The Board of Xtract Resources Plc (“Xtract” or the “Company”) provides information on further progress 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.
· Hole BRDD-21-003, the third hole of the planned drilling programme, is currently at a depth of 310m, having entered the perimeter zone of the porphyry system at 290m.
· As with the earlier holes, minor sphalerite and increasing amounts of pyrite-pyrrhotite occur within the outer alteration zone.
· Core logging and sampling is progressing satisfactorily on the first two holes of the programme, with sample batches being dispatched to the assay laboratory for copper, gold and multi-element analysis.
Colin Bird, Executive Chairman said: “We are pleased that the third hole has entered the perimeter zone of the porphyry system, with first signs of mineralisation as predicted. We will report further on the hole when it is completed or if there is material change.”
Hole BRDD-21-003, the third hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, aims to test the width and grade of the porphyry mineralisation higher in the deposit than the previous two holes in order to assist in defining the 3-dimensional shape and orientation of the porphyry system. The hole is being drilled at -60 degrees towards the north-northwest and is currently at a depth of 310m within mixed sediments exhibiting albite-biotite alteration, with increasing disseminated and vein-hosted sulphides in the form of sphalerite and pyrite-pyrrhotite.
Core logging and half-core sampling of the first two holes of the programme is continuing and analytical results will be reported when they are received and collated.
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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