22:00 Mon 18 Jan 2021
Xtract Resources plc - Bushranger Drilling Programme Further Update
For immediate release
18 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 on 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"),
Highlights
· Drilling of the first of three holes on the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has now progressed to a depth of 975m in drill hole BRDD-20-001
· Copper mineralisation in the hole was first noted at a depth of 110m and the hole has been mineralised continuously to the current depth of 975m, 160m past the original planned finishing depth
· As the hole continues to encounter strong visible copper mineralisation, it will be extended until the zone is drilled through
· The copper mineralisation is predominantly disseminated chalcopyrite (copper sulphides) within a strongly altered quartz-feldspar porphyry intrusive body
· The Phase One drilling programme will comprise three diamond drill holes for a total of 2,290m, with the objective of extending the copper-gold mineralisation beyond the current boundary of the Mineral Resource of 71Mt @ 0.44% Cu & 0.064g/t Au, at a 0.3% cut-off, which has been classified as Inferred in accordance with JORC (2012)
Hole BRDD-20-001 Drilling Results to Date
The Phase One drilling programme commenced on
Copper mineralisation occurs as disseminated chalcopyrite (copper sulphides) accompanied by pyrite and pyrrhotite within a strongly altered quartz-feldspar porphyry intrusive body. Mineralisation was first intersected at a downhole depth of 110m and has been evident in core continuously to the current depth, increasing in intensity in the lower part of the interval.
The Company is using a hand-held pXRF 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.
Phase One Drilling Programme Plan at the Racecourse Mineral Resource - Bushranger Project
The Xtract Phase One drilling programme at the Racecourse Mineral Resource has been designed to follow up on the very encouraging results obtained by Anglo American Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015 (refer to RNS released on
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:
Xtract Resources Plc |
Executive Chairman
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+44 (0)20 3416 6471 |
Beaumont Cornish Limited Nominated Adviser and Joint Broker |
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+44 (0)207628 3369 |
Novum Securities Limited Joint Broker |
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+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:
"alteration zone"
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A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions |
"Au" |
Gold
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"chalcopyrite" |
A copper-iron sulphide mineral, CuFeS2, often found in copper ores |
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"Cu" |
Copper
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"disseminated" |
Mineralization distributed throughout a rock |
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"exploration" |
Method by which ore deposits are evaluated
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"felspar" |
A group of silicate minerals which are the main components of acid, intermediate and basic igneous rocks |
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"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 |
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"JORC Code" |
Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves |
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"mineralisation" |
Process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
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"porphyry" |
A deposit of disseminated copper minerals in or around a large body of intrusive rock
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"potassic" |
Descriptive of alteration of rocks through the introduction of potassium |
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"pyrite" |
Iron sulphide mineral, FeS2 |
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"pyrrhotite" |
An iron sulphide mineral, Fe1-XS, often magnetic |
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"quartz" |
A mineral composed of silicon dioxide, SiO2 |
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ENDS
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