Promising Initial Results From Induced Polarisation (IP) Survey In NSW
Xtract Resources Plc (AIM:XTR) reports that an Induced Polarisation (IP) geophysical survey has identified potential extensions to the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt (LFB) of New South Wales, Australia.
Highlights:
- The disseminated copper-gold mineralisation comprising the Racecourse Mineral Resource is associated with a strong IP chargeability response on the southwestern side of the central porphyry intrusion, which is evident on all survey lines, along 2.5km of strike length
- The survey indicates that the Racecourse Mineral Resource has the potential to extend in several directions, including at least 800m to the northwest beyond the limit of the currently defined Mineral Resource
- The deposit also appears to be open to the southeast and mineralisation previously detected by very limited drilling on the northeast side of the central porphyry body could be more extensive than currently known
- The survey results will be fully processed and are expected to generate several drill targets for potential resource extensions and testing of possible new mineral zones as part of the planned Phase 2 drilling programme.
Executive Chairman, Colin Bird, said that an independent firm is being engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters
“The geophysical survey results are very encouraging, indicating an opportunity for further shallow mineralisation to the north-east of the main porphyry,” Mr Bird said.
“Should this be confirmed by drilling, it could significantly increase the open pit potential in this area. The deposit also appears to be open down-plunge to the south-east and to the north-west, further increasing the deposit size potential.
“Overall, the geophysical survey has been very informative and supports management’s belief in the scope for a significant increase in tonnage at Racecourse.
“The Phase 1 drilling programme was based on historical drilling information and projections with limited additional technical support, however the new information from the geophysical survey now gives us specific targets and extensions to follow in the Phase 2 drilling programme.
“In addition, we have appointed an independent consulting firm to model various open pit development scenarios in the upper part of the porphyry system, using a range of grade cut-offs and copper price parameters.”
