LONDON (ShareCast) - (Sharecast News) - Xtract Resources updated the market on exploration work at the Racecourse mineral resource on the Bushranger copper-gold exploration project in the Lachlan Fold Belt of New South Wales, Australia on Wednesday, reporting that a geophysical crew was on its way to the site.
The AIM-traded firm said that following the initial positive results of the phase one drilling programme, the crew would begin a deep penetrating induced polarisation survey.

It said the survey would track extensions of the Racecourse deposit potentially beyond 1,000 metres depth down plunge and along strike, where little historic drilling had taken place.

The information obtained would assist in planning a phase two drilling programme, to further extend the mineral resource towards the target of two million tonnes of contained copper equivalent.

Drilling on the final hole of the phase one drilling programme, BRDD-21-006, was ongoing.

"Results from the phase one drilling programme have demonstrated mineralisation widths and plunge depths beyond our expectations," said executive chairman Colin Bird.

"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 induced polarisation survey - the bedrock resistivity at Racecourse allows significant depth penetration to enable tracking of anomalies potentially beyond 1,000 metres depth."

Bird said the company now had the benefit of previous drilling to guide it 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 two million tonnes of contained copper equivalent, which would trigger the Anglo buy-back option."

At 1614 BST, shares in Xtract Resources were up 12.5% at 6.3p.

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