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Xtract Resources reports 6.35% quarter-on-quarter increase in gold production at Manica Concession

The AIM All-Share-listed firm said total alluvial mining contractor gold production at Manica in the period was 56.34Kg, equivalent to approximately 1,811 ounces

Gold
Colin Bird, Xtract’s executive chairman said: "The production results continue to show improvement and the operation has remained self-funding since production commenced”

Xtract Resources PLC (LON:XTR) has reported a 6.35% quarter-on-quarter increase in alluvial mining contractor gold production at the Manica Concession in Mozambique for the three months to 30 September 2018.

The AIM All-Share-listed firm said total alluvial mining contractor gold production at Manica in the period was 56.34Kg, equivalent to approximately 1,811 ounces.

READ: Xtract Resources is accelerating consolidation of the Manica area

The group added that total production attributable to its Explorator business - including under the Nexus collaboration agreement – was 14.09Kg, equivalent to approximately 453 ounces.

It said combined attributable revenue to Explorator from gold sales for the period amounted to US$242,000.

Colin Bird, Xtract’s executive chairman said: "The production results continue to show improvement and the operation has remained self-funding since production commenced.”

He added: “We continue to discuss with our collaboration partners and contractors routes to improved performance and distributable income.

“The high topography alluvials continue to be investigated for higher quantities of gold in the gravel. The cost of overburden removal requires high in-situ gold values.

“The hard rock methodology is likely to be incremental, in that we commence in hard rock areas where gold can be separated by gravity methods. Thereafter installing a leaching capability and finally the production of a floating concentrate.”

Bird concluded: “Discussions are progressing well with our partners and we will update the market shortly on our more definitive plans."

Quick facts: Xtract Resources PLC

Price: 0.97 GBX

LSE:XTR
Market: LSE
Market Cap: £4.25 m
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