REG - Xtract Resources plc - Drill programme planning Western Foreland Zambia

Xtract ResourcesAnnouncement

30/07/2024 07:00

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RNS Number : 2789Y  Xtract Resources plc  30 July 2024

 

30 July 2024

For immediate release

Xtract Resources Plc

("Xtract" or the "Company")

Drill Programme Planning in the Western Foreland, Zambia

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
provide an update on exploration taking place on Licences 29123-HQ-LEL,
30458-HQ-LEL, 30459-HQ-LEL, 21850-HQ-LEL and 21851-HQ-LEL located in NW Zambia
within both the Western Foreland and Fold & Thrust Belt domains.

 

Highlights

 

The following work has been completed to date:

 

·    Detailed mapping and ground truthing undertaken in prospective
terrain within the Western Foreland domain where lithological units are most
likely to foster redox fronts and therefore potential for Kamoa-Kakula style
mineralisation.

 

·    Follow up investigations and reconnaissance carried out within the
Fold & Thrust Belt ("FTB") domain identifying the origins of surface
artisanal mining activity and other copper showings and targeting mineralised
rafts typical in the FTB.

 

·    Selecting and prioritising drill collar positions for follow up
drilling on all Xtract's NW Zambian licences.

 

·    Compilation of all permits and approvals and the updating of local
chiefdoms, facilitated by Cooperlemon Consultancy, Xtract's partner in the
Licences.

 

Colin Bird, Executive Chairman said: "Our work on the NW Zambia exploration
licences has been very progressive to the point that we have identified
initial drill targets which we expect to commence drilling before the end of
the third quarter this year.

The licences are centrally positioned relative to the Western Foreland
geological architecture. Field work greatly added to our previous information
base, and we are optimistic about our targets and the general licence area.

The Zambian Western Foreland continues to be a strong focus for the
international mining industry, and we are pleased to have gained such a highly
prospective position in the belt. We will keep investors appraised of the
results of our field work as it progresses."

 

Further information

 

Further information is available from the Company's website which details the
Company's project portfolio as well as a copy of this
announcement: www.xtractresources.com (http://www.xtractresources.com)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310). The person who arranged
for the release of this announcement on behalf of the Company was Colin Bird,
Executive Chairman and Director.

 

 

Enquiries:

 Xtract Resources Plc                               Colin Bird,          +44 (0)20 3416 6471

                                                    Executive Chairman   www.xtractresources.com (http://www.xtractresources.com)

 Beaumont Cornish Limited                           Roland Cornish       +44 (0)207628 3369

 Nominated Adviser and Joint Broker                 Michael Cornish      www.beaumontcornish.co.uk (http://www.beaumontcornish.co.uk)

                                                    Felicity Geidt

 Novum Securities Limited                           Jon Belliss          +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury        www.novumsecurities.com

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Qualified Person

Information in this announcement relating to the exploration works has been
reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey
is a graduate geologist with more than 40 years' relevant experience in
mineral exploration and mining, a founder member of the Institute of
Geologists of Ireland and is a Qualified Person under the AIM rules. Mr
Slowey has reviewed and approved the geological content of this announcement.

 

 

 

 

Technical Glossary

 

 "Kamoa-Kakula style"         Ultra-high grade copper deposits occurring on the contact between ancient
                              basement and younger Katangan aged rocks as in the Western Foreland area of
                              the DRC.

 "Fold and Thrust Belt"       A series of mountainous foothills adjacent to an orogenic belt, which forms
                              due to contractional tectonics

 "Mineralised rafts"          Mineral deposits/occurrences in a higher stratigraphic position that may be
                              detached from deposits deeper in the stratigraphic column

 "Redox front"                Oxidation/reduction reaction occurring in the weathering zone along the water
                              table

 

 

 

ENDS

 

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