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Manica Gold Resource increased 36% to 1.257Moz
Manica Gold Resource increased 36% to 1.257Moz.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8551X Xtract Resources plc 11 May 2016 \n\n11 May 2016\n \nXtract Resources Plc \n(\"Xtract\" or \"the Company\")\n \nManica Gold Resource increased by 36% to 1.257Moz \nahead of completion of Bankable Feasibility Study\n \nXtract Resources Plc (AIM:XTR) announces that Minxcon (Pty) Ltd has completed an independent technical report (the \"Report\") on the mineral resources of the Company's Fair Bride gold deposit at the 3990 Mining Concession (\"Manica\") in Mozambique. The Report confirms that the resource at Manica has increased by 36% to 1.257Moz at a cut-off of 1g/t. The content of the Report will form a key part of the Bankable Feasibility Study on the Manica project (\"BFS\"), which is nearing completion. \n \nAuroch Minerals NL completed the previous resource estimate, and the following table sets out the changes between the two resource calculations:\n \n\n\n\n\n\n\n\n% change\n\n\nMinxcon Resource Update\n\n\nPrevious results\n\n\n\n\nTotal Resource\n\n\n36% increase\n\n\n1.257moz (17.3Mt @ 2.26g/t)\n\n\n923koz (9.54Mt @ 3.01g/t)\n\n\n\n\nMeasured Resource\n\n\n71% increase\n\n\n500koz (6.14Mt @ 2.53g/t)\n\n\n292koz (2.89Mt @ 3.14g/t)\n\n\n\n\nIndicated Resource\n\n\n32% decrease\n\n\n178koz (2.6Mt @ 2.16g/t)\n\n\n263koz (2.66Mt @ 3.07g/t)\n\n\n\n\nMeasured and Indicated Resource\n\n\n22% increase\n\n\n678koz (8.71Mt @ 2.42g/t)\n\n\n555koz (5.55Mt @ 3.11g/t)\n\n\n\n\nInferred Resource\n\n\n57% increase\n\n\n579koz (8.6Mt @ 2.10g/t)\n\n\n368koz (23.98Mt @ 2.87g/t)\n\n\n\n\n \nJan Nelson, CEO of Xtract commented: \"We are extremely pleased with this significant increase in the Manica resource ahead of the completion of the BFS. Not only has the gold content increased significantly but the total Measured and Indicated volume available to be mined has also increased by over 56%. This creates flexibility from an open pit perspective, considering our revised mine plan. The significant increase in the Inferred category also shows that the life of mine of the project has the potential to be increased well beyond 12 years with further drilling.\"\n \nA copy of the Resource Report will be available on the website: www.xtractresources.com \n \n \n \nEnquiries:\n\n\n\n\nXtract Resources Plc\n\n\nJan Nelson, CEO\n \n\n\n+44 (0)20 3416 647...