LONDON (ShareCast) - (Sharecast News) - Xtract Resources updated the market on Thursday on the second hole in the first phase of diamond drilling at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project, in the Lachlan Fold Belt of New South Wales, Australia.
The AIM-traded firm said drilling of the hole had continued to 405 metres out of a planned hole depth of about 750 metres.

It said hole BRDD-21-002 was angled at -80 degrees, and was offset from strike, with the aim of crossing through the down-plunge extension of the deposit at depth.

Weak-to-moderate copper mineralisation and bedrock alteration was first noted in the hole at a depth of about 130 metres within the hanging-wall margin of the deposit, and reportedly became more pronounced from 340 metres, as the hole approached the main porphyry target zone.

"The rig was moved from the first down-plunge hole and commenced drilling on the current hole on 23 January," said executive chairman Colin Bird.

"The new hole was sited offset from strike to intersect the deposit at a target depth of about 450 to 500 metres.

"We are currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone."

At 1543 GMT, shares in Xtract Resources were down 8.33% at 4.4p.

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