TIDMXTR
RNS Number : 0363C
Xtract Resources plc
06 October 2022
For immediate release
6 October 2022
Xtract Resources Plc
("Xtract" or the "Company")
Ascot Prospect Final Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to announce assay results for follow up drill holes
BRDD-22-051, BRDD-22-052 and BRDD-22-055, which were drilled to
further investigate the copper-gold intersections in drill hole
BRDD-21-035 which represented the discovery hole at the Ascot
porphyry system on the Bushranger Project in central New South
Wales, Australia. The holes were planned in particular to check the
up-dip projection of the intersections in BRDD-21-035 where
mineralisation might be potentially amenable to open pit
extraction. The drilling completed by Xtract throughout 2021 and
2022 has confirmed the presence of two significant porphyry systems
at the Racecourse and Ascot prospects on the Bushranger
Project.
Highlights
-- Drill hole BRDD-21-051 was drilled above hole BRDD-21-035, at
a shallower inclination, and intersected the Zones 2 and 3 of
copper-gold mineralisation as follows:
-- 18m @ 1.8% CuEq from 432m (Zone 3) - amongst the highest
grade intervals intersected to date on the overall Bushranger
Project
-- 8m @ 0.12% CuEq from 278m and 18m @ 0.12% CuEq from 292m and
(Zone 2)
-- Drill hole BRDD-22-052 was drilled from the west to east,
whereas drill hole BRDD-21-035 was drilled east to west, and
intersected copper-gold mineralisation as follows:
-- 16m @ 0.49% CuEq from 419m (Zone 3)
-- 18.16m @ 0.25% CuEq from 493m (Zone 2)
-- 8m @ 0.23% CuEq from 652m (Zone 1)
-- Hole BRDD-22-055 was drilled to test the Ascot mineralisation
at depth; due to drilling issues the hole was not completed as
planned, but did intersect 63m @ 0.22% Cu Eq from 616m downhole
depth, including 4m @ 1.07% Cu Eq at the top of this zone
-- The copper-gold mineralisation intersected in the Ascot drill
holes is laterally extensive and has been traced over 1km of strike
in a north-south direction
-- Xtract is currently compiling a geological model of the
copper-gold mineralisation at Ascot with the objective of defining
a maiden Mineral Resource Estimate for the Ascot prospect
Colin Bird, Executive Chairman said: "The Ascot prospect
continues to produce some very encouraging drill intersections. The
18m @ 1.8% CuEq is amongst the highest grade copper intersections
on the overall Bushranger Project and it confirms that the
excellent intersection of 64m @ 0.58% CuEq (Zone 3) in drill hole
BRDD-21-035, continues to shallower depth. The results from holes
BRDD-21-051, 52 and 55, when combined with the results of other
holes we have released from the Phase 2 drilling programme at the
Ascot prospect, show that the copper-gold mineralisation at Ascot
is laterally extensive, extending over approximately 1km of strike.
It is also worth noting that the higher grade copper mineralisation
in Zone 3 at Ascot is open both up and down dip and to the south.
We are now working on the overall geological model for Ascot, which
will then be used to produce a maiden Mineral Resource Estimate for
the Ascot Prospect. This will be in addition to the updated
Racecourse mineral resource estimate which is close to
completion."
Bushranger Project Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/0363C_1-2022-10-6.pdf
Ascot Prospect Geological Cross Section for Drill Holes
BRDD-21-035, 051, 052 & 055
http://www.rns-pdf.londonstockexchange.com/rns/0363C_2-2022-10-6.pdf
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 centre of
the Racecourse prospect and followed up the encouraging results
recorded in drill hole BRDD-21-033, the discovery hole at Ascot
(see announcements dated 19 January 2022 and 9 December 2021).
BRDD-21-035 returned three zones of substantial copper and gold
mineralisation including;
-- 66m @ 0.26% CuEq from 166m including 18m @ 0.39% CuEq from
194m (Zone 1)
-- 52m @ 0.26% CuEq from 356m including 8m @ 0.52% CuEq from
394m (Zone 2)
-- 164m @ 0.35% CuEq from 552m including 64m @ 0.58% CuEq from
552 (Zone 3)
BRDD-22-051 was drilled at an inclination of -50 degrees towards
the west (azimuth of 267(o) true north) and was completed at a
final depth of 555.3m. It was drilled primarily to intersect the
Zone 2 and Zone 3 intersections from drill hole BRDD-21-035, but at
shallower depths (see assay results in Table 1).
Table 1 -Assay Results from Drill Hole BRDD-21-051*
From To Interval Cu Zone
Hole ID (m) (m) (m) (%) Au (g/t) Ag (g/t) CuEq (%)** No.
BRDD-21-051 278.00 286.00 8.00 0.09 0.03 0.8 0.12 2
------- ------- --------- ----- --------- --------- ----------- -----
292.00 310.00 18.00 0.06 0.08 0.70 0.12
------- ------- --------- ----- --------- --------- ----------- -----
432.00 450.00 18.00 1.44 0.36 14.3 1.80 3
------- ------- --------- ----- --------- --------- ----------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.6578xAu (g/t) + 0.0088xAg
(g/t)
BRDD-22-052 was drilled at an inclination of -55 degrees towards
the east (azimuth of 102(o) true north) and was completed at a
final depth of 704.5m. This hole was drilled to cut the Zone 3
intersection from drill hole BRDD-21-035 at shallower depth above
that hole and to intersect the Zone 1 mineralisation at greater
depth below drill hole BRDD-21-035 (see assay results in Table
2).
Table 2 -Assay Results from Drill Hole BRDD-21-052*
From To Interval Cu Zone
Hole ID (m) (m) (m) (%) Au (g/t) Ag (g/t) CuEq (%)** No.
BRDD-21-052 345.00 349.00 4.00 0.21 0.06 2.90 0.28
------- ------- --------- ----- --------- --------- ----------- -----
419.00 435.00 16.00 0.02 0.71 0.70 0.49 3
------- ------- --------- ----- --------- --------- ----------- -----
493.00 511.16 18.16 0.20 0.07 0.80 0.25 2
------- ------- --------- ----- --------- --------- ----------- -----
652.00 660.00 8.00 0.10 0.17 2.20 0.23 1
------- ------- --------- ----- --------- --------- ----------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.6578xAu (g/t) + 0.0088xAg
(g/t)
BRDD-22-055 was drilled from west to east to test the deeper
mineralisation below the Zone 3 intercept in hole BRDD-21-035. It
intersected a 63m interval of moderate copper/gold mineralisation
(see assay results in Table 3) but the hole was truncated due to
drilling difficulties without testing the full planned target
interval.
Table 3 -Assay Results from Drill Hole BRDD-21-055*
From To Interval Cu Zone
Hole ID (m) (m) (m) (%) Au (g/t) Ag (g/t) CuEq (%)** No.
BRDD-21-055 616.00 678.00 62.00 0.18 0.05 1.40 0.22 3
------- ------- --------- ----- --------- --------- ----------- -----
Incl. 616.00 642.00 26.00 0.24 0.08 2.10 0.31 3
------- ------- --------- ----- --------- --------- ----------- -----
Incl. 616.00 620.00 4.00 0.73 0.44 6.30 1.07 3
------- ------- --------- ----- --------- --------- ----------- -----
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd.
Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.6578xAu (g/t) + 0.0088xAg
(g/t)
In summary, three steeply dipping, sub-vertical zones of
copper-gold mineralisation were intersected in holes BRDD-21-035,
BRDD-22-051 and BRDD-22-052 at the Ascot prospect which are open up
and down dip and along strike to the south.
The intersection in hole BRDD-22-051 of 18m @ 1.8% CuEq from
432m (Zone 3) occurred 170m up dip of the intersection of 64m @
0.58% CuEq in drill hole BRDD-21-035 suggesting that high grade
copper mineralisation does extend closer to surface and potentially
within depths which would be amenable to open pit extraction.
In addition to the Ascot drilling, two exploration drill holes,
FTDD-22-001 and 002 completed at the Footrot prospect, about 7km
south-southeast of Racecourse, intersected lengthy intervals of
alteration and iron sulphide mineralisation along with traces of
copper and possible gold indicator minerals. This could suggest
proximity to a mineralised porphyry - further modelling of the
geophysical results here will be required.
Xtract is now incorporating all the geological and geochemical
data from the Ascot prospect into a geological model which will be
used to estimate a maiden Mineral Resource (JORC 2012) for the
Ascot prospect. In tandem with this, a revised resource estimate is
in preparation for the Racecourse deposit. This will then be used
as the basis for an updated conceptual open pit mining study.
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, Executive Chairman and
Director.
Enquiries :
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser Michael Cornish www.beaumontcornish.co.uk
and Joint Broker Felicity Geidt
Novum Securities Limited Jon Belliss +44 (0) 207 399 9427
Joint Broker Colin Rowbury www.novumsecurities.com
Qualified Person:
Information in this announcement relating to the exploration
works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a
consultant to Xtract. Mr Slowey is a graduate geologist with more
than 40 years' relevant experience in mineral exploration and
mining, a founder member of the Institute of Geologists of Ireland
and is a Qualified Person under the AIM rules. Mr Slowey has
reviewed and approved the geological content of this
announcement.
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas
Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of Xtract
Resources plc, with more than 40 years' experience mainly in hard
rock mining, is the qualified person as defined in the Guidance
Note of the London Stock Exchange, who has reviewed the technical
information contained in this press release.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Ag" Silver
"Au" Gold
"Cu" Copper
"CuEq" Copper equivalent grade, calculated using
assumed metal prices for copper, gold and
other metals
"Induced Polarisation A method of ground geophysical surveying which
(IP)" employs the passing of an electrical current
into the ground to test for indications of
conductive metallic sulphides
"Inferred Mineral That part of a Mineral Resource for which
Resource" quantity and grade (or quality) are estimated
on the basis of limited geological evidence
and sampling. Geological evidence is sufficient
to imply but not verify geological and grade
(or quality) continuity. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes
"mineralisation" process of formation and concentration of
elements and their chemical compounds within
a mass or body of rock
"porphyry" a deposit of disseminated copper minerals
in or around a large body of intrusive rock
ENDS
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END
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