19th Nov 2019 14:29
(Alliance News) - Xtract Resources PLC said Tuesday it has signed a 1,600 metre drilling programme at its copper-gold-silver exploration projects in the Republic of Zambia.
The drilling programme will cover all three sites - Matrix, Eureka and Kalengwa - and will target depth and strike extensions to current pits as well as untested strikes.
Colin Bird, executive chair, said: "This is an exciting period in the development of the company. All of the 3 targets are brownfield targets, with previously demonstrated history of mineralisation which has small-scale extraction. These occurrences are widespread and give much support to our belief and academia's belief that significant Olympic Dam style mineralisation may be present in the central regions of Zambia."
Xtract said a site visit to its Matrix project confirmed the presence of "significant" stockpiles of partially sorted cooper ore from previous mining, which the company believes will be available to any future ore processing operation.
Drilling will begin at Matrix later this week.
At the Eureka project, Xtract said there has been "limited" historic drilling of an open-ended copper zone, which will be extended along strike and a second target tested at Eureka West.
Bird added: "Meanwhile significant test work is continuing on the Kalengwa licence to determine processing characteristics of the various dumps, as well as to determine the most appropriate processing route. We will update the market on the drilling program and results over the coming weeks."
The Kalengwa project has "significant" stockpiles with approximately 2 million tonnes of tailings, Xtract said.
Shares in Xtract Resources were 1.6% higher in London on Tuesday at 0.94 pence each.
By Paul McGowan; [email protected]
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