Xtract Resources plc (XTR.L) Bushranger Project Assay Results

The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to announce that the second drill hole (BDDD-21-035), drilled into the newly discovered Ascot Prospect, on the Bushranger porphyry copper-gold project in New South Wales Australia.

Has delivered a significant intersection of copper and gold confirming Ascot as a high potential discovery. Drilling is ongoing to define the extents of the Ascot intrusion and to better understand the distribution of copper and gold mineralisation.

Highlights

· Drill hole BRDD-21-035 intersected several intervals of copper and gold mineralisation over a wide 520m downhole zone from 166m to 686m depth, confirming the Ascot prospect as a new discovery of high potential, located 1.5km to the south-east of the existing Racecourse deposit.

· BRDD-21-035 delivered a best interval of 64m at 0.58% CuEq from 552m, within a broader zone of 164m at 0.34% CuEq from 552m (full detail are in Table 1 below)

· The mineralisation intersected in BRDD-21-035 is amongst the widest and highest-grade copper-gold intersections recorded to date on the Bushranger Project.

· The Ascot prospect appears to be enhanced in gold compared to the Racecourse deposit, suggesting that Ascot is a separate mineralised porphyry intrusion to Racecourse, further enhancing its potential.

· Drilling is ongoing at Ascot with the objective of defining the extents of the mineralisation and the distribution of copper and gold associated with the intrusion. Drilling and a MIMDAS geophysical survey is also being planned for the 1.5km section between Racecourse and Ascot to determine how the two intrusions relate spatially.

· Drill holes BRDD-21-018 and BRDD-21-022 testing the north-western extension of the Racecourse porphyry body at depth, returned wide intervals of copper mineralisation, including:

§ 170m at 0.22% CuEq from 528m in BRDD-21-018 including 12m at 0.41% CuEq from 648m (full details are in Table 2 below)

§ 144m at 0.28% CuEq from 522m in BRDD-21-022 (full details are in Table 3 below)

· BRDD-21-017, targeting an outlying IP anomaly to the north-east of the main Racecourse porphyry, intersected sporadic copper mineralisation up to 0.19% Cu

Colin Bird, Executive Chairman said: “Drill hole BRDD-21-035 is the first hole to follow up drill hole BRDD-21-033, which was the discovery hole at Ascot, and has delivered one of the widest and highest-grade copper-gold intersections on the Bushranger Project. Importantly, Ascot appears to have enhanced levels of gold in comparison to the Racecourse Prospect and this further increases the potential of the Ascot prospect. Given Ascot’s potential we are extending our Phase 2 drilling programme with the objective of defining the limits of Ascot. We also want to determine how Ascot relates to Racecourse, 1.5km to the north, and whether the region between the two intrusions is continuously mineralised as we suspect it could be. 2022 could not have started in a better way for Xtract given the results which the overall Bushranger Project continues to deliver.”

Ascot Prospect Drill Hole Assay Results

Drill hole BRDD-21-035 was the second hole drilled into the Ascot discovery, situated 1.5km to the south-east of the Racecourse Prospect and followed up the encouraging results recorded in drill hole BRDD-21-033, the discovery hole at Ascot. BRDD-21-035 was drilled at an inclination of -60 degrees towards the west and was completed at a final depth of 750m, whereas d rill hole BRDD-21-033 was drilled at an inclination of -70 degrees towards to the east and was completed at a final depth of 783.7m.

BRDD-21-035 hole returned substantial intervals of copper and gold mineralisation with a best intercept of 164m at 0.35% CuEq from 552m, which includes 64m at 0.58% CuEq from 552m. These first drill assay results from Ascot indicate the potential for significant gold enhancement associated with the copper mineralisation and the Company awaits with interest further drill hole results.

Read More

Bushranger Project Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/9971Y_1-2022-1-19.pdf

Ascot Prospect Geological Cross Section for Drill Hole BRDD-21-035

http://www.rns-pdf.londonstockexchange.com/rns/9971Y_2-2022-1-19.pdf

Racecourse Prospect Geological Cross Section for Drill Hole BRDD-21-018

http://www.rns-pdf.londonstockexchange.com/rns/9971Y_3-2022-1-19.pdf

Racecourse Prospect Geological Cross Section for Drill Hole BRDD-21-022

http://www.rns-pdf.londonstockexchange.com/rns/9971Y_4-2022-1-19.pdf

Bushranger Project Copper-Gold Intersection Summary Table

http://www.rns-pdf.londonstockexchange.com/rns/9971Y_5-2022-1-19.pdf

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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”).

The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Director.

Enquiries :

Xtract Resources Plc

Colin Bird,

Executive Chairman

+44 (0)20 3416 6471


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