Xtract begins first phase drilling at Bushranger project

Xtract Resources has started the phase one drilling programme on the Bushranger copper-gold exploration project in the Lachlan Fold Belt in New South Wales, it announced on Wednesday, which it described as Australia's only world-class copper-gold province.

The AIM-traded firm said the programme would consist of three diamond drill holes for 2,290 metres, with the objective of testing the potential extensions to the north west of the Racecourse mineral resource.

Racecourse was estimated in 2018 as containing 71 million tonnes at 0.44% copper and 0.064 grams of gold per tonne at a 0.3% copper cut-off, and had been classified as Inferred in accordance with JORC 2012.

“The phase one drilling programme will follow up drill intersections such as 159 metres at 0.4% copper and 0.2 grams of gold per tonne in drill hole BRD001, and 169 metres at 0.4% copper and 0.1 grams per tonne in drill hole BRD009, and investigate the zonation of higher gold grades within the Racecourse Mineral Resource,” the board said in its statement.

At 1016 GMT, shares in Xtract Resources were up 3.03% at 1.55p.