The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to advise that independent laboratory assays have been received from drill hole BRDD-21-020 completed on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.
· Drill hole BRDD-21-020 has successfully tested the north-western extension of the mineralisation intersected in drill hole BRDD-21-018, with the return of two consistent intervals of copper mineralisation, including:
· 46m at 0.31% CuEq from 581m, and,
· 66m at 0.27% CuEq from 677m, which includes,
· 8m at 0.40% CuEq from 687m
· The results indicate a good correlation to the mineralisation intersected in drill hole BRDD-21-018 (see announcement dated 19 January 2022) both down-plunge and along-strike to the NW
· These two holes have confirmed the extension on the Racecourse deposit at depth by about 150m to the north-west of previous drilling
· Follow-up drilling in this area will focus on the interpreted shallower and higher-grade ‘crown’ to the mineralisation
Colin Bird, Executive Chairman said: “This hole is towards the extreme northwest of the Racecourse deposit and as such we believe that we are closing off the outer reaches of the conceptual open pit in this area. Despite being close to closure, there are some good runs of significant mineralisation that will be included in the final resource modelling.”
Phase Two Bushranger Assay Results
Table 1 – Assay Results from Drill Hole BRDD-21-020*
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)
Drill Hole BRDD-21-020 was the second hole drilled of a trio of holes drilled from the same drill pad at the north-western limits of the Racecourse Inferred Mineral Resource, which aimed to test the extension of mineralisation interested in drill hole BRDD-21-018 further towards the northwest. The hole was drilled at an inclination of -60 degrees towards the ENE and completed at a final depth of 768.4m.
Showing good consistency with the results from drill hole BRDD-21-018 (see announcement dated 19 January 2022) the drill hole intersected two zones of copper mineralisation, including a 46m interval assaying at 0.31% CuEq from 581m depth, and a second, wider, zone returning 66m at 0.27% CuEq from 677m depth, which includes a higher-grade intersection of 8m at 0.40% CuEq from 687m depth. The results of both drill holes BRDD-21-018 and BRDD-21-020 have confirmed 150m of mineralised strike extension to the northwest of the Racecourse deposit.
Follow-up drilling in this area of the deposit will focus on targeting the higher-grade ‘crown’ of the mineralisation at shallower depths, achievable with new drill-pad locations cited further towards the northwest.
Bushranger Prospect Drill Hole Location Plan Map
Bushranger Prospect Drill Holes BRDD-21-018 and BRDD-21-020 Cross-Section
Bushranger Prospect Phase One and Two Drill Assay Summary
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.
Xtract Resources Plc
+44 (0)20 3416 6471
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