8th Oct 2015 07:39
LONDON (Alliance News) - Gold and copper miner Xtract Resources PLC on Thursday said it has received the copper assay results for the O'Kiep and Carolusberg copper sulphide tailings dams in South Africa, with mixed results against its prior assumptions.
Xtract said the results showed in situ copper values at an average of 0.21% copper for the Carolusberg tailing dam, against a previous expectations of 0.19% for the company.
But at O'Kiep, the average in situ copper value was 0.14%, compared to an assumed value of 0.23%.
Carolusberg contains around 122.0 million pounds of copper in situ, while O'Kiep has around 22 million pounds.
"We are still awaiting the recovery and mineralogical test work results which will enable the company to conclude if it will move ahead with the project and complete a bankable feasibility," said Jan Nelson, Xtract's chief executive.
Shares in Xtract were down 3.1% to 0.237 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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