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LUSAKA - Xtract Resources Plc (AIM:XTR) has completed the second phase of diamond drilling at its Silverking Project in Zambia’s Central Province, the company announced Monday in a press release.
The program consisted of 1,483.50 meters across eight holes, focusing on the Kopje prospect and infilling areas of the Main Body at the copper project in Mumbwa District.
Drilling at the Main Body intercepted approximately 3 meters of visible malachite in hole SKIDD025, while exploration at the Kopje prospect yielded promising results including an 8-meter intercept of native copper stringers in hole SKIDD022 and a 23-meter zone of mixed native copper, chalcocite and chalcopyrite in hole SKIDD024.
The company is currently preparing samples for laboratory assay while planning additional drilling to test both near-surface and deeper mineralization at the Kopje prospect.
Regional exploration has identified two new copper soil anomalies: the House Grid Anomaly measuring 200 meters by 150 meters at five times background levels, and the Solar Anomaly spanning 220 meters by 100 meters.
"The Silverking programme has improved our knowledge of the Main Body where preliminary pit shell design can now be completed over the updated geological model," said Colin Bird, Executive Chairman of Xtract.
Xtract has now fulfilled its initial expenditure commitment of US$500,000 under its joint venture agreement with Oval Mining Limited, which allows the company to acquire a 51% interest in the project. Xtract can increase its stake to 70% with an additional US$1,000,000 investment over the next two years.
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