Xtract Resources (XTR)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

3.53p
   
  • Change Today:
      0.025p
  • 52 Week High: 8.50
  • 52 Week Low: 1.08
  • Currency: UK Pounds
  • Shares Issued: 842.52m
  • Volume: 4,944,876
  • Market Cap: £29.70m
  • RiskGrade: 1,021

Xtract identifies potential extensions to Racecourse resource

By Josh White

Date: Monday 17 May 2021

LONDON (ShareCast) - (Sharecast News) - Xtract Resources said on Monday that an induced polarisation geophysical survey has identified potential extensions to the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, in the Lachlan Fold Belt of New South Wales, Australia.
The AIM-traded firm said the disseminated copper-gold mineralisation comprising the Racecourse Mineral Resource was associated with a "strong" induced polarisation chargeability response on the southwestern side of the central porphyry intrusion, which was evident on all survey lines, along 2.5 kilometres of strike length.

It said the survey indicated that the Racecourse mineral resource had the potential to extend in several directions, including at least 800 metres to the northwest beyond the limit of the currently-defined mineral resource.

The deposit also appeared to be open to the southeast, with mineralisation previously detected by "very limited" drilling on the northeast side of the central porphyry body possibly more extensive than currently known.

Xtract said the survey results would be fully processed, and were expected to generate several drill targets for potential resource extensions and testing of possible new mineral zones as part of the planned phase two drilling programme.

An independent firm was being engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters.

"The geophysical survey results are very encouraging, indicating an opportunity for further shallow mineralisation to the north-east of the main porphyry. Should this be confirmed by drilling, it could significantly increase the open pit potential in this area," said executive chairman Colin Bird.

"The deposit also appears to be open down-plunge to the south-east and to the north-west, further increasing the deposit size potential."

Bird said that overall, the geophysical survey had been "very informative", and supported the company's belief in the scope for a significant increase in tonnage at Racecourse.

"The phase one drilling programme was based on historical drilling information and projections with limited additional technical support, however the new information from the geophysical survey now gives us specific targets and extensions to follow in the phase two drilling programme.

"In addition, we have appointed an independent consulting firm to model various open pit development scenarios in the upper part of the porphyry system, using a range of grade cut-offs and copper price parameters."

At 0930 BST, shares in Xtract Resources were up 4.11% at 5.47p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

XTR Market Data

Currency UK Pounds
Share Price 3.53p
Change Today 0.025p
% Change 0.71 %
52 Week High 8.50
52 Week Low 1.08
Volume 4,944,876
Shares Issued 842.52m
Market Cap £29.70m
RiskGrade 1,021

XTR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
50.38% below the market average50.38% below the market average50.38% below the market average50.38% below the market average50.38% below the market average
30.00% above the sector average30.00% above the sector average30.00% above the sector average30.00% above the sector average30.00% above the sector average
Price Trend
98.10% above the market average98.10% above the market average98.10% above the market average98.10% above the market average98.10% above the market average
91.21% above the sector average91.21% above the sector average91.21% above the sector average91.21% above the sector average91.21% above the sector average
Income Not Available
Growth
41.40% above the market average41.40% above the market average41.40% above the market average41.40% above the market average41.40% above the market average
66.04% above the sector average66.04% above the sector average66.04% above the sector average66.04% above the sector average66.04% above the sector average

XTR Dividends

No dividends found

Trades for 23-Jun-2021

Time Volume / Share Price
16:29 155,107 @ 3.52p
16:06 150,000 @ 3.50p
16:06 150,000 @ 3.51p
15:45 1,540 @ 3.50p
15:45 5,536 @ 3.52p

XTR Key Personnel

CEO Peter Moir
CFO Joel Silberstein

Top of Page