The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide an update on completion of the fifth hole of the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project located in the Lachlan Fold Belt (“LFB”), New South Wales, Australia.
Colin Bird, Executive Chairman said: “We are pleased to report that Hole BRDD-21-005 has, as anticipated, encountered visually similar mineralisation to that seen in hole BRDD-21-003.
We are now re-directing the rig to drill the sixth hole of the programme in order to provide an intersection across the down-plunge extension of the deposit at depth. We continue to refine our model as we better understand the orientation and attitude of the porphyry system, and this will be further aided as we begin to receive split core assays, with the first batch expected shortly.”
Highlights
· Hole BRDD-21-005 at Racecourse has been completed at approximately 876m depth, having encountered a visually similar chalcopyrite-pyrite-pyrrhotite mineralised interval down-plunge from that previously reported in hole BRDD-21-003.
· A new hole, BRDD-21-006, will be drilled to the north from the same pad as BRDD-21-005, but angled to drill obliquely through the mineral zone, aiming to provide an intercept across the deposit at greater depth down-plunge.
· Assay results from the first hole of the Phase One drilling programme are expected shortly and will be reported when they have been received and collated.
