Planning For Maiden Lachlan Belt Drilling Programme Completed
Xtract Resources Plc (AIM:XTR) is preparing to undertake is maiden drilling programme at the Bushranger copper-gold exploration project located in the Lachlan Fold Belt of New South Wales, Australia.
The company recently concluded a conditional Sale and Purchase Agreement to acquire the entire issued share capital of Prospect Ore Ltd, the owner of Bushranger for a total consideration of £1.25 million.
The company has now satisfactorily completed its due diligence on the acquisition and completed initial planning for drilling programme and begun the permitting process.
Executive Chairman, Colin Bird, said that on completion of the permitting, Xtract plans to drill up to nine holes, in two phases, at the Racecourse deposit to extend the thickest and highest-grade copper-gold mineralisation within the Racecourse deposit to the northwest, beyond previous drilling limits
He said particular interest will focus on zones of secondary gold enhancement – where up to 6m @ 2.5g/t Au and 1m @ 11.1g/t Au was encountered by previous drilling within the wide copper-gold mineralised intervals
On drilling completion, Xtract plans to re-estimate the Racecourse mineral resource under JORC (2012)
The Racecourse mineral resource, on the Bushranger Project, 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)
“I am pleased to report that the due diligence and other administrative matters are progressing satisfactorily with licence and shareholder requirements being met,” Mr Bird said.
“The technical due diligence has been completed indicating much potential for the future and we are particularly impressed with the long intersections of the last holes drilled and the high gold grades encountered alongside good copper values.
“Following completion, our intention is to drill further holes which will be deeper, testing both strike and depth extents of the Racecourse Copper-Gold deposit. Racecourse already has a significant resource of copper, and with the gold values increasing with depth, we are hopeful that the copper and metal resource can be grown significantly.
“We are very pleased with the Racecourse project and the other high potential porphyries and systems to test within the Prospect Ore portfolio.”
