For immediate release
29 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Further Assay Results
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received from two further drill holes (BRDD-21-010 and BRDD-21-013) completed on the Phase 2 diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project.
Highlights
· Drill hole BRDD-21-010 returned a very wide intersection, with higher grade intermediate zones as follows (see Table 1):
o 338m @ 0.31% CuEq from a downhole depth of 178m
o including 86m at 0.52% CuEq
o including 14m @ 0.73% CuEq
· The hole shows excellent mineral continuity down-dip of hole BRDD-21-008, confirming the pattern of copper grade enhancement at shallower depths within the central part of the conceptual open pit area.
· Hole BRDD-21-013 was drilled towards the southern end of the Racecourse Mineral Resource. It also encountered a wide zone of copper mineralisation as follows:
o 168m @ 0.25% CuEq from 140m downhole
o including 10m @ 0.39% CuEq
o and 28m @ 0.45% CuEq
Colin Bird, Executive Chairman said:
"The latest drill assay results continue to please us as they confirm a consistent pattern of wide copper intervals, with the highest grades in the shallow 'crown' of the deposit. Drilling is progressing well at site and we look forward to providing further positive news as the programme advances."
Phase Two Bushranger Assay Results
Table 1 - Assay Results from Drill Hole BRDD-21-010 & BRDD-21-013*
| Hole ID | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%)** |
| BRDD-21-010 | 178 | 516 | 338 | 0.28 | 0.05 | 1.40 | 0.31 |
| incl. | 292 | 378 | 86 | 0.48 | 0.05 | 2.10 | 0.52 |
| incl. | 344 | 358 | 14 | 0.69 | 0.03 | 2.60 | 0.73 |
| and | 696 | 738 | 42 | 0.25 | 0.02 | 0.00 | 0.27 |
| incl. | 696 | 708 | 12 | 0.36 | 0.01 | 0.00 | 0.36 |
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| BRDD-21-013 | 140 | 308 | 168 | 0.23 | 0.02 | 0.70 | 0.25 |
| incl. | 142 | 152 | 10 | 0.37 | 0.02 | 1.4 | 0.39 |
| and | 164 | 192 | 28 | 0.43 | 0.01 | 1.70 | 0.45 |
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5405xAu (g/t) + 0.0071xAg (g/t)
Drill hole BRDD-21-010 was drilled towards the northeast at an angle of -80 degrees to a final depth of 768.8m. It was designed test the down dip extension of mineralisation intersected in drill hole BRDD-21-008. While drill hole BRDD-21-008 was designed to intersect the top or "crown" of the porphyry system where copper grades are enhanced at relatively shallow depths, BRDD-21-010 was designed to provide information on the depth extent and width of the copper mineralisation deeper in the porphyry system. Mineralisation correlates very well between the two holes, including the higher grade 'core' zones, confirming good continuity of the higher-grade zones at depth, as well as along strike. A second deep copper zone on the eastern side of the porphyry of 42m @ 0.27% CuEq also further supports results seen in several other holes in the programme, suggesting potential for extensions of the Mineral Resource to the east.
BRDD-21-013 was sited towards the southern end of the Racecourse Mineral Resource and was drilled to the northeast at -50 degrees to a finishing depth of 855.5m. It also intersected a wide interval of chalcopyrite copper mineralisation which confirms the southern continuation of the deposit. Hole BRDD-21-016 was drilled deeper from the same drill pad and assay results from this hole and other completed holes are awaited from the laboratory.
Bushranger Prospect Drill Hole Location Plan
http://www.rns-pdf.londonstockexchange.com/rns/6492Q_1-2021-10-28.pdf
Phase Two Drilling Programme at the Racecourse Mineral Resource - Background
A summary of the Racecourse Phase Two drilling programme is set out in the announcement dated 20 October 2021
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 |
| Beaumont Cornish Limited Nominated Adviser and Joint Broker | Roland Cornish Michael Cornish Felicity Geidt | +44 (0)207628 3369 |
|
Novum Securities Limited Joint Broker |
Jon Belliss Colin Rowbury |
+44 (0)207 399 9427 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 |
| "Chalcopyrite" | A copper-iron sulphide mineral, CuFeS2, often found in copper ores. |
| "Cu" | Copper |
| "CuEq" | copper equivalent grade, calculated using assumed metal prices for copper, gold and other metals
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| "Inferred Mineral Resource" | That part of a Mineral Resource for which 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 |
| "JORC Code" | Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves
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| "mineralisation" | process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
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| "porphyry" | a deposit of disseminated copper minerals in or around a large body of intrusive rock
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| "Pyrrhotite" | An iron sulphide mineral, Fe1-XS, often magnetic |
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ENDS
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