Shares in Xtract Resources PLC (LSE:XTR) edged 4% lower after it unveiled the results of a second-stage review of pre-concentration options for the Bushranger Racecourse Copper-Gold Project in New South Wales, Australia.
The study, conducted by Altrius Consulting, concluded that the Racecourse mineralisation is not suitable for upgrade by Tomra ore sorting, a method of separating valuable minerals from waste material based on their physical properties.
Investors were told other pre-concentration methods may be more effective.
Altrius recommended further testing on pre-screening, gravity separation, and coarse particle flotation. Consequently, ALS in Perth is conducting tests on pre-screening and dense media separation. Additionally, NovaCell is carrying out coarse particle flotation tests, which are progressing well.
The Bushranger Racecourse project could be economically mined at rates of 20 million tonnes per annum or higher if copper prices are at or above $10,000 per tonne. The current work aims to reassess the breakeven copper price for the project.
In early trading, the stock, which has been rangebound in the year to date, was down 0.04p at 0.98p.