9th Aug 2019 11:30
(Alliance News) - Xtract Resources PLC on Friday announced positive results from informal report on its Eureka copper-gold project in Zambia and an interim review of Eureka drill targets.
Shares in Xtract were up 1.6% at 1.22 pence in morning trade in London.
The informal report incorporates historic data and confirmed Xtract's "targets for fast-track drilling", highlighting two copper and gold soil anomalies, with the largest extending 3 kilometres.
The main Eureka anomaly peaks at 1,315 parts per million of copper and 540 parts per billion of gold near a previous shallow open pit mine.
Based on the drilling review, mineralisation in the open pit is still open.
In addition, a parallel soil anomaly coincides with a the Eureka West target.
Xtract said near-term drill targets have now been chosen, though these are subject to a survey of "historic drill hole collars and preparatory ground work".
Xtract Executive Chair Colin Bird said:"We are pleased by the outcome of the interim review of the extensive exploration dataset that we have acquired for Eureka. The more we examine the historic information the more we are convinced that the strong structural and geochemical trends, along with significant drill intercepts and past mining history, can be indicators of substantial copper-gold orebodies on the property. Our exploration programme will be directed towards large scale oxide deposits, with sulphides at deeper levels. Initial shallow drilling will test the presence and configuration of these copper bodies. The occurrences of gold is encouraging and is in line with our belief that there is potential iron oxide copper gold, Olympic Dam style mineralisation.
"Our strategy is different to that of the explorers in the 1960s, in that we are interested in the large scale copper oxide occurrences as well as deeper sulphide material. I look forward to fast-tracking the testing of selected targets and reporting the results to our shareholders".
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