Bushranger Copper/ Gold Project Drilling Programme – Progress Update
The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide an update regarding progress of the second hole in 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.
· Drilling of the second hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has continued to 405m out of a planned hole depth of about 750m
· Hole BRDD-21-002 is angled at -80 degrees and is offset from strike with the aim of crossing through the down-plunge extension of the deposit at depth
· Weak to moderate copper mineralisation and bedrock alteration was first noted in the hole at a depth of about 130m within the hanging-wall margin of the deposit and becomes more pronounced from 340m as the hole approaches the main porphyry target zone
Colin Bird, Executive Chairman said: “The rig was moved from the first down-plunge hole and commenced drilling on the current hole on 23 January. The new hole was sited offset from strike to intersect the deposit at a target depth of about 450-500m. We are currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone. We will continue to report results as the hole advances over the coming days.”
Hole BRDD-21-002 Drilling Results to Date
As with the previous hole, the drillers continue to drill on a 24-hour basis. Hole BRDD-21-002 was located above, and lateral to, the main porphyry copper-gold body to provide an intersection across the down-plunge extension of the deposit.
Copper mineralisation, in the form of weak disseminated and fracture-fill chalcopyrite associated with green, propylitic alteration of the bedrock, has been visually identified in core since about 130m depth and has gradually become stronger from 340m towards the current hole depth of 405m. Such alteration and mineralisation is typical of the hanging-wall margin above the Racecourse deposit. Drilling is continuing towards a planned total depth of approximately 750m.
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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