The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to report that the Phase Two diamond drilling programme has commenced at the Racecourse Mineral Resource on the Bushranger copper-gold porphyry exploration project, located in the Lachlan Fold Belt (“LFB”) of New South Wales, Australia.
A total of approximately 8,000m of drilling is planned in the first block of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.
· The Phase Two drilling programme at Racecourse has commenced on schedule, with drilling already at 20m depth on the first hole
· A second rig has arrived on site and will start drilling at the second drill pad overnight
· The Company will provide more details of its drilling aims and progress as the programme advances
Phase 2 Drilling Programme at the Racecourse Mineral Resource – Background
The current JORC (2012)-compliant Racecourse Inferred Mineral Resource is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme which was recently concluded and reported. The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd (“Anglo”) in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit.
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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