London-listed Xtract Resources has progressed well with the first of three holes in a Phase 1 drilling programme at the Racecourse deposit on the Bushranger copper/gold exploration project, in the Lachlan Fold Belt of Australia.
The company says drilling has progressed to a depth of 975 m in the first hole, which picked up copper mineralisation at a depth of 110 m and continuously to the current depth.
The copper mineralisation is predominately disseminated chalcopyrite, or copper sulphides, within a strongly altered quartz-feldspar porphyry intrusive body.
The Phase 1 drilling programme started in mid-December and comprises three holes for 2 290 m of drilling, with the objective of extending the copper/gold mineralisation beyond the current boundary of the mineral resources.
The current mineral resource for the project sits at 71-million tonnes grading 0.44% copper and 0.064 g/t gold, which has been classified as inferred.
Should Phase 1 provide encouraging results, a further six holes for an additional near 4 000 m will be drilled.