Colin Bird, Executive Chairman of Xtract Resources plc (LON:XTR) Operations Update

Zak Mir talks with Colin from Xtract about the drilling update on Eureka and Kajevu Copper Prospects, Zambia announced this week

Eureka Licence is located in the Central part of The Republic of Zambia (“Eureka Project”) and copper-gold small scale mining licence number 8370-HQ-SML located at Kajevu, Kasempa, North Western Province in the Republic of Zambia

 

 

Highlights

· Drilling confirms and extends historic copper-gold deposit at Eureka

· Assaying of drill core from initial testing programme beneath shallow open pit at the Eureka Project intersects 32m @ 1.58% Cu, including 19.0m @ 2.08% Cu

· Step-out and down-plunge holes intersect 15.4m @ 0.81% Cu and 14.0m @ 0.81% Cu respectively, including intervals up to 4.0m @ 2.35% Cu, 0.53g/t Au

· Deposit extends over more than 200m strike within a 3km copper-gold soil geochemical anomaly, most of it not yet drill-tested

· Stratabound mineralisation style at depth suggests potential for primary sulphide target below shallow oxide zone

· Plan to complete assaying and 3D modelling to prepare for second-stage drilling following the rainy season at both Eureka and Eureka West targets

· At Kajevu, core assaying confirmed that copper-gold mineralisation is limited in strike and depth extent

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Colin Bird, Executive Chairman said: “These significant intercepts from the Eureka drilling program are very encouraging and represent some of the better drilling results emerging from new Zambian exploration activities. The presence of gold puts some doubt on the occurrences being traditional copper belt mineralisation with more similarity to the upper Katanga series which is found in Zambia but more common in the DRC. The immediate plan is to identify an oxide resource for short term oxide production, whilst embarking on an exploration programme for a greater target.

The licence area has a number of anomalies not tested by this programme or with similar highly prospective possibilities. Positive results from these areas could lead to a large-scale copper resource. The Kajevu licence appears to be limited in potential and will not be further pursued. We look forward to the conclusion of the rains and, after further modelling, building in the results of this programme and testing other targets.”

(“Eureka Project”) and copper-gold small scale mining licence number 8370-HQ-SML located at Kajevu, Kasempa, North Western Province in the Republic of Zambia


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