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Xtract Resources plc - Bushranger Drilling Programme Further Update

RNS Number : 3388M
Xtract Resources plc
20 January 2021
 

 

For immediate release

 20 January 2021

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project Drilling Programme - Further Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide further news regarding progress of the first hole in the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.

 

Highlights

 

·    Drilling of the first of three planned holes on the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has continued to 1,089m in angled drill hole BRDD-20-001

·    Copper mineralisation was first noted at a depth of 110m and the hole has been mineralised continuously over a 940m interval to approximately 1,050m depth, 235m past the original planned finishing depth of the hole

·    Strong potassic alteration and pyrite mineralisation continues to the current hole depth of 1,089m, however copper mineralisation has tapered out over the last 30m

·    The hole will be extended further to test for possible pick-up in copper grades but will be stopped if significant additional mineralisation is not encountered

·    The results of this hole will be assessed in the coming days and will feed into planning for the next holes of the programme: an independent porphyry deposit expert has been engaged to assist with developing future plans 

 

Colin Bird, Executive Chairman said: "Mineralisation in the current hole appears to be finally tapering out. We will continue drilling for a further 30-40m to check for any additional mineralisation. This has proven to be a highly encouraging first hole on the property for the Company, indicating that we are in the early stages of the potential discovery of a substantial new porphyry system on the Lachlan Fold Belt.

 

The results of the hole will be reviewed by an independent porphyry expert and a more detailed overview of the results will be released next week. We look forward to this and to the outcome of the remaining holes of the drill programme."

 

Hole BRDD-20-001 Drilling Results to Date

 

The Phase One drilling programme commenced on 16 December 2020 with angled hole BRDD-20-001 laid out at -50 degrees to drill down the plunge of the copper-gold porphyry deposit to a planned finishing depth of 815m. Drilling has advanced rapidly to the current downhole depth of 1,089m. The hole continues to encounter strong potassic alteration and pyrite mineralisation at its current depth, however copper mineralisation has faded out over the last 30m or so. The hole will be extended to test for possible pick-up in visible copper mineralisation again. If not, the hole will be stopped after a further 30-40m advance.

 

Copper mineralisation, in the form of disseminated and fracture-fill chalcopyrite associated with strongly altered quartz-feldspar porphyry, has been visually identified in core over a 940m length, from 110m to approximately 1,050m depth, confirming that the Racecourse copper-gold deposit represents a substantial mineralised porphyry system. Subsequent drillholes will focus on drilling across the deposit to establish the width of the deposit and to obtain further grade information.

 

The Company is using a hand-held XRF Analyser to provide preliminary indications of copper content and samples for definitive geochemical assay will be submitted to the geochemical laboratory on a progressive basis. Accurate mineral content information for copper, gold and other accompanying elements will only be established by full laboratory analysis.

 

Xtract has engaged the services of a porphyry deposit expert to overview the drill core from the current hole and to provide input and advice in relation to the ongoing drill programme. A more detailed news release will be issued next week following completion of the initial overview.

 

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,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker                  

 

Colin Rowbury 

 

+44 (0)207 399 9427

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:

 

"alteration zone"

 

A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions

"Au"

Gold

 

"chalcopyrite"

A copper-iron sulphide mineral, CuFeS2, often found in copper ores



"Cu"

Copper

 

"disseminated"

Mineralization distributed throughout a rock



"exploration"

Method by which ore deposits are evaluated

 

 

"felspar"

A group of silicate minerals which are the main components of acid, intermediate and basic igneous rocks



"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

 

"potassic"

Descriptive of alteration of rocks through the introduction of potassium



"pyrite"

Iron sulphide mineral, FeS2



"pyrrhotite"

An iron sulphide mineral, Fe1-XS, often magnetic



"quartz"

A mineral composed of silicon dioxide, SiO2





ENDS

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