27th May 2022 20:27
Xtract Resources PLC- mining company focused on Africa and Australia - Receives positive results from the drill hole BRDD-22-039, linked to the phase-two diamond-drilling programme at Australia's Bushranger copper-gold exploration project. BRDD-22-039 intersected strong intervals of porphyry related gold mineralisation, including an interval of 32 metres which returned 0.92 grammes per tonne of gold from a depth of 510m, this zone was consistently elevated in gold throughout showing a good propensity for disseminated porphyry related gold mineralisation, with the best assay result in the zone returning 2m at 3.24 g/t Au.
Chair Colin Bird says: "I am very pleased with the results of this hole and intrigued by the dominance of gold. The obvious significance is that the Ascot prospect is a different prospect to Racecourse and our modelling is designed to pursue the indication that the gold and copper mineralisation could be separate.
"These results display similar characteristics to the gold-rich Ridgeway discovery in Newcrest's nearby Cadia-Ridgeway Mine, 25km to the SW from Orange, and less than 100km from the Bushranger project, in the prospective Lachlan Fold Belt."
Current stock price: 5.25 pence, up 10% on Friday
12-month change: up 25%
By Arvind Bhunjun; [email protected]
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