Announcement Date: 2022-11-23
Announcement Type: Deposit Estimation
Announcement Code: (other Code)
Company name: Xtract Resources Plc
Project name: Bushranger
Location: Australia
Commodities: Gold,Silver,Copper
Highlight: Updated Resource Estimate for Racecourse Deposit
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to announce an updated Mineral Resource Estimate for the Racecourse Prospect, on the Bushranger Copper-Gold Project in central New South Wales, Australia. Utilising all the data from the recently completed Phase 2 diamond drilling programme, independent consultants, Measured Group Pty Limited (“Measured Group”), have prepared an updated Mineral Resource Estimate for the Racecourse deposit. Following the completion of a substantial drilling programme by Xtract, independent consultants, Measured Group, updated the historic Inferred Mineral Resource Estimate for the Racecourse Prospect, which is now reported as 512Mt @ 0.22% CuEq*, at a cut-off of 0.1% CuEq, containing 1.1Mt of copper equivalent metal and classified as Indicated and Inferred in accordance with JORC (2012) The majority of the updated 512Mt Racecourse Mineral Resource is expected to occur within depths amenable to open pit mining methods, given an open pit mining study completed by independent consultants Optimal Mining in July 2021 concluded that the Racecourse copper-gold mineralisation could potentially be economically extracted via open pit mining to a depth of 600m (see RNS dated 26 July 2021)
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