Taking Deep Penetrating View Of NSW Copper-Gold Project
Xtract Resources Plc (AIM: XTR) has mobilised a geophysical crew to the Racecourse site to commence a deep penetrating Induced Polarisation (IP) survey at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt (LFB) of New South Wales, Australia.
Following positive initial positive results of the Phase One drilling programme at Bushranger, the survey will track extensions of the deposit potentially beyond 1,000m depth down plunge and along strike where little historic drilling has been completed.
Executive Chairman, Colin Bird, said the information obtained will assist in planning a Phase Two drilling programme to further extend the mineral resource towards the target of 2Mt of contained copper equivalent
Meanwhile, drilling on the final hole (BRDD-21-006) of the Phase One drilling programme at Racecourse is continuing and further news will be reported when the hole is completed
“Results from the Phase One drilling programme have demonstrated mineralisation widths and plunge depths beyond our expectations,” Mr Bird said.
“Results appear to show a large porphyry system, warranting planning for a Phase Two drilling programme. In order to identify extensions to the deposit in several directions, we intend to carry out a deep-penetrating IP survey – the bedrock resistivity at Racecourse allows significant depth penetration to enable tracking of anomalies potentially beyond 1,000m depth.
“We now have the benefit of previous drilling to guide us in interpreting prospectivity. We intend to use every tool available to plan the Phase Two drilling programme and the team is excited to advance the positive indications from Phase One towards our target of 2Mt of contained copper equivalent which would trigger the Anglo buy-back option.
“The geophysical programme will comprise an Induced Polarisation (IP) MIMDAS survey. This IP system has been chosen due to its excellent depth penetration abilities and good signal to noise ratio.
“The survey has been designed to potentially trace copper-gold and associated sulphide mineralisation to beyond 1,000m vertical depth. This will allow us to track extensions of the Racecourse deposit down plunge to the northwest, as well as along strike to the northeast and southwest where little historic drilling has been completed.”
The survey will take about three to four weeks to complete.