Business
Manica Concession Alluvial Gold Quarterly Update
Manica Concession Alluvial Gold Quarterly Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1949F Xtract Resources plc 25 October 2018 \n\n \n \nFor immediate release\n25 October 2018\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\n Manica Concession Alluvial Gold Quarterly Update\n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") announces the preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month period ended 30 September 2018 (the \"Period\").\n \nHighlights\n \n· Total alluvial mining contractor gold production of 56.34Kg (equivalent to approximately 1,811 ounces) (increase of 6.35% from previous quarter)\n· Total of 14.09Kg (equivalent to approximately 453 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)\n· Combined attributable revenue to Explorator from gold sales for the Period amounted to US$242,000\n· Xtract continue to review the alluvial operations and discussions to separate the higher topography alluvials (terraces) from the river side alluvials\n· Pit and process planning underway to commence hard rock mining in the 1st Quarter of 2019 \n \n \nColin Bird, Executive Chairman said: \"The production results continue to show improvement and the operation has remained self-funding since production commenced. We continue to discuss with our collaboration partners and contractors routes to improved performance and distributable income. The high topography alluvials continue to be investigated for higher quantities of gold in the gravel. The cost of overburden removal requires high in situ gold values.\n \nThe hard rock methodology is likely to be incremental, in that we commence in hard rock areas where gold can be separated by gravity methods. Thereafter installing a leaching capability and finally the production of a floating concentrate. Discussions are progressing well with our partners and we will update the market shortly on our more definitive plans.\"\n \nProduction summary\n \nPreliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 30 September 2018, 30 June 2018 and 31 March 2018 are set out in the table below:\n \n \n\n\n...