Brownfield mine developer Xtract Resources has received all required governmental approvals to proceed with its maiden Phase 1 drilling programme on the Bushranger copper/gold exploration project in the Lachlan Fold Belt (LFB), in New South Wales, Australia.
Xtract executive chairperson Colin Bird says that, with the completion of the acquisition of ProspectOre and the Bushranger copper/gold project, the company has moved to commence drilling as quickly as possible.
As such, the company plans to start drilling this week.
The Phase 1 drilling programme will comprise three diamond drill holes for a total of 2 290 m. These initial three drill holes have been designed to follow up on the results obtained by Anglo American Exploration Australia in 2014/15.
The objective of the drilling programme will be to continue to extend the highest-grade copper/gold intersections within the mineral resource to the north-west, beyond the limits of previous drilling, and to investigate the copper/gold zonation within the Racecourse deposit.
Providing encouraging results are received from the Phase 1 priority one drill holes, a further six holes will be drilled for an additional 3 995 m of Phase 2 drilling.
Upon completion of drilling the Phase 1 and Phase 2 drill holes, it is anticipated that the Racecourse mineral resource will be re-estimated under Joint Ore Reserves Committee.
Xtract also owns gold and copper assets in Mozambique and Zambia.