For immediate release
19 January 2022
Xtract Resources Plc
("Xtract" or the "Company")
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 drill 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.
Table 1 -Assay Results from Drill Hole BRDD-21-035*
| Hole ID | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%) |
| BRDD-21-035 | 166.00 | 232.00 | 66 | 0.19 | 0.09 | 2.08 | 0.26 |
| Including | 194.00 | 212.00 | 18 | 0.30 | 0.13 | 2.76 | 0.39 |
|
| 356.00 | 408.00 | 52 | 0.19 | 0.10 | 0.61 | 0.26 |
| Including | 394.00 | 402.00 | 8 | 0.36 | 0.25 | 1.70 | 0.52 |
|
| 552.00 | 716.00 | 164 | 0.24 | 0.17 | 1.43 | 0.35 |
| Including | 552.00 | 616.00 | 64 | 0.38 | 0.30 | 2.26 | 0.58 |
|
| 676.00 | 686.00 | 10 | 0.31 | 0.16 | 2.28 | 0.43 |
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)
*** Variable cut-off used >0.15 CuEq%
The enhanced gold mineralisation in drill hole BRDD-21-035, suggests that Ascot and Bushranger are separate intrusions, and this enhances the overall potential of Ascot, which is potentially open in all directions. Furthermore, results reported by the Company in 2021 for drilling at the southern section of the Racecourse Prospect indicate that Racecourse is open to the south, opening up the possibility that there could be continuous copper-gold mineralisation in the 1.5km gap between Ascot and Racecourse. Xtract is extending the Phase 2 drill programme to test this hypothesis.
Racecourse Prospect Drill Hole Assay Results
Drill Hole BRDD-21-018 was the first hole of a trio of holes drilled from the same drill pad at the north-western limits of the Racecourse Inferred Mineral Resource, investigating the extension of the Racecourse mineralisation to the north-west. The hole was drilled at an inclination of -50 degrees towards the E-NE and was completed at a final depth of 732.6m. Assay results from the hole returned an intersection of 170m of 0.22% CuEq from 520m depth, which includes a higher-grade interval of 12m at 0.41% CuEq from 648m downhole. BRDD-21-018 has the potential to extend the known Racecourse Inferred Mineral Resource to the north-west and the company awaits the results of drill holes BRDD-21-020 & BRDD-21-023, which have further tested the north-west extension of the Racecourse Inferred Mineral Resource.
Table 2 - Assay Results from Drill Hole BRDD-21-018*
| Hole ID | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%) |
| BRDD-21-018 | 528 | 698 | 170 | 0.16 | 0.09 | 0.74 | 0.22 |
| Including | 642 | 686 | 44 | 0.25 | 0.05 | 1.05 | 0.29 |
| Including | 648 | 660 | 12 | 0.33 | 0.11 | 1.33 | 0.41 |
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)
*** Variable cut-off used >0.15 CuEq%
Drill holes BRD-21-017 and BRDD-21-022 were drilled from one drill pad located on the eastern limb of the Central Racecourse Intrusion, in the north-east corner of the deposit.
Drill hole BRDD-21-022 drilled towards the W-SW at a steep angle of -80 degrees and was designed to test the down-plunge continuity of the eastern limb of the Racecourse deposit. The hole returned promising results having intersected a wide interval of consistent copper mineralisation from a downhole depth of 209m to 718m, with copper mineralisation greater than 0.2% CuEq reported in intervals over 289m of this 509m down hole length.
Table 3 - Assay Results from Drill Hole BRDD-21-022*
| Hole ID | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%) |
| BRDD-21-022 | 209.00 | 218.00 | 9 | 0.27 | 0.01 | 0.64 | 0.28 |
|
| 244.00 | 266.00 | 22 | 0.19 | 0.01 | 0.40 | 0.20 |
| including | 258.00 | 264.00 | 6 | 0.29 | 0.00 | 0.60 | 0.30 |
|
| 278.00 | 284.00 | 6 | 0.24 | 0.00 | 0.73 | 0.25 |
|
| 290.00 | 350.00 | 60 | 0.24 | 0.00 | 0.61 | 0.24 |
| including | 290.00 | 320.00 | 30 | 0.30 | 0.00 | 0.72 | 0.30 |
|
| 376.00 | 386.00 | 10 | 0.26 | 0.00 | 0.48 | 0.26 |
|
| 522.00 | 666.00 | 144 | 0.25 | 0.02 | 1.39 | 0.28 |
|
| 686.00 | 718.00 | 32 | 0.22 | 0.01 | 1.93 | 0.24 |
Notes:
*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia
**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)
*** Variable cut-off used >0.15 CuEq%
Drill hole BRDD-21-017 targeted an outlying IP anomaly to the north-east of the main Racecourse porphyry mineralisation, the hole returned some anomalous copper with selected 2m samples assaying up to 0.19% Cu, however this is not considered to be an immediate follow-up drill target at this stage.
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 |
| 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 |
| "Cu" | Copper |
| "CuEq" | Copper equivalent grade, calculated using assumed metal prices for copper, gold and other metals |
| "Induced Polarisation (IP)" | A method of ground geophysical surveying which employs the passing of an electrical current into the ground to test for indications of conductive metallic sulphides
|
| "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 |
| "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 |
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ENDS
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