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Colin Bird, Executive Chairman, Xtract Resources plc (XTR.L) Daily Update

Bushranger Copper/ Gold Project Drilling Programme – Further Update

The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide further news regarding progress of the first hole in 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 planned holes on the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has continued to 1,089m in angled drill hole BRDD-20-001

· Copper mineralisation was first noted at a depth of 110m and the hole has been mineralised continuously over a 940m interval to approximately 1,050m depth, 235m past the original planned finishing depth of the hole

· Strong potassic alteration and pyrite mineralisation continues to the current hole depth of 1,089m, however copper mineralisation has tapered out over the last 30m

· The hole will be extended further to test for possible pick-up in copper grades but will be stopped if significant additional mineralisation is not encountered

· The results of this hole will be assessed in the coming days and will feed into planning for the next holes of the programme: an independent porphyry deposit expert has been engaged to assist with developing future plans

Colin Bird, Executive Chairman said: “Mineralisation in the current hole appears to be finally tapering out. We will continue drilling for a further 30-40m to check for any additional mineralisation. This has proven to be a highly encouraging first hole on the property for the Company, indicating that we are in the early stages of the potential discovery of a substantial new porphyry system on the Lachlan Fold Belt.

The results of the hole will be reviewed by an independent porphyry expert and a more detailed overview of the results will be released next week. We look forward to this and to the outcome of the remaining holes of the drill programme.”

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 at -50 degrees to drill down the plunge of the copper-gold porphyry deposit to a planned finishing depth of 815m. Drilling has advanced rapidly to the current downhole depth of 1,089m. The hole continues to encounter strong potassic alteration and pyrite mineralisation at its current depth, however copper mineralisation has faded out over the last 30m or so. The hole will be extended to test for possible pick-up in visible copper mineralisation again. If not, the hole will be stopped after a further 30-40m advance.

Copper mineralisation, in the form of disseminated and fracture-fill chalcopyrite associated with strongly altered quartz-feldspar porphyry, has been visually identified in core over a 940m length, from 110m to approximately 1,050m depth, confirming that the Racecourse copper-gold deposit represents a substantial mineralised porphyry system. Subsequent drillholes will focus on drilling across the deposit to establish the width of the deposit and to obtain further grade information.

The Company is using a hand-held XRF 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. Accurate mineral content information for copper, gold and other accompanying elements will only be established by full laboratory analysis.

Xtract has engaged the services of a porphyry deposit expert to overview the drill core from the current hole and to provide input and advice in relation to the ongoing drill programme. A more detailed news release will be issued next week following completion of the initial overview.

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.


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