Colin Bird, Executive Chairman, Xtract Resources plc (XTR.L) Interview

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Bushranger Copper/ Gold Project Drilling Programme Update

The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide a further update on the Phase One drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt (“LFB”), New South Wales, Australia. Drilling recommenced on 7 January 2021 after a short break over the Christmas – New Year holidays.

Colin Bird, Executive Chairman said: “Following the customary short break over the Australian Christmas – New Year period, drilling of hole BRDD-20-001 at the Racecourse Mineral Resource on the Bushranger Project, recommenced on 7 January and drilling is proceeding at a very pleasing rate of 80-90m per 24 hours.

The disseminated copper mineralisation, which commenced at a down hole depth of 110m, has continued to the current hole depth of 607m so we now have nearly 500m of mineralisation in this first drill hole which is very encouraging.

The mineralisation is fine grained chalcopyrite within a quartz feldspar porphyry intrusive body, which is characteristic of mineralised porphyry bodies within the Lachlan Fold Belt in New South Wales . If the mineralisation continues to the planned total hole depth of 815m we will just continue to drill until we drill through all the mineralisation.”

Phase One Drilling Programme at the Racecourse Mineral Resource – Bushranger Project

The Phase One drilling programme commenced on 16 December 2020 (as announced on 16 December 2020) and by 21 December drill hole BRDD-20-001 had progressed to a depth of 213.1m, when drilling was suspended for the customary Australian holidays over the Christmas – New Year period. Drilling recommenced on 7 January 2021 (as announced on 7 January 2021) and by 11 January 2021, at the end of the drilling day shift, had reached a depth of 607m.

In drill hole BRDD-20-001 substantial copper mineralisation was first intersected at a downhole depth of 110m and continues to the current hole depth of 607m. The hole is planned to continue to a total depth of 815m. If drill hole BRDD-20-001 remains mineralised at the planned total depth of 815m, then drilling will continue until the mineralisation has been drilled through. Currently drilling is advancing at a rate of 80-90m per 24-hour period.

Samples for geochemical assay will be submitted to the geochemical laboratory on a progressive basis and it is anticipated that the first samples from drill hole BRDD-20-001 will be submitted before the end of the current week.
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