Project Phase One Drill Programme Receives Key Approvals
Xtract Resources Plc (AIM:XTR) has received all required governmental approvals in order to proceed with its maiden, Phase One, drilling programme on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt (LFB) of New South Wales.
Drilling on the Bushranger Project is scheduled to commence during the first week of December 2020.
The Phase One drilling programme will consist of three diamond drill holes for 2,290m, with the objective of testing the potential extensions to the northwest of the Racecourse Mineral Resource, which was estimated in 2018 as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, and has been classified as Inferred in accordance with JORC (2012)
The Phase One drilling programme will follow up drill intersections such as 159m @ 0.4% Cu and 0.2g/t Au in drill hole BRD001 and 169m @ 0.4% Cu and 0.1g/t Au in drill hole BRD009 and investigate the zonation of higher gold grades within the Racecourse Mineral Resource
Executive Chairman, Colin Bird, said a successful Phase One drilling programme will potentially be followed up with the drilling of a further six diamond drill holes for 3,995m
Upon completion of the drilling programme, Xtract plans to re-estimate the Racecourse Mineral Resource under JORC (2012)
“With the completion of the acquisition of ProspectOre Pty Ltd and the Bushranger copper-gold project, we have moved to commence drilling as quickly as possible,” Mr Bird said.
“The Phase One drilling programme on the Racecourse Mineral Resource will investigate the potential north-western extension of the existing Mineral Resource and also investigate the zonation of gold mineralisation within the deposit.
“The last drilling completed on the project by Anglo American in 2014-2015, exhibited higher-grade gold zones than located by earlier drilling programmes and our Phase One drilling programme is designed to investigate the trends of the higher-grade gold mineralisation within the copper-gold deposit in addition to seeking to extend the copper-gold mineralisation beyond the current boundary of the Mineral Resource.
“Providing the three Phase One drill holes are successful we have an additional six drill holes planned to further investigate the extent of, and gold distribution within, the Racecourse Mineral Resource.”
