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(XTR) Xtract Resources Share Chat

Discussion in 'General Share Chat (XTR)' started by Steamy, Jul 22, 2015.

  1. Groucho

    Groucho Member

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    19 April 2021

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Placing to fund accelerated

    Bushranger phase 2 drilling programme

    Total voting rights


    Highlights

    · Placing to raise £5,500,000 (before expenses)

    · Contracting 2 drill rigs for an accelerated six-month, 20,000 metre drilling programme at Bushranger

    · Planned recruitment of a quality exploration team and site expansion at Bushranger

    · Objective of drilling is a potential 2 million tonne copper target


    Placing

    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that the Company's Broker, Novum Securities, has today conditionally raised £5,500,000 (before expenses) for the Company following the placement of of 98,214,286 new Ordinary Shares of 0.02p each ("Placing Shares") at 5.6p ("Placing Price") per Placing Share (the "Placing"). The Placing Shares represent approximately 13.2% of the current issued ordinary share capital of the Company. The Placing Price is at a discount of approximately 9.6% compared to the closing mid-market price on 16 April 2021 of 6.2p per ordinary share.

    The net proceeds from the Placing will be principally utilised by the Company to fund the next stage of exploration development on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt of New South Wales, Australia. The Phase One drilling has been recently completed producing very good results and indicates a considerably larger mineralised system than previously envisaged by the Company. A small proportion of the funds will also be used to complete the exploration and development phase of the copper and gold mining projects in Zambia and Mozambique, and the balance to provide additional working capital.

    In concluding the Placing, the Board has utilised share authorities approved by shareholders at the last Annual General Meeting.

    Following the successful Phase One drilling programme, the Company has decided to accelerate the next stage of exploration drilling at Bushranger by undertaking an approximately 20,000 metre drilling programme. The objective is to delineate the necessary 2 million tonnes of contained copper which is the trigger point for the Anglo American buy back option.


    Bushranger Phase Two Drill Planning

    · The Company is currently modelling all of the results of the Phase One programme and integrating the results of the current geophysical programme

    · Contracting the hire of two drill rigs for drilling programmes for up to six months

    · Recruiting the necessary geologists for the drilling programmes

    · Increase in the drill core handling and storage capacity at site

    · Organising core store capability and own core cutting machinery and the logistics connected with speedy turnaround of raw data

    · Extension of MIMDAS geophysical survey based on positive initial results and extending the geophysical actives beyond those already planned


    Colin Bird, Executive Chairman said: "This fund raise has been implemented on the back the excellent results of the Phase One drilling programme at Bushranger. The Company's intent is to accelerate exploration activities with an objective to target the 2 million tonnes of contained copper resource necessary to trigger a major company 80% buyout option. All the indications are that the Racecourse project and surrounding areas have the potential for a large porphyry conglomeration.

    At the moment there are a large number of active exploration projects in Australia and we are keen to contractually engage our chosen drilling company and additional geologists of a calibre suitable for our proposed programme. We intend to commence drilling no later than July 2021 subject only to the aforementioned and New South Wales State approvals for drilling pad positions. In light of the favourable and improving copper price and forward projection we are optimistic that our efforts should lead to a world class porphyry system which can compete globally in an environment where porphyry deposits are much sought after by the major copper producers."


    Bushranger drilling programme

    On 6 April 2021, the Company announced that it had successfully completed Phase One of its drilling programme at the Bushranger porphyry copper-gold project, located in the Lachlan Fold Belt ("LFB") in New South Wales, Australia by extending the footprint of the deposit down-plunge and laterally. The Company will now focus on accelerating Phase Two of the drilling programme which entails drilling of up to 20,000 metres using two drill rigs operating for approximately six months. This will assist the Company in achieving its objective of expanding the current JORC (2012) compliant Inferred Mineral Resource of 71Mt @ 0.44% Cu and 0.064g/t Au to a deposit greater than approximately 2 million tonnes of contained Cu equivalent (e.g. 450Mt @ 0.45% Cu equivalent).


    Warrants

    In conjunction with the Placing, the Company will issue the Broker 4,910,714 warrants, exercisable in whole or in part at 5.6p per new Ordinary Share within 2 years of being issued.

    In conjunction with the Placing, the Company proposes to issue the placees a total of 49,107,142 warrants, being half a warrant for every share. The warrants will be exercisable in whole or in part at 8.5p per new Ordinary Share to be exercised within 2 years of being issued. The issue of warrants isconditional on shareholder approval of the necessary increase in authority to issue the warrants. A General Meeting will be convened as soon as practicable and a further announcement will be made in due course as and when the notice convening the meeting is published.


    Admission to AIM

    Application will be made for admission of the Placing Shares to trading on AIM ("Admission") on or around 10 May 2021. The Placing Shares will rank pari passu in all respects with the Company's existing issued ordinary shares.


    Total Voting Rights

    On Admission of the Placing Shares, the Company will have 840,893,693 Ordinary Shares in issue with voting rights. Xtract does not currently hold any shares in treasury. Accordingly, this figure of 840,893,693 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.


    Further details are available from the Company'swebsite which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
     
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  2. Groucho

    Groucho Member

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    One month to establish model to design phase two drilling program. CB "extremely delighted"

    Fund raise for phase two and to establish 2mt Cu content. Traffic light changed from orange to green....
     
    Last edited: Apr 19, 2021
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  3. Groucho

    Groucho Member

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    5 May 2021

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Eureka Copper Project - Phase 2 drilling update


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide an update on the Phase 2 drilling programme at the Eureka copper-gold deposit on small scale mining licence number 22134-HQ-SML ("Eureka Licence") located in the Central part of The Republic of Zambia ("Eureka Project").


    Highlights

    · Phase 2 drilling programme confirms strike extension of the Eureka mineralised zone to the north-west - now at 300m and still open

    · Three holes assayed so far from the pit development reconnaissance programme return the best copper grades to date beneath the current open pit, averaging 4.42% Cu over 27.0m (circa 18m true width) in angled hole EX-022, including two 9m sub-intervals >6% Cu and 1m >20% Cu

    · In the north-west extension, angled hole EX-019 assayed 0.83% Cu over 18.0m (circa 12m true width), including 1.36% Cu over 8.0m

    · The near-vertical mineral zone occurs directly beneath approximately 9m of overburden/saprolite, suggesting just shallow pre-stripping will be required

    · The deposit remains open and untested along strike to the north-west, with additional drilling being planned to define further extension

    · The objective of the Eureka drilling programme is to define a copper resource to sustain a 250,000 tonnes per annum open pit mining operation for at least 3 years

    · Excavations are under way to develop a box cut to obtain commercial material for dispatch to the market

    · The very high grades encountered in hole EX-022 require further investigation at depth to test a possible iron oxide copper gold (IOCG) source model


    Colin Bird, Executive Chairman said:"This drill programme has been successful in increasing the strike of the deposit and the potential for pit extension to over 300m. From drilling it would appear that the previously postulated bifurcation of the deposit towards the north-west does not exist and that a single continuous deposit is present. We are also pleased with the extent of the copper oxides which have the potential to produce much sought-after material for the local market.

    The very high results in EX-022 give encouragement to test that area at depth, as the mineralisation could be indicative of an IOCG 'blow'. We plan to remobilise the drill rig to further test deposit extensions while planning a larger pit than had previously been envisaged."

    Screenshot_20210505-071233_Vox Markets.jpg
     
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  4. Groucho

    Groucho Member

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    For immediate release

    17 May 2021


    Xtract Resources Plc

    ("Xtract" or the "Company")


    Initial Results from Induced Polarisation (IP) Survey at the Racecourse Prospect


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that an Induced Polarisation (IP) geophysical survey has identified potential extensions to the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.


    Highlights

    · The disseminated copper-gold mineralisation comprising the Racecourse Mineral Resource is associated with a strong IP chargeability response on the southwestern side of the central porphyry intrusion, which is evident on all survey lines, along 2.5km of strike length

    · The survey indicates that the Racecourse Mineral Resource has the potential to extend in several directions, including at least 800m to the northwest beyond the limit of the currently defined Mineral Resource

    · The deposit also appears to be open to the southeast and mineralisation previously detected by very limited drilling on the northeast side of the central porphyry body could be more extensive than currently known

    · The survey results will be fully processed and are expected to generate several drill targets for potential resource extensions and testing of possible new mineral zones as part of the planned Phase 2 drilling programme

    · An independent firm is being engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters


    Colin Bird, Executive Chairman said: "The geophysical survey results are very encouraging, indicating an opportunity for further shallow mineralisation to the north-east of the main porphyry. Should this be confirmed by drilling, it could significantly increase the open pit potential in this area. The deposit also appears to be open down-plunge to the south-east and to the north-west, further increasing the deposit size potential.

    Overall, the geophysical survey has been very informative and supports management's belief in the scope for a significant increase in tonnage at Racecourse. The Phase 1 drilling programme was based on historical drilling information and projections with limited additional technical support, however the new information from the geophysical survey now gives us specific targets and extensions to follow in the Phase 2 drilling programme.

    In addition, we have appointed an independent consulting firm to model various open pit development scenarios in the upper part of the porphyry system, using a range of grade cut-offs and copper price parameters."


    Racecourse Prospect IP Survey Location
    http://www.rns-pdf.londonstockexchange.com/rns/7490Y_1-2021-5-14.pdf

    Racecourse Prospect IP Stacked Sections
    http://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf


    IP Survey at the Racecourse Prospect - Bushranger Project

    The objective of the geophysical survey was to characterise the IP response of the Racecourse Mineral Resource and then use the IP data to look for potential extensions to the Resource.

    The Racecourse Prospect hosts a copper-gold porphyry style deposit which is currently estimated at 71Mt @ 0.44% Cu & 0.064g/t Au, at a 0.3% cut-off and classified as Inferred in accordance with JORC (2012). The Mineral Resource trends in a north-west direction along a drill-confirmed strike length of 1.7km and remains open in several directions. Disseminated copper-gold mineralisation related to porphyry intrusions has historically responded well to Induced Polarisation (IP) surveys and thus an IP survey was completed at Racecourse with the objective of mapping potential extensions to the existing Mineral Resource. The IP survey covered 2.5km of strike length at the Racecourse deposit, commencing on 31 March 2021 and finishing on 2 May 2021.

    The central porphyry intrusion and the associated Racecourse Mineral Resource are evident in the IP data as resistivity and chargeability anomalies respectively on all survey lines, along 2.5km of strike, suggesting that the porphyry and copper-gold mineralisation may extend at least 800m to the north-west of the currently defined resource limit. The central porphyry also appears to extend to the south-east, suggesting potential to also extend the Mineral Resource in that direction.

    In addition, the IP data also exhibits a chargeability anomaly, with characteristics similar to that associated with the copper-gold mineralisation of the Racecourse Mineral Resource, on the north-eastern side of the central porphyry intrusion. This location is very poorly drilled, but several holes which drilled through the central porphyry from the south-west to the north-east, did intersect copper-gold mineralisation at depth. This suggests that a significant body of copper-gold mineralisation could also occur on the north-eastern side of the central porphyry intrusion, opening up the overall tonnage potential of the Racecourse prospect. Consequently, this region is now a priority drilling target.

    The IP survey has generated several quality drill targets. More detailed modelling and interpretation of the IP data will now be undertaken. Xtract's objective is to complete this modelling speedily in order to allow drill holes to be defined for the Phase 2 drill programme to be undertaken at Racecourse. Subject to government approvals it is planned to commence the Phase 2 drill programme early in the 3rd Quarter of 2021 with the objective of drilling out an Inferred Mineral Resource in excess of 2 million tonnes of contained copper equivalent.
     
    Last edited: May 17, 2021
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  5. Groucho

    Groucho Member

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    26 May 2021

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Further 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 second and third drill holes (BRDD-21-002 & BRDD-21-003) 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.


    Highlights

    · Assay results for the second and third angled holes of the Phase 1 exploration drilling at the Racecourse porphyry deposit confirm visual observation of extensive intervals of copper mineralisation in both holes

    · Assay intervals include (see full interval details in Table 1 below):

    BRDD-21-002

    o 362m @ 0.20% CuEq from 422m

    § including 14m @ 0.36% CuEq from 500m

    § and 26m @ 0.32% CuEq from 638m

    BRDD-21-003

    o 200m @ 0.20% CuEq from 598m

    § including 68m @ 0.26% CuEq from 676m

    § and 16m @ 0.31% CuEq from 714m

    · Results from these two holes, along with results from the first hole of the programme and historic drilling results indicate that, as the Racecourse copper mineralisation extends northwest beyond the existing Inferred Mineral Resource, it increases significantly in width, however the higher-grade mineralisation occurs at shallower depths, enhancing the open pit potential of the deposit

    · As announced on 17 May 2021, the Company has engaged external mining consultants to build a financial model to investigate the economics of open pit extraction of the shallower ore

    · Assay results from the remaining two holes of the Phase 1 programme are awaited

    · The planned Phase 2 drilling programme at Racecourse is on track for commencement early in Quarter 3, 2021 which will focus on further definition of the shallower higher-grade zone and testing of the deposit extensions to the south and east as suggested by the recent IP geophysics survey Screenshot_20210526-070827_Vox Markets.jpg

    Colin Bird, Executive Chairman said: "The assay results from the first three holes of the Phase One drilling programme at the Racecourse Prospect have succeeded in extending the copper mineralisation 350-450m to the northwest of the current limit of the Mineral Resource and a significant distance down dip. In comparison to previous drilling on the project by Anglo American, our recent intersections are substantially wider, suggesting that as the Racecourse mineralisation extends to the northwest it is growing significantly in thickness. The higher-grade sections appear to occur at shallower depths and form a "cap" of higher-grade mineralisation over the top of the central porphyry intrusion. We believe this enhances the ability to potentially open pit mine the Racecourse copper mineralisation. Consequently, we have engaged external mining consultants to build a financial model of what an open pit mining operation could look like at Racecourse. Also, as the drilling results received to date have met our programme objective to demonstrate the extension to the northwest of the Racecourse mineral deposit, we have committed to a Phase 2 drilling programme, to commence early in Quarter 3, to drill out the Mineral Resource and test a number of exploration targets which have been identified from the recently competed IP survey (see RNS released 17 May 2021). The Racecourse prospect is entering an exciting new phase and our objective is to define an internationally significant mineral resource."


    Phase One Drilling Programme at the Racecourse Mineral Resource - Bushranger Project

    The Phase One drilling programme at the Racecourse Mineral Resource was designed to follow up on the strong results obtained by Anglo American Exploration Australia Pty Ltd in 2014 and 2015 (refer to RNS released on 01 June 2020). The objective of the programme was to explore the extent of the copper-gold mineralised porphyry system to the northwest and at depth, beyond the limits of previous drilling, therebytesting the potential extensions to the northwest of the Racecourse Mineral Resource. At 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, the existing Racecourse Inferred Mineral Resource is believed to be one of the largest undeveloped porphyry copper-gold deposits in the Lachlan Fold Belt of New South Wales, Australia.

    Following the success of the first hole of the programme, BRDD-20-001, which substantially extended the known limits of the deposit down-plunge to the north-west, subsequent holes in the Phase 1 programme were drilled obliquely across the deposit to test the width and grade of the mineralisation within the deposit extension. All completed holes intersected wider mineralised zones than anticipated in the form of disseminated and fracture-fill chalcopyrite, accompanied by pyrrhotite and pyrite, as confirmed by assays received for holes BRDD-21-002 and BRDD-21-003. While assay results from the two remaining holes of the programme are awaited, it is already apparent from the drilling results to date that there is significant scope to expand the current Inferred Mineral Resource at Racecourse. The new results, combined with historic drilling, point towards a higher-grade mineralised 'cap' to the deposit over the top of the central porphyry intrusion. Arising from the ongoing appraisal of the results, an independent firm has been engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters.


    The Phase 2 drilling programme at Racecourse, planned to commence early in Quarter 3, 2021 will focus on additional definition of the shallower higher-grade cap and testing of further deposit extensions to the south and east as suggested by the recent IP geophysics survey.

    Assay results from the remaining two holes of the Phase 1 drilling programme will be reported when they are received and collated.

    Please see the following web links for the Racecourse Mineral Resource drill hole location plan, cross section and long section:

    Bushranger Project Drill Hole Location Plan
    http://www.rns-pdf.londonstockexchange.com/rns/7985Z_1-2021-5-25.pdf

    Racecourse Mineral Resource Long Section
    http://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf

    Racecourse Mineral Resource Cross Section
    http://www.rns-pdf.londonstockexchange.com/rns/7985Z_3-2021-5-25.pdf
     
    Last edited: May 26, 2021
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  6. Groucho

    Groucho Member

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  7. Groucho

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    Xtract Resources (LON:XTR) has entered a new phase in its exploration of the Racecourse copper deposit 100 miles from Sydney in New South Wales. The shares have entered the usual accompanying second stage for exploration miners, when investors realise that the going from now on is getting more expensive and probably more drawn-out. And as usual, it is accompanied by jitters among some holders who misread drill assay results.

    Following the aerial IP survey results 10 days ago which showed the deposit (‘apparently’, because IP results can’t be definitive) considerably longer and deeper than first thought, Xtract yesterday published results from its first phase drilling, to deliberately find the edges of that expanded existing resource at the deeper northwest end. Assays have taken three months due to high demand, not helping the jittery, and, surprise surprise, they showed copper grades have fallen off somewhat towards those edges although there is still plenty there. There are two more results to come from further out and even deeper and, as is to be expected, they might or might not show continuation of the deposit but probably also of diminishing grade.

    But what counts for a porphyry deposit is the size, rather than grades in the middle, and the IP survey showed extensions to both ends, so CEO Colin Bird is already talking of Racecourse exceeding the 2 million tonnes of contained copper at which Anglo America has an option to buy 80% of it. (Although it can also do so if Xtract decides to mine before reaching that size – something that a rising copper price makes more feasible.)

    In any event, finding the edges of a deposit is more important for planning detailed drilling, and this together with the IP results has enabled the company to plan a more extensive, 20,000 metre – i.e. perhaps 20 hole – drilling campaign to start around July. That will probably take six months before the results define the deposit accurately enough for a reliable estimate of its size, shape, and grade of copper (and maybe some gold).

    After raising another £5.5m last month (at 5.6p, adding 13.6% to shares in issue, plus the usual ½ warrants (at 8.5p) for the broker, Xtract says it has enough cash to fund the Racecourse drilling as well as to progress its African projects, which I assume means until the year end. This might mean a slower or more shaky share performance over the next six months, and although well worth holding on a year’s view (with the possibility always of exceptionally good progress countering that view) Xtract looks like one of the buy decisions the sailor can wait to make once the shares have settled down.

    https://masterinvestor.co.uk/equities/johns-mining-journal-galantas-kefi-xtract-and-more/
     
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  8. Groucho

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    26/05/2021 Colin Bird interview - 45mins
    #XTR 0-17 mins + 37-45 mins
    #JLP 17-37 mins + 37-45 mins
     
  9. Groucho

    Groucho Member

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    22 June 2021

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Bushranger Copper-Gold Project Drill Assay Results


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that laboratory assays have been received from the final two drill holes (BRDD-21-005 & BRDD-21-006) 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.


    Highlights

    · Assay results for the final two angled holes of the Phase 1 exploration drilling at the Racecourse porphyry deposit, in tandem with the earlier reported drilling results, confirm the that the Racecourse copper mineralisation increases in width towards the northwest beyond the existing Inferred Mineral Resource

    · Assay intervals include (see full interval details in Table 1 below):

    BRDD-21-005

    o 112m @ 0.22% CuEq from 716m

    § including 34m @ 0.28% CuEq from 736m

    § and 10m @ 0.33% CuEq from 802m

    BRDD-21-006

    o 222m @ 0.25% CuEq from 600m

    § including 40m @ 0.33% CuEq from 776m

    § including 22m @ 0.38% CuEq from 782m

    · The Phase 1 drilling programme has revealed two targets of very high interest, one being the potential for extension of the theoretical open pit currently being modelled, the second being a propensity for more porphyry bodies and a significant increase in tonnage potential at depth which could be a bulk underground mining target.

    · The planned Phase 2 drilling programme at Racecourse remains on track for commencement early in Quarter 3, 2021 which will focus on further definition of the shallower higher-grade copper-gold zone and testing of extensive IP geophysical anomalies to the south and east of the existing resource which might represent potential deposit extensions
    Screenshot_20210622-145157.jpg

    Colin Bird, Executive Chairman said: "These assays complete our Phase 1 drilling report. We are pleased that every hole completed intersected long runs of copper mineralisation, showing the porphyry system to be of significant size. The comprehensive programme of geophysics has also suggested that the system is far larger than we originally thought. The geochemical analyses from Phase 1, together with the very encouraging geophysics results will greatly assist the planning for the Phase 2 drilling programme, which is expected to commence early Q3 2021. We now await results of the open pit modelling based on current drilling in order to ascertain the potential size of the pit. Thereafter we will utilise modelling of the recently completed geophysics and follow-up Phase 2 drilling to look at extending the size of the initial pit plan."

    Phase One Drilling Programme at the Racecourse Mineral Resource - Bushranger Project

    The Phase One drilling programme at the Racecourse Mineral Resource was designed to follow up on the strong results obtained by Anglo American Exploration Australia Pty Ltd in 2014 and 2015 (refer to RNS released on 01 June 2020). The objective of the programme was to explore the extent of the copper-gold mineralised porphyry system to the northwest and at depth, beyond the limits of previous drilling, thereby testing the potential extensions to the northwest of the Racecourse Mineral Resource. At 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, the existing Racecourse Inferred Mineral Resource is believed to be one of the largest undeveloped porphyry copper-gold deposits in the Lachlan Fold Belt of New South Wales, Australia.

    Following the success of the first hole of the programme, BRDD-20-001, which substantially extended the known limits of the deposit down-plunge to the north-west, subsequent holes in the Phase 1 programme were drilled obliquely across the deposit to test the width and grade of the mineralisation within the deposit extension. All completed holes intersected wider mineralised zones than anticipated in the form of disseminated and fracture-fill chalcopyrite, accompanied by pyrrhotite and pyrite, as confirmed by assays received for holes BRDD-21-002, 003, 005 and 006. It is apparent from the drilling results to date that there is significant scope to expand the current Inferred Mineral Resource at Racecourse. The new results, combined with historic drilling, point towards a higher-grade mineralised 'cap' to the deposit over the top of the central porphyry intrusion. Arising from the ongoing appraisal of the results, an independent firm has been engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters.


    The Phase 2 drilling programme at Racecourse, planned to commence early in Quarter 3, 2021, will focus on additional definition of the shallower higher-grade cap and testing of further deposit extensions to the south and east as suggested by the recent IP geophysics survey.

    Please see the following web links for the Racecourse Mineral Resource drill hole location plan and long section:

    Bushranger Project Drill Hole Location Plan
    http://www.rns-pdf.londonstockexchange.com/rns/7404C_1-2021-6-22.pdf

    Racecourse Mineral Resource Long Section
    http://www.rns-pdf.londonstockexchange.com/rns/7404C_2-2021-6-22.pdf
     
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  10. Groucho

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    Zak Mir catches up with Colin Bird, Executive Chairman in the wake of assays from the final two drill holes completed on the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, in Australia. Colin Bird also runs through the latest Xtract news from Zambia.
    https://www.voxmarkets.co.uk/articl...-executive-chairman-xtract-resources-e8cfa1f/
     
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  11. Groucho

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    28 June 2020


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Audited results for the 12 months ended 31 December 2020


    The Board of Xtract Resources Plc ("Xtract" or the "Company") announces its audited financial results for the 12 months ended 31 December 2020. The 2020 Audited Annual Report and Accounts ("Accounts") are in the process of being posted to shareholders and will be available together with this announcement on the Company's website www.xtractresources.com.

    The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UKDomestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").The person who arranged the release of this announcement on behalf of the Company was Joel Silberstein, Director.



    Corporate & Operational highlights

    · Company agreed conditional acquisition of a 100% interest in the Bushranger Copper-Gold Project within the world-class Lachlan Fold Belt in New South Wales, Australia

    · Completion of sale & purchase agreement to acquire 100% interest in the Bushranger Copper-Gold project in Australia for £1.25m was settled in new Xtract ordinary shares

    · Bushranger Project has a JORC (2012) compliant Inferred Resource of 71Mt @ 0.44% Cu and 0.064g/t Au, with deposit widths and gold grades increasing down-plunge

    · At Manica in Mozambique, two further mining contractor agreements were concluded post period end to develop the Guy Fawkes and Boa Esperanza hard rock gold deposits

    · At the Eureka copper-gold project in Zambia, exploration pitting post period end encountered high grade sample suggesting there is potential to extend the known deposit to over 300m length

    · Data integration at the historic high-grade Kalengwa mine site in Zambia confirms that much of the near-mine copper-silver potential remains to be adequately drill tested

    · Total of £0.65 million (before expenses) raised through an equity placing

    · Additional mining contractor agreement concluded for the exploitation of alluvial gold deposits at Manica in Mozambique

    · Total of 19.38kg (equivalent to 620 ounces) of production attributable to Explorator (2019: 37.31kg (equivalent to 1,199 ounces)


    Financial highlights

    · Cash of £0.92m (2019: £0.36m)

    · Net assets of £11.93m (2019: £10.78m)

    · Revenue from gold sales of £1.73m (2019: £1.35m)

    · Administrative and operating expenses of £2.09m (2019: £1.81m)




    Dear Shareholder,

    The period under review has been very positive, with the Company advancing its mission to be a major explorer with small scale mining operations. The objective being to have meaningful income to explore any discovery, which has the potential to become a large-scale mining operation. This balance of production and operation can mitigate the inevitable effect of dilution against discovery, since any discovery will require a large drilling budget to establish its value.

    A major step for the Company was the acquisition of the Bushranger Copper-Gold project in NSW, Australiain late October 2020 and we commenced drilling on 16 December 2020. We drilled 5 holes, all of which encountered considerable widths of copper mineralisation, with the first hole encountering 920m of continuous mineralisation. Post balance sheet, we completed the programme, received some assay results, conducted a major geophysical programme and did some initial open pit modelling.

    The results of the geophysics have been extremely encouraging and the porphyry appears to be open in all directions, with particularly strong indications of mineralisation to the northwest and southeast at relatively shallow depths. The Directors were extremely encouraged by the results of the initial programme and are planning a second drilling programme to commence early Quarter 3, 2021 for at least 20,000m. We are currently modelling a potential open pit, based on previous drill holes and eagerly await the outcome of the modelling against more positive copper prices and mid-term projections.

    The Racecourse Project in the Lachlan Fold Belt has well surpassed our expectations and we look forward with anticipation to phase 2 of the drilling programme.

    In Zambia the period commenced with reconnaissance drilling and the results were extremely encouraging at Eureka, whilst the Kajevu programme showed only sporadic mineralisation. We therefore decided to continue with Eureka and discontinue further work at Kajevu. The Eureka project has continued to progress, and we are particularly pleased with the extension to the former open pit and the strike remains open. It appears that the oxide mineralisation extends to at least 60m depth and there is sufficient ore to commence an open pit for concentrated ore supply to local processing facilities. After the period under review, further drilling was carried out and in the region of the former open pit and very high copper results have been received. Thus, future exploration will have a dual focus. We will drill to extend the oxide open pit and we will drill deeper to test the continuity of the body into sulphides. It has been postulated that Eureka may well be an IOCG deposit, and we will investigate that prognosis. At the time of writing, we are moving drilling equipment to further test the extension of strike.

    The Kalengwa processing project received much test work ranging from rudimentary upgrading to building a leach process site. The latter was somewhat hampered by leaching results and the prospect of prolonged rains interfering with a 12-month operation. We are settled on an upgrading process for the tailings and are confident that we can produce a +10% material for transport to Copperbelt processing facilities. Drilling was carried out south of the open pit and we are confident that we can conduct primary mining south of the pit without necessarily blasting, since the material seems amenable to scraping. A primary operation together with the hard rock dumps, justifies sulphide processing circuit and this will form the second part of our Kalengwa processing operation.

    The Manica Fairbride operation in Mozambique continued but was severely hampered by the excessive rains in Manica, with the area suffering the tail end of two cyclones. Construction of equipment in South Africacontinued but smaller items could not be transported to site, because of Covid-19 restrictions between the borders of South Africa and Mozambique. At the time of writing, the tailings dams are complete, civil works are in progress, most equipment has been manufactured and we are confident for a third quarter 2021 start-up of operations.

    The delays at the Fairbride project motivated us to approach our partners to investigate the Guy Fawkes and Boa Esperanza projects with local contracting groups. We engaged a group to work on the Guy Fawkes project, which is predominantly underground. They have established entrances to the orebody and are blocking the upper levels out for stoping. Currently, they are mining a deeper entrance to block out deeper levels, prior to commencing more productive stoping methods.

    The alluvials continue to produce modest results, and since the date of commencing operations, we have made a surplus of income over expenditure in the current year, despite very adverse operating conditions, which are essentially deep overburden and low grade. We are optimistic for gold production for the third quarter of this year, when all operations are active.

    The second part of 2021 should be very exciting for the Company since we have high expectations for production income increasing and receiving positive results from our phase 2 drilling programme in Australia. We have succeeded in keeping all operations progressing through the Covid-19 outbreak, while minimising disruption.

    I thank all of my fellow directors and staff for their efforts and contributions during the period under review and the period thereafter and look forward to their patience and effort bringing rewards to our shareholders towards year end.

    Colin Bird

    Executive Chairman


    Xtract Resources plc - Final Results #XTR https://www.voxmarkets.co.uk/rns/announcement/3cf9cc7c-6d47-42b2-bcc8-209024d0b3ee #voxmarkets undefined
     
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  12. Groucho

    Groucho Member

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    12 July 2021


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Bushranger Copper-Gold Project Phase Two Drill Planning


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on plans for the Phase Two diamond drilling programme and results of additional geophysical surveying at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.


    Highlights

    · The Phase Two drilling programme at Racecourse is on track for commencement around 15 July 2021 as the necessary approvals have now been received from the NSW authorities

    · A total of approximately 8,000m of drilling is planned in the first phase of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area

    · A report on modelling of various open pit scenarios commissioned from external mining consultants is expected shortly and the new drilling will complement this study

    · In addition, further processing of the MIMDAS IP survey data has confirmed a substantial sub-parallel chargeability zone to the southeast of Racecourse covering an area at least as large as the original Racecourse anomaly. This could represent an extensive mineralised system on the eastern side of the central porphyry intrusion; initial drill testing of this target is also planned in Phase Two

    Colin Bird, Executive Chairman said: "All logistics and preparations for the Phase Two drilling programme are in place - we are planning to commence drilling around 15 July, with the first part of Phase Two comprising about 8,000m of drilling. The geophysics programme has been very successful in highlighting the potential for additional shallow and deep mineralisation at Racecourse. The initial part of the drill programme will focus on the shallower part of the system with the objective to confirm and expand current models for a large open pit.

    The Xtract team is excited to embark on this drilling programme to test our belief that a much larger porphyry system exists at Racecourse than currently known."

    Phase 2 Drilling Programme at the Racecourse Mineral Resource - Bushranger Project

    The Phase One drilling programme at the Racecourse Mineral Resource successfully traced the down-plunge extension of the porphyry copper-gold mineralisation to the north-west, beyond the limits of previous drilling, thereby potentially adding significant scale potential to the deposit. The current JORC (2012)-compliant Racecourse Inferred Mineral Resource is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme.

    The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit. A total of 13 holes is planned initially, totalling about 8,000m. Two rigs will be mobilised to site in mid-July to expedite progress. Information from this programme will be integrated into a potential open pit mining plan - an independent firm which has been engaged to undertake technical and financial modelling for this scenario is expected to report shortly.

    In addition to targeting the shallower parts of the Racecourse system, full review of the recently completed MIMDAS IP/resistivity survey has shown a substantial area of strong chargeability closely adjoining the south-eastern margin of the Racecourse deposit, with a footprint as least as large as the currently defined mineral resource. Xtract also proposes to drill test this target which might represent a mineralised eastern side of the central porphyry intrusion in an area which has seen little previous drilling.

    The Company has formally filed a renewal application for the Racecourse exploration licence with the relevant authorities in Australia in line with regulations and the licence remains valid for continuing exploration during the renewal process, with drilling permits recently granted.
     
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  13. Groucho

    Groucho Member

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    13 July 2021


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Bushranger Project - Footrot prospect update


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on results of a MIMDAS IP geophysical survey at the Footrot prospect on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia.


    Highlights

    · A MIMDAS IP geophysical survey has just been completed across the Footrot prospect, 7km southeast of Racecourse, indicating a large chargeability anomaly extending for over 1km on a similar N-NW trend to Racecourse

    · Such chargeability anomalies at Racecourse are related to strongly developed pyrrhotite-pyrite mineralisation with associated copper

    · The target occurs within an area of historic copper soil anomalism and altered porphyritic intrusives which could have similarities to the Racecourse deposit setting

    · The data will be fully reviewed with the aim of siting a reconnaissance drill hole to test the target as part of the Phase Two drilling programme at Bushranger

    Colin Bird, Executive Chairman said: "We are pleased that the Footrot prospect is demonstrating a similar geophysical signature to Racecourse. Arising from the Phase One drilling programme and geophysics testing at Racecourse we have learned much about the mineralisation patterns relative to geophysical models. In addition, we have learned that strong pyrrhotite and pyrite mineralisation is a good indicator for copper mineralisation. We plan to undertake further geophysics using drone technology over the Racecourse project whilst identifying the best drill site to test the Footrot geophysical signature."

    Footrot MIMDAS IP/Resistivity Survey Background

    At the Footrot prospect, approximately 7km southeast from Racecourse, the Company has recently received the 3D IP resistivity and chargeability model which incorporates two new lines of MIMDAS data plus two lines of IP/MT geophysical data which were collected by Anglo American Exploration Australia Pty Ltd in 2014. This combined data set shows a large chargeability anomaly over more than 1km length at about 500m depth in the west of the prospect area. Historical surface geochemistry (soils and aircore drilling) shows a copper anomaly associated with this chargeability response, and a drill hole in 2014 hit altered porphyritic monzonitic intrusives, possibly suggestive of another mineralised porphyry system in this area, thereby highlighting a strong target for testing later in the Phase Two drilling programme.
     
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  14. Groucho

    Groucho Member

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    Screenshot_20210714_063850.jpg
    https://www.voxmarkets.co.uk/articl...-executive-chairman-xtract-resources-ac8863c/

    LSE - RE: Interview Tue 11:18
    Answer: The drilling for Phase 2, Racecoure is expected to be finished Nov 2021.
    In the meantime, 2 rigs in operation shortly [15.7.21] and RESULTS to come in ie faster turnround per the interview. Thanks Stevemocal for the info on Cadia Ridgeway.

    Going on PAST DRILLS of say ALPALA based on modelling, they could tell the TONNAGE even PRIOR TO THE 1ST DRILL. It turned out very accurate at initial 1-2 Bt. Given that the strike was 2.2km, in the end MRE #3 came in at 2.65Bt from recall. Even the GRADES were forecast PRIOR to the 1st drill hole. This is ALL from GEOPHYSICS AND MODELLING.

    From what I could make out, Mr Bird has done the MODELLING FOR XTR RACECOURSE. It is much easier for XTR given that there was ALREADY A JORC and PREVIOUS GEOPHYSICS DONE although not as sophisticated but was able to identify the mineralisation at Racecourse. So, this time round with NEW GEOPHYSICS, it is much easier as previous drilling is helpful vs NO DRILLING at Alpala.

    Tues, 13 July 2021. DYOR.
     
    Last edited: Jul 14, 2021
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  15. Groucho

    Groucho Member

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    16 July 2021


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Phase Two Drilling Commences at Bushranger


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report that the Phase Two diamond drilling programme has commenced at the Racecourse Mineral Resource on the Bushranger copper-gold porphyry exploration project, located in the Lachlan Fold Belt ("LFB") of New South Wales, Australia. A total of approximately 8,000m of drilling is planned in the first block of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.


    Highlights

    · The Phase Two drilling programme at Racecourse has commenced on schedule, with drilling already at 20m depth on the first hole

    · A second rig has arrived on site and will start drilling at the second drill pad overnight

    · The Company will provide more details of its drilling aims and progress as the programme advances


    Phase 2 Drilling Programme at the Racecourse Mineral Resource - Background

    The current JORC (2012)-compliant Racecourse Inferred Mineral Resource is estimated as 71Mt @ 0.44% Cu and 0.064g/t Au, at a 0.3% Cu cut-off, without inclusion of data from the Phase One drilling programme which was recently concluded and reported. The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit.
     
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  16. Groucho

    Groucho Member

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    26 July 2021


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Bushranger Conceptual Open Pit Mining Study


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce the results of a preliminary conceptual open pit mining study completed by independent consultant, Optimal Mining Solutions (Pty) Ltd of Australia ("Optimal") on the Racecourse copper-gold deposit at the Bushranger project in New South Wales (the "Conceptual Study"). The objective of the Conceptual Study was to assess the potential of the Racecourse deposit to be initially developed as an open cut mine and to identity material variables which could affect the overall economics of a mining operation at Racecourse.


    Highlights

    · Open pit modelling was carried out using the currently defined JORC (2012) compliant Inferred Resource of 71Mt @ 0.44% Cu and 0.064 g/t Au at a cut-off of 0.3% Cu, as well as additional unclassified resources at the Racecourse prospect

    · Analysis of 12 development options utilising various parameters shows that an open pit based upon the currently defined Racecourse Mineral Resource, can deliver a positive NPV return at a 0.15% Cu cut-off with a production rate of 20Mt per annum at a copper price of US$5 per lb

    · The Conceptual Study concluded that the Racecourse deposit contains significant low-grade tonnes of copper and gold which may be economically recovered at a copper sales price above US$4 per lb

    · Opportunities exist to improve the economic viability by increasing the size of the Mineral Resource, analysing lower production rates such as 12 or 15Mt per annum and optimising the pit design together with dump development and tailings design

    · Ongoing assessment of the open pit potential of Racecourse will model the economic effect of increasing the Racecourse Mineral Resource based on drill intersections from the Bushranger Phase One drilling programme and the results of the recently initiated Phase Two drilling programme

    Colin Bird, Executive Chairman said: "We are pleased with the results of the Conceptual Study as the potential is beginning to look attractive, with modelling indicating that an open pit based upon the current geological model and at recently achieved and forecast copper prices could pay back the pre-production capital expenditure needed to put the overall project into operation. The shallower drilling targets which have been identified can considerably improve the economics of any open pit by enhancing the tonnage resource and I am further encouraged by the fact that the modelling key assumptions were based on the Cadia Hill Copper-Gold Mine located some 75km northwest. We confidently expect to be able to significantly increase the current Racecourse Mineral Resource, following the results of the Phase One drilling as well as the Phase Two drilling programme which has recently commenced, and any increases to the Mineral Resource will enhance the economics of a mining operation at Racecourse. Essentially, we see an open pit at Racecourse as being potentially a viable stand-alone operation which would facilitate cheaper underground mining utilising all of the pre-paid surface infrastructure including the process plant. The effect of this would be that underground extensions could be looked at on a marginal cost basis, i.e., incremental capex and own variable cost."

    Bushranger Racecourse preliminary conceptual mining study

    The Racecourse deposit currently contains a Mineral Resource estimated as 71Mt @ 0.44% Cu & 0.064g/t Au at a cut-off of 0.3% Cu, which has been classified as Inferred in accordance with JORC (2012) (the "Inferred Resource").

    The preliminary conceptual open pit optimisation mining study ("Conceptual Study") was completed by independent consultant, Optimal Mining Solutions (Pty) Ltd of Australia("Optimal"). Where appropriate, other independent consultants were used, including Cartledge Mining and Geotechnics together with Lycopodium (mineral processing experts). The Conceptual Study was commissioned to assess the open pit potential based on the currently defined Inferred Resource. The objective of the Conceptual Study was to assess the potential of the deposit to be initially developed as an open cut mine and to identity material variables which could affect the overall economics of a mining operation at Racecourse.

    Shareholders should note that the Conceptual Study is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves. The Conceptual Study is based on low-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Conceptual Study will be realised.

    The Conceptual Study evaluated 12 development options for the currently estimated Inferred Resource, covering a range of production rates, copper sale prices and cut-off gradesto calculate a pre-tax net present value ("NPV") using a range of discount rates.The following items were covered in the Conceptual Study:

    - Project Methodology

    - Infrastructure Layout Concept

    - Process Plant and Tailings Cost Estimate

    - Pit Optimisation (Pseudoflow) Inputs & Results

    - Practical Pit Shell Designs

    - Scenario Schedule Inputs

    - Scenario Schedule Results

    - Financial Model Inputs

    - Financial Model Results


    The various scenarios examined produced an optimal case (Scenario 10) which processes ore above 0.15% Cu at a throughput of 20mtpa with an assumed copper sale price of US$5/lb. This returns a positive NPV at both the consultant's preferred 8% discount rate as well as at a 10% discount rate as set out in Table 1 below (together with the other scenarios):
    2425B46F-3F95-48C9-B5D6-CC6A60CABEC4.jpeg

    The Conceptual Study concluded that the Racecourse deposit contains significant low-grade tonnes of copper and gold which may be economically recoverable at copper sale prices above US$4/lb. Optimal believe that the economic recovery and processing of ore with low grades between 0.1 - 0.2% Cu is pivotal for the economic viability of the Racecourse project, with the sensitivity analysis showing that for each 0.05% drop in cut-off grade the NPV drops by as much as AU$341 million.Overall, Optimal believe that taking account of the project's large size and relatively low grade, conditions should support the efficient and productive mining of the deposit. Optimisation of the processing plant capacity, capital cost, metallurgical recoveries and operating cost will improve the economic viability, and further opportunities exist to:

    - Increase the size of the current Inferred Resource which will be critical to project viability;

    - Analyse lower production rates, such as 12 or 15mpta;

    - Evaluate further phase 1 and 2 pit designs; and

    - Optimise dump development and the rehabilitation schedule.


    The preliminary open pit economic modelling in the Conceptual Study showed that an open pit based on the current geological model, which includes the estimated Inferred Resource, at Racecourse could pay back the cost of capital for a combined open pit and underground mining operation while being NPV positive based only on an initial open pit operation. When the results of the Phase One and Phase Two drilling programmes are incorporated into the Racecourse mineralisation model, Xtract expects that the Inferred Resource will increase significantly in size, which will have a strongly positive effect on the overall economics of a mining operation at Racecourse.
     
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  17. Groucho

    Groucho Member

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    93C4ECF9-BC0A-419A-A0AC-A9728BA52B07.jpeg
    Trader's Cafe with Zak Mir: Xtract Resources Bushrange Conceptual Open Pit Study Webinar https://www.voxmarkets.co.uk/articl...nge-conceptual-open-pit-study-webinar-7d8cb15
    0C89C62F-491C-4E1A-A430-090A5ABBAAFC.jpeg

    LSE RE: Podcast today
    and ... now 5 to 6 weeks to turn around assays..... and they reckon every 1 to 2 weeks they will be reporting results to us..... so from the first week or so of september when the first assays might be released we can expect a steady release of results every 1 to 2 weeks through until the end of the year.
     
    Last edited: Jul 26, 2021 at 3:16 PM

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