Xtract Resources plc - Zambia Copper Exploration Update
For immediate release
19 November 2019
("Xtract" or the "Company")
Zambia Copper Exploration Update
The Board of
· Contract signed for not less than 1,600m of reverse circulation drilling
· Drilling programme at all sites will target depth and strike extensions of current pits as well as significant strike extensions not yet tested
· Site visit to the
· At Eureka project, limited historic drilling of open-ended copper zone will be extended along strike and a second target tested at Eureka West
· The Kalengwa project has significant stockpiles with approximately 2 million tonnes of tailings
· Drilling to commence at Matrix during the course of this week
Meanwhile significant test work is continuing on the Kalengwa licence to determine processing characteristics of the various dumps, as well as to determine the most appropriate processing route. We will update the market on the drilling program and results over the coming weeks."
Summary of work plan
During a drill planning visit to site it was apparent that considerable stockpiles of copper ore remain unprocessed from the work of the previous mining company. These require to be quantified and are available for any future copper processing operation.
A second copper-mineralised zone at Eureka West, about 1km from the Eureka pit will also be drill tested as part of the planned programme.
The drill rig is expected to mobilise in the coming days. Approximately 800m of drilling is planned at each locality and assay results from both properties will be reported as they come through during the next few weeks.
At Kajevu a small open pit trial mine approximately 150 metres long and 15 metres deep was previously developed over a steeply dipping, hydrothermally altered copper-gold bearing quartz vein zone. Strong visible copper mineralisation in the form of malachite and chalcocite is exposed at the western end of the pit over a 3-5m width. As previously announced, selective composite grab samples taken by the Company returned values ranging 3.99-7.28% Cu, 1.0-3.42g/t Au. Historic records report trenching results of 2.86% Cu over a width of 36m, indicating potential for wider copper intervals within the target zone.
Bulk sample material from the open pit was stockpiled at surface for possible future ore processing - this includes considerable stacks of partially sorted high-grade copper mineralisation.
At Eureka, as previously announced limited historical drilling within an extensive copper soil anomaly intersected up to 25.7m @ 3.30% Cu and 0.25g/t Au, including 9.7m @ 5.9% Cu and 0.26g/t Au. A shallow open pit was developed by a local operator within this resource in 2008, when about 1,000 tonnes of ore at 3% Cu was reportedly recovered. Mineralisation intersected by historic drill holes and partially mined remains open in several directions. In particular, mineralisation is open to the southeast of the pit as well to depth. Additional drill testing of this zone at more optimal drilling angles, as well as the strike extrapolation of the zone will be a priority for the planned drilling programme.
A second sub-parallel copper anomaly in soils about 600-700m long occurs at Eureka West, 1km to the southwest of the main Eureka pit. A small pit at this locality was operated by artisanal miners - composite grab sample taken by the Company from hand-sorted boulder piles at the site returned 9.81% Cu, 1.94g/t Au, 13.77g/t Ag. This is a further priority drill target for the Company.
As previously announced in July earlier this year, the
Further information is available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was
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+44 (0)20 3416 6471
Nominated Adviser and Joint Broker
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+44 (0)207628 3369
+44 (0)207 399 9427
Information in this announcement relating to the exploration works has been reviewed by
In accordance with AIM Note for Mining and Oil & Gas Companies,
The following is a summary of technical terms:
a zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions
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method by which ore deposits are evaluated
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process of formation and concentration of elements and their chemical compounds within a mass or body of rock
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systematic collection of soil samples at a series of different locations in order to study the distribution of soil geochemical values.
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This information is provided by RNS, the news service of the
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