14:10 Tue 31 Mar 2020
Xtract Resources plc - Eureka & Kajevu drilling programme results
For immediate release
("Xtract" or the "Company")
Eureka & Kajevu drilling programme results
The Board of
Highlights
· Drilling confirms and extends historic copper-gold deposit at Eureka
· Assaying of drill core from initial testing programme beneath shallow open pit at the
· Step-out and down-plunge holes intersect 15.4m @ 0.81% Cu and 14.0m @ 0.81% Cu respectively, including intervals up to 4.0m @ 2.35% Cu, 0.53g/t Au
· Deposit extends over more than 200m strike within a 3km copper-gold soil geochemical anomaly, most of it not yet drill-tested
· Stratabound mineralisation style at depth suggests potential for primary sulphide target below shallow oxide zone
· Plan to complete assaying and 3D modelling to prepare for second-stage drilling following the rainy season at both Eureka and
· At Kajevu, core assaying confirmed that copper-gold mineralisation is limited in strike and depth extent
The licence area has a number of anomalies not tested by this programme or with similar highly prospective possibilities. Positive results from these areas could lead to a large-scale copper resource. The Kajevu licence appears to be limited in potential and will not be further pursued. We look forward to the conclusion of the rains and, after further modelling, building in the results of this programme and testing other targets."
Summary of drilling results at Eureka
Drilling by Xtract focussed on testing strike and depth continuity of shallow mineralisation located by limited historic exploration drilling and development of a small open pit within a major regional copper-gold soil geochemical anomaly. In all, seven angled diamond drill holes designated EX-01 to EX-07 were completed, totalling 761 metres. Initial progress was announced by the Company on
Since completion of the drill programme, drill core has been photographed and logged, with selected intervals being cut by diamond saw, sampled and sent for analysis to the SGS laboratory in Kalulushi,
Significant downhole mineralised intervals are summarised in the table below:
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Hole No. |
Depth From (m) |
Depth To (m) |
Width (m) |
Cu% |
Au g/t |
EX-01 |
50.0 |
82.0 |
32.0 |
1.58 |
0.07 |
Including |
51.2 |
70.2 |
19.0 |
2.08 |
0.08 |
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EX-02 |
106.0 |
120.0 |
14.0 |
0.81 |
0.20 |
Including |
116.0 |
120.0 |
4.0 |
2.35 |
0.53 |
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EX-03 |
51.0 |
66.4 |
15.4 |
0.81 |
0.07 |
Including |
51.0 |
54.0 |
3.0 |
2.55 |
0.07 |
EX-01 was drilled beneath the south-eastern end of the open pit and confirmed the tenor of previously reported copper and gold mineralisation over a significant width. The mineralisation occurs in a gossanous structural zone with cavities within leached and vuggy dolomites, with copper oxides at shallower levels giving way to primary chalcopyrite sulphides at depth. EX-02 was sited 20m behind EX-01 to check the down-plunge continuation of the steeply dipping mineralised zone beneath previous drilling. This was successfully demonstrated, with particular interest in the occurrence of strongly disseminated and stringer chalcopyrite mineralisation, along with gold values of interest, at the base of the interval. This zone exhibits bedding-parallel mineral textures just above a conglomerate footwall, similar in style and setting to several of the main Copperbelt orebodies.
EX-03 was sited 50m to the southeast of EX-01 and EX-02 and demonstrated strike continuity of the mineralised zone beyond the limit of the historic pit, drilling intersecting primarily oxidised copper mineralisation at relatively shallow levels. EX-04 was drilled beneath EX-03 to again check the deeper continuation of the mineralisation. Sampling and assaying of this hole is currently in progress, but visual examination confirms the presence of disseminated chalcopyrite mineralisation.
Holes EX-05 to EX-07 were scout holes, stepped out further to the southeast. Here pyrite was the main sulphide mineral encountered, with just copper traces confirmed by analysis.
Geological interpretation based on drilling suggests that the near-surface gossanous mineralisation at Eureka may be remobilised from potentially more extensive stratabound sulphides. During the current rainy season, work will concentrate on completion of core sampling and assaying of hole EX-04. The logging and assay data, including historic records for the Eureka deposit, will then be modelled in 3D to direct additional follow up work after the end of the rainy season. Such work is expected to include a significant further drilling component.
At Eureka, as previously announced, limited historical drilling within a 3km long copper-gold soil anomaly, peaking at 1,315ppm Cu, 540ppb Au, 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.
A second sub-parallel copper anomaly in soils about 600-700m long occurs at
Summary of drill assay results for
Completion of a programme of seven short angled diamond drill holes was announced on
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Hole No. |
Depth From (m) |
Depth To (m) |
Width (m) |
Cu% |
Au g/t |
KX-05A |
33.0 |
41.4 |
8.4 |
0.49 |
0.12 |
This interval confirmed visual observations of supergene copper mineralisation occurring within a quartz-hematite breccia, similar to that seen at surface in a shallow open pit. However, the remaining holes found only copper traces within the breccia zone, showing that mineralisation is confined to shallow depths and with very limited strike extent. No further work is currently planned at this prospect.
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
Enquiries:
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Executive Chairman
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+44 (0)20 3416 6471 |
Nominated Adviser and Joint Broker |
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+44 (0)207628 3369 |
Joint Broker |
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+44 (0)207 399 9427 |
Qualified Person:
Information in this announcement relating to the exploration works has been reviewed by
Qualified Person:
In accordance with AIM Note for Mining and Oil & Gas Companies,
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"Ag" |
Silver |
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"Au" |
Gold |
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"breccia" |
Rock fragmented into angular components |
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"chalcocite" |
A copper sulphide mineral, Cu2S, found in zones of secondary enrichment of copper ores |
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"chalcopyrite" |
A copper-iron sulphide mineral, CuFeS2, often found in copper ores |
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"conglomerate" |
Sedimentary rock formed by the cementing together of water-rounded pebbles |
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"Cu" |
Copper |
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"Diamond drill holes" |
Form of core drilling which uses a rotary drill with a diamond drill bit attached in order to create precisely measured holes |
"disseminated" |
Mineralization distributed throughout a rock |
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"dolomite" |
Calcium-magnesium carbonate mineral, (CaMg)CO3, or a rock composed largely of the mineral dolomite |
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"exploration" |
Method by which ore deposits are evaluated |
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"footwall" |
The mass of rock below a fault, vein or bed of mineralization |
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"hematite" |
A mineral composed of ferric iron oxide |
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"gossanous" |
Referring to a surface capping of hydrated oxides of iron formed from metallic sulphides |
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"malachite" |
A green copper carbonate mineral (Cu2(OH)2CO3) which forms by alteration of copper sulphide minerals |
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"mineralisation" |
Process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
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"oxide minerals" |
Minerals produced by natural weathering processes at or near the earth's surface. |
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"pyrite" |
Iron sulphide mineral, FeS2 |
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"quartz" |
A mineral composed of silicon dioxide, SiO2 |
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"soil anomaly" |
A concentration of one or more elements in soil that is markedly higher than background |
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"stratabound" |
Occurring within a particular strata or layer |
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"stringer" |
A narrow vein or irregular filament of mineral traversing rock mass of different composition. |
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"sulphide" |
A metallic compound of sulphur. |
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"vuggy" |
Referring to a rock containing cavities sometimes with a lining of crystalline minerals |
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ENDS
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