The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to report on progress of the Phase Two diamond drilling programme at the Bushranger copper-gold porphyry exploration project in New South Wales, Australia.
Highlights
· First completed hole of Phase 2 drill programme encountered well-developed copper mineralisation over approximately 120m length in angled hole BRDD-21-008
· Logging and core splitting is under way to prepare samples for assay
· Drilling of hole BRDD-21-007 is continuing from adjoining pad about 100m distant, with a third, steeper angled hole already under way from the first drill pad
Colin Bird, Executive Chairman said: “The Phase 2 drilling programme at the Racecourse deposit is now well under way at two sites. The first completed hole, BRDD-21-008, encountered strongly developed copper mineralisation, as anticipated. Drilling of the initial hole at the second drill pad is still continuing and we will report on this hole when completed. Work on site continues to progress rapidly and the third hole of the programme has already commenced.”
Phase 2 Drilling Progress to Date
Drilling commenced as planned at Racecourse from two drill pads utilising one diamond drill rig at each pad. Hole BRDD-21-008 was completed at 591.4m depth and drilling on hole BRDD-21-007 is continuing. Drilling on a third hole at the first drill pad is already under way.
BRDD-21-008 was drilled at an angle of -50 degrees towards the northeast. The hole encountered traces of disseminated/vein type chalcopyrite copper mineralisation from about 170m downhole, with particularly strong mineralisation developed between 260-380m approximately (view core photographs linked to this announcement). Further copper traces continued until about 580m depth. The width of the main mineralised interval was much as anticipated in advance of drilling. Detailed logging and core cutting is well under way and samples will be dispatched for assay shortly.
BRDD-21-008: Sulphide mineralisation at about 291m depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_1-2021-7-29.pdf
BRDD-21-008: Vein-type mineralisation at about 297m depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_2-2021-7-29.pdf
BRDD-21-008: Close-up of chalcopyrite mineralisation at 309m depth
http://www.rns-pdf.londonstockexchange.com/rns/9333G_3-2021-7-29.pdf
Phase 2 Drilling Programme at the Racecourse Mineral Resource – Background
The Bushranger porphyry copper-gold project is located in the highly prospective Lachlan Fold Belt (“LFB”) of New South Wales, Australia. The current JORC (2012)-compliant Inferred Mineral Resource on the Racecourse deposit is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme which was recently concluded and reported.
The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd (“Anglo”) in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit. A total of approximately 8,000m of drilling is planned in the first block of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.
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
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”).
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
