The Board of Xtract Resources Plc announced that it has now received all necessary approvals and has satisfied all conditions precedent for the acquisition of the Bushranger copper-gold exploration project located in the Lachlan Fold Belt (“LFB”), New South Wales, Australia’s world-class copper-gold province.
As announced on 1 June 2020, the Company concluded a conditional Sale and Purchase Agreement (the “Acquisition Agreement”) to acquire the Bushranger copper-gold project through the purchase of entire issued share capital of ProspectOre Pty Ltd (“ProspectOre”) for a total consideration of £1.25 million, to be satisfied in new Xtract ordinary shares.
Phase One Drilling to Proceed on the Bushranger Project
Planning has been completed for an extension drilling programme at the Racecourse Copper-Gold deposit on the Bushranger Project to commence as soon as possible. The Xtract drilling programme has been designed to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd (“Anglo”) in 2014 and 2015, including 159m @ 0.4% Cu and 0.2g/t Au in drill hole BRD001 and 169m @ 0.4% Cu and 0.1g/t Au in drill hole BRD009 as previously announced on 1 June 2020 (Source: ProspectOre Pty Ltd – these drill results have not been independently tested or verified by Xtract). The objective will be 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 deposit. Nine holes for 6,285m have been planned. The drilling will consist of two phases, with Phase One comprising 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 be drilled for an additional 3,995m. Upon completion of drilling the Phase 1 and Phase 2 drill holes, it is anticipated that the Racecourse mineral resource will be re-estimated under JORC (2012).
Approval to undertake the drilling programme was required to be obtained from the Forestry Corporation of New South Wales, given the drilling will occur within the Vulcan State Forest and this permit has recently been obtained. Following receipt of the forestry permit, a subsequent application to proceed with the drilling programme has been made to the New South Wales Department of Resources and Geoscience. The Board anticipates that the final approval for the drilling programme will be received to allow the drilling of the planned Priority 1 drill holes to commence in the period early December 2020 until early January 20201.
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