The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that it has received all required governmental approvals in order to proceed with its maiden, Phase One, drilling programme on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia's only world-class copper-gold province. Drilling on the Bushranger Project is scheduled to commence during the first week of December 2020.

Colin Bird, Executive Chairman said: "With the completion of the acquisition of ProspectOre Pty Ltd and the Bushranger copper-gold project, we have moved to commence drilling as quickly as possible. The Phase One drilling programme on the Racecourse Mineral Resource will investigate the potential north-western extension of the existing Mineral Resource and also investigate the zonation of gold mineralisation within the deposit. The last drilling completed on the project by Anglo American in 2014-2015, exhibited higher-grade gold zones than located by earlier drilling programmes and our Phase One drilling programme is designed to investigate the trends of the higher grade gold mineralisation within the copper-gold deposit in addition to seeking to extend the copper-gold mineralisation beyond the current boundary of the Mineral Resource. Providing the three Phase One drill holes are successful we have an additional six drill holes planned to further investigate the extent of, and gold distribution within, the Racecourse Mineral Resource. Drilling is on track to commence during the first week of December and we will keep the market updated as drilling progresses." 

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