Colin Bird, Executive Chairman, Xtract Resources plc (XTR.L) Exclusive Interview.

Mar 19, 2021, 11:35 AM

First Drill Assay Results from the Bushranger Copper-Gold Project

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that laboratory assays have been received from the first drill hole (BRDD-20-001) completed on the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.

Colin Bird, Executive Chairman said: "The assay results from the first hole at the Racecourse deposit are exciting in that they confirm mineralisation for almost a kilometre down-plunge. The overall grade of 0.33% CuEq is very pleasing and I am particularly encouraged by the grade uniformity over the entire intercept. Results from the remaining holes will give us more information about the thickness and across-strike continuity of the mineralisation. The assay results from the initial hole compare very favourably with results reported from Alkane's Boda project and the bias towards copper at Racecourse is welcome, as it is a metal forecast to be in strong demand for years to come. I am also encouraged by the spread of molybdenum values throughout the drill interval - while these might not represent a financial credit to the project, they are good evidence for extensive development of porphyry systems in the region.

The Phase One Drilling Programme has indicated the potentially significant scale of the Racecourse deposit and we will shortly be entering a phase of 3-D modelling and will undertake further geophysical surveying to aid planning for the Phase Two drilling programme. The initial assay results have excited the team and we are now working on permissions for the geophysical survey and further drilling as we work towards our target of 2Mt of contained copper."