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Bushranger copper / gold project Australia
Bushranger copper / gold project Australia.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5577O\n Xtract Resources plc\n 01 June 2020\n \n \n \n \n \n \n \n \n \n \n For immediate release\n \n \n 1 June 2020\n \n \n \n \n \n Xtract Resources Plc\n \n \n (\"Xtract\" or the \"Company\")\n \n \n Agreement Bushranger Copper/Gold Project Australia (\"Bushranger\")\n \n \n \n \n \n The Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") is pleased to announce that the Company has today concluded a conditional Sale and Purchase Agreement \n (the \n \n \"Acquisition Agreement\"\n \n ) \n to acquire the entire issued share capital of ProsepectOre Ltd (\"ProspectOre\") for a total consideration of £1.25 million, to be satisfied in new Xtract ordinary shares. ProspectOre currently owns a 100% interest in the Bushranger Copper-Gold Project, located in the Lachlan Fold Belt (\"LFB\"), New South Wales, Australia's world-class copper-gold province. The Lachlan Fold Belt has recently undergone a resurgence in mineral exploration following the discovery of new, large scale, porphyry systems such as Alkane Resources Limited Boda discovery which add to the existing mineral endowment of the LFB due to mines such as Newcrest's giant Cadia-Ridgeway operation. \n \n \n \n \n \n The Bushranger Project hosts the Racecourse deposit, where a \n JORC (2012) compliant Inferred Resource has been estimated at 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off, with copper grades comparable to the major operating mines in the region\n . The Racecourse Mineral Resource is interpreted to be a Copper-Gold Porphyry-Style deposit\n \n and the Directors believe to be one of the largest currently undeveloped porphyry deposits in the LFB\n . \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n The Bushranger Project represents a highly prospective copper-gold porphyry project in a world class mining district with excellent infrastructure in a low-cost jurisdiction\n \n \n · \n There is renewed interest in The Lachlan Fold Belt following Alkane's recent Boda discovery, including a 1,167m drill interval grading 0.25% Cu, 0.55g/t Au\n \n \n · \n The Bushranger Project hosts the Racecourse deposit, a JORC (2012) compliant inferred resource estimated at 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off, which is open down plunge and along strike\n \n \n · \n Mos...