, Australia. The current JORC (2012)-compliant Inferred Mineral Resource on the Racecourse deposit is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme which was recently concluded and reported.
The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd (“Anglo”) in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit. A total of approximately 8,000m of drilling is planned in the first block of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.
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.
|Xtract Resources Plc||Colin Bird,
|+44 (0)20 3416 6471|
|Beaumont Cornish Limited
Nominated Adviser and Joint Broker
|+44 (0)207628 3369|
Novum Securities Limited
+44 (0)207 399 9427
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.
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.
The following is a summary of technical terms:
|“chalcopyrite”||A copper-iron sulphide mineral, CuFeS2, often found in copper ores|
|“Inferred Mineral Resource”||That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes|
|“JORC Code”||Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves
|“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|