18th Mar 2015 10:06
LONDON (Alliance News) - Xtract Resources PLC on Wednesday said it has discovered a major gold-bearing vein at the Chepica gold and copper mine project in Chile.
Xtract said the vein, found in the Salvadori prospect at the project, has a true width of 4 metres and said 200 metres of strike-length is currently visible on the surface.
Initial sampling results returned values of 2.5-8 grams per tonne of gold, Xtract said.
"Underground development is progressing well and the discovery of a gold bearing reef at the Salvadori prospect on surface will not only increase mining flexibility but will also impact positively on the grade being recovered at the mine," said Xtract Chief Executive Jan Nelson.
Xtract shares were up 11% to 0.105 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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