Xtract Resources Plc advised that independent laboratory assays have been received for drill hole BRDD-22-039 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project. Drill hole BRDD-22-039 was drilled from the same drill pad and beneath drill hole BRDD-21-038, situated 200m to the south of the discovery hole (BRDD-21-035) at the Ascot prospect. Both holes were drilled towards the west, with drill hole 38 drilled at -50 degrees and completing at a final depth of 659.6m, and drill hole 39 drilled at a steeper angle of -65 degrees and completing at a final depth of 664.1m.

In reference to the attached cross-section for drill holes BRDD-21-038 & BRDD-22-039, it is evident that two quite distinct mineralisation styles have been intersected, including one which displays consistent elevated gold values. Drill hole BRDD-22-039 in particular has intersected strong intervals of porphyry related gold mineralisation, including an interval of 32m which returned 0.92 g/t Au from a depth of 510m, this zone was consistently elevated in gold throughout showing a good propensity for disseminated porphyry related gold mineralisation, with the best assay result in the zone returning 2m at 3.24 g/t Au. The intercepts in hole BRDD-22-039 display a good correlation with similar intervals in drill hole BRDD-21-038, highlighting a series of near vertical veins and structures which are all elevated in gold, with hole BRDD-21-038 returning a best result of 2m @ 2.3 g/t Au from a depth of 591m.

These initial results at Ascot display similar characteristics to the discovery of the deeper, gold-rich Ridgeway deposit, which is a part of the Cadia-Ridgeway group of porphyry deposits discovered by Newcrest Mining. Cadia-Ridgeway is situated 25km to the south of Orange in New South Wales, less than 100km from the Bushranger project, in the prospective Lachlan Fold Belt. Ridgeway is a near vertical intrusive complex with an indicated resource of 110Mt at 0.57 g/t Au and 0.3% Cu and is currently under development by Newcrest as an underground mining operation.