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Xtract reveals ‘higher than assumed’ copper in tailings venture

Published: 02:42 08 Oct 2015 EDT

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The findings of metallurgical work will be released in the fourth quarter of this year

Xtract Resources (LON:XTR) told investors there appears to be more copper in the group’s copper tailings venture, comprising O'Kiep and Carolusberg, than it had previously assumed.

Drilling at the two projects, in South Africa, has yielded positive results.

At Carolusberg – the larger of the two - the average in-situ copper value was measured as 0.21%, with the highest reading coming in at 0.53%. It compares to a previous assumption of 0.19% copper.

Meanwhile, at O'Kiep the average in-situ copper value was 0.14% (with value ranging from 0.05% to 0.28%) compared with an assumed value of 0.23%.

Xtract now believes the overall size of O’Keip is larger than previously thought, however, at 7.3mln tonnes of tailings material versus a past assumption of 5.8mln. Similarly, Carolusberg is now believed to comprise 29.35mln tonnes, compared to 28mln.

The company now estimates some 122mln pounds of in-situ copper at Carolusberg, while O’Kiep is seen to have 22mln pounds.

“In total the dumps contain c.144 million pounds of copper in situ that at a copper price of US$2.5 per pound represent US$360 million of metal value in the ground,” said chief executive Jan Nelson.

Nelson added: "We are still awaiting the recovery and mineralogical test work results which will enable the company to conclude if it will move ahead with the project and complete a bankable feasibility.”

It is expected that the findings of metallurgical work will be released in the fourth quarter of this year.

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