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Option Agreement Eureka Copper Gold Project Zambia
Option Agreement Eureka Copper Gold Project Zambia.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8985R Xtract Resources plc 05 March 2019 \n\n \n \nFor immediate release\n5 March 2019\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\nOption Agreement Eureka Copper/Gold Project Zambia (\"Eureka\")\n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") is pleased to announce that the Company has today concluded a Memorandum of Agreement (\"Agreement\") with KPZ International Ltd. (\"KPZ\") to enter into an Option Agreement for the Eureka project on the copper-gold small scale mining licence number 22134-HQ-SML (\"Licence\") located in the Central part of The Republic of Zambia (\"Eureka Project\").\n \nHighlights\n \n· Roan Selection Trust (\"RST\") carried out limited drilling between 1951 and 1969 which intersected copper mineralisation\n· Caledonia Mining Corporation Plc explored the project between 1994 and 2006 including completion of a short programme of reverse circulation drilling\n· Caledonia's best intersection recorded was 25.7m @ 3.30% Cu and 0.25g/t Au, including 9.7m @ 5.9% Cu and 0.26g/t Au\n· A small pit at Eureka West operated by artisanal miners with composite grab sample taken by the Company from boulder piles at the site returned 9.81% Cu, 1.94g/t Au, 13.77g/t Ag. \n \nColin Bird, Executive Chairman said: \"This option is for a large concession with a well-defined strike and splays that have not been fully investigated. We believe there is potential for a large mineralised body as previous work was relatively superficial and did not pursue targets which are valid today. The traditional Zambian Copper belt mineralisation was well understood receiving all of the exploration funding to establish long life mines against relatively simple mineralisation trends. The Central Zambian IOCG (iron oxide copper gold), whilst identified as having exploration potential, was subordinated to conventional copper belt trends. Only in recent years has their potential been revisited and then only with direct-to-surface mineralisation exposure. The previous works, whilst limited, were 3 dimensional which provides a platform for an exploration programme that may lead to a large-scale copper-gold resource\".\n \nEureka Project Summ...