Bushranger Copper/ Gold Project Drilling Programme – Further Update
The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide further news on 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.
· Drilling of the first of three holes on the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has now progressed to a depth of 975m in drill hole BRDD-20-001
· Copper mineralisation in the hole was first noted at a depth of 110m and the hole has been mineralised continuously to the current depth of 975m, 160m past the original planned finishing depth
· As the hole continues to encounter strong visible copper mineralisation, it will be extended until the zone is drilled through
· The copper mineralisation is predominantly disseminated chalcopyrite (copper sulphides) within a strongly altered quartz-feldspar porphyry intrusive body
· The Phase One drilling programme will comprise three diamond drill holes for a total of 2,290m, with the objective of extending the copper-gold mineralisation beyond the current boundary of the Mineral Resource of 71Mt @ 0.44% Cu & 0.064g/t Au, at a 0.3% cut-off, which has been classified as Inferred in accordance with JORC (2012)
Colin Bird, Executive Chairman said: “The hole continues to be strongly mineralised well past the planned hole depth, which is very encouraging for the scale of the porphyry system at Racecourse. We will continue to drill until we bottom out of the zone.”
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 to track the plunge of the copper-gold porphyry deposit to a planned finishing depth of 815m. Drilling has been advancing rapidly at a rate of 80-90m per 24-hour period. On 15 January 2021 it was announced that the hole had progressed to a depth of 815m and remained within the copper mineralised deposit envelope. The hole has now reached a depth of 975m and, as it continues to encounter strong potassic alteration and copper mineralisation, it will be extended until it passes out of the mineralised zone.
Copper mineralisation occurs as disseminated chalcopyrite (copper sulphides) accompanied by pyrite and pyrrhotite within a strongly altered quartz-feldspar porphyry intrusive body. Mineralisation was first intersected at a downhole depth of 110m and has been evident in core continuously to the current depth, increasing in intensity in the lower part of the interval.
The Company is using a hand-held pXRF 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.
Phase One Drilling Programme Plan at the Racecourse Mineral Resource – Bushranger Project
The Xtract Phase One drilling programme at the Racecourse Mineral Resource has been designed to follow up on the very encouraging results obtained by Anglo American Exploration Australia Pty Ltd (“Anglo”) in 2014 and 2015 (refer to RNS released on 01 June 2020). The objective of the programme is 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 Mineral Resource. The initial phase of drilling will comprise 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 potentially be drilled for an additional 3,995m. At 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, the Racecourse Mineral Resource within the Bushranger Project, is one of the largest undeveloped porphyry copper-gold deposits in the Lachlan Fold Belt.
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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