21:00 Thu 11 Jun 2020
Xtract Resources plc - Eureka 3-D geological modelling
For immediate release
("Xtract" or the "Company")
3-
The Board of
Highlights
· Modelling reveals immediate targets for follow-up
· Near-surface oxide resource potential identified below the current pit and along strike to the northwest - shallow drill testing recommended
· Mineralised zone bifurcates in the northwest of the pit and both limbs remain open, aligned with strong copper soil anomaly trends
· Deposit also remains open down-plunge
· Pitting programme initiated on geochemical and geophysical anomalies prior to planned drilling follow-up
Summary of 3-D Modelling Results at Eureka
Addison Mining Services (
Ø There appears to be both immediate resource potential within remaining oxide material below, and adjacent to, the current pit, and potential for a larger sulphide deposit along strike.
Ø The +0.2% Cu envelope is well developed in the northwest of the pit and remains open, appearing to bifurcate.
Ø The main limb trends to the northwest of the pit with approximately 400m of strike potential within the licence, while a subordinate limb trends west-northwest with strike potential of approximately 800m. The latter trend is coincident with a spur of the main copper anomaly in soils.
Ø Mineralisation is also open down-plunge, below the relatively shallow intercepts drilled to date.
Ø Towards the east-southeast the mineralised zone appears to weaken, however it may re-develop further along strike where the coincident soil anomalies become stronger.
The Company is strongly encouraged by the results of its initial drilling programme and the 3-D modelling study. Based on these results planning is in hand to follow-up with additional drilling and testing of soil and geophysical anomalies to further extend the Eureka deposit and to drill test the Eureka West target.
Images from the recent drill programme and 3-D modelling are available to view on the Company's website.
As previously announced, a shallow open pit mine was developed at Eureka by a local operator in 2008 within a strong, 3km long copper-gold soil anomaly, when about 1,000 tonnes of ore at 3% Cu was reportedly recovered. Recent drilling by Xtract was carried out to confirm and extend the deposit as originally defined by limited historic drilling. Intercepts up to 32m @ 1.58% Cu, 0.07g/t Au, including 19.0m @ 2.08% Cu, 0.08g/t Au (Hole EX-01) were cored in the recent drill programme. The deposit remains open in several directions.
A second sub-parallel copper anomaly in soils about 600-700m long occurs at
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
Enquiries:
|
Executive Chairman
|
+44 (0)20 3416 6471 |
Nominated Adviser and Joint Broker |
|
+44 (0)207628 3369 |
Joint Broker |
|
+44 (0)207 399 9427 |
Qualified Person:
Information in this announcement relating to the exploration works has been reviewed by
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas Companies,
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Ag" |
Silver |
|
|
"Au" |
Gold |
|
|
"Cu" |
Copper |
|
|
"geophysical" |
Of measurement of physical characteristics of the earth |
|
|
"mineralisation" |
Process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
|
|
"oxide resource" |
Mineral resource comprised substantially of oxide minerals. |
|
|
"soil anomaly" |
A concentration of one or more elements in soil that is markedly higher than background |
|
|
"sulphide" |
A metallic compound of sulphur. |
|
|
|
|
ENDS
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE