Xtract Resources reports ‘eclectic’ drill hole assays from Bushranger


(Alliance News) - Mining firm Xtract Resources PLC on Tuesday reported an ‘eclectic’ set of drill results from the Bushranger copper-gold exploration project, Australia.

Shares in Xtract were down 9.7% at 5.10 pence in London on Tuesday morning.

Amongst the best results were 2 metres at 15.5 grams per tonne gold from 191 metres in drill hole BRDD-21-033, a result which the firm said ‘warrants follow-up drilling’, and 18 metres at 0.34% copper equivalent from 388 metres in drill hole BRDD-22-044.

‘Drillholes BRDD-21-025, BRDD-21-029 and BRDD-21-034 were all exploratory holes which targeted outlying geophysical anomalies or the continuation of mineralisation south of Racecourse and north of Ascot. All holes intersected porphyry related alteration along within zones of anomalous copper and gold. BRDD-21-025 was largely un-mineralised,’ it noted.

Executive Chair Colin Bird called the results ‘eclectic’, saying they showed ‘some degree of mineralisation and some meaningful gold values’.

He added: ‘Whilst these outlying holes do not in themselves indicate significant extensions, we continue to drill and model to better understand both Ascot and the area between Ascot and Racecourse. The modelling for the primary Racecourse open pit is advancing satisfactorily.’

By Lucy Heming; lucyheming@alliancenews.com

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