logo-loader
RNS
Xtract Resources PLC

Xtract Resources plc - Bushranger Drilling Programme Further Update

RNS Number : 0202M
Xtract Resources plc
18 January 2021
 

 

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"), New South Wales, Australia.

 

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)

 

Colin Bird, Executive Chairman said: "The hole continues to be strongly mineralised well past the planned hole depth, which is very encouraging for the scale of the porphyry system at Racecourse. We will continue to drill until we bottom out of the zone."

 

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 to track the plunge of the copper-gold porphyry deposit to a planned finishing depth of 815m. Drilling has been advancing rapidly at a rate of 80-90m per 24-hour period. On 15 January 2021 it was announced that the hole had progressed to a depth of 815m and remained within the copper mineralised deposit envelope. The hole has now reached a depth of 975m and, as it continues to encounter strong potassic alteration and copper mineralisation, it will be extended until it passes out of the mineralised zone.

 

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 01 June 2020). The objective of the programme is to continue to extend the highest-grade copper-gold intersections to the north-west, beyond the limits of previous drilling and to investigate the copper-gold zonation within the Racecourse Mineral Resource.  The initial phase of drilling will comprise three Priority 1 drill holes for 2,290m. Providing encouraging results are received from the Priority 1 drill holes, a further six Priority 2 holes will potentially be drilled for an additional 3,995m. At 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, the Racecourse Mineral Resource within the Bushranger Project, is one of the largest undeveloped porphyry copper-gold deposits in the Lachlan Fold Belt.

 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLBVLFFFFLEBBF
NO INVESTMENT ADVICE

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

6 min read