By Josh White
Date: Thursday 28 Jan 2021
LONDON (ShareCast) - (Sharecast News) - Xtract Resources updated the market on Thursday on the second hole in the first phase of diamond drilling at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project, in the Lachlan Fold Belt of New South Wales, Australia.
The AIM-traded firm said drilling of the hole had continued to 405 metres out of a planned hole depth of about 750 metres.
It said hole BRDD-21-002 was angled at -80 degrees, and was offset from strike, with the aim of crossing through the down-plunge extension of the deposit at depth.
Weak-to-moderate copper mineralisation and bedrock alteration was first noted in the hole at a depth of about 130 metres within the hanging-wall margin of the deposit, and reportedly became more pronounced from 340 metres, as the hole approached the main porphyry target zone.
"The rig was moved from the first down-plunge hole and commenced drilling on the current hole on 23 January," said executive chairman Colin Bird.
"The new hole was sited offset from strike to intersect the deposit at a target depth of about 450 to 500 metres.
"We are currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone."
At 1543 GMT, shares in Xtract Resources were down 8.33% at 4.4p.
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Currency | UK Pounds |
Share Price | 1.00p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 1.85p |
52 Week Low | 0.83p |
Volume | 135,931 |
Shares Issued | 856.38m |
Market Cap | £8.56m |
RiskGrade | 1,021 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
14:26 | 750 @ 0.98p |
12:09 | 28,136 @ 1.03p |
11:46 | 104,157 @ 0.97p |
08:30 | 1,388 @ 1.09p |
08:00 | 1,500 @ 0.97p |
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