Xtract Resources reports solid fourth quarter production

6th Apr 2023 16:10

(Sharecast News) - Xtract Resources updated the market on alluvial and other hard rock mining production at the Manica Concession and Fair Bride for the fourth quarter on Thursday.

The AIM-traded company reported a total mining contractor gold production excluding Fair Bride of 49.83 kilograms for the period, equivalent to around 1,602 ounces.

Out of the total gold produced, the firm reported that 8.37 kilograms, or 269 ounces, were attributable to Explorator, with the value of Explorator's share of gold produced being $0.46m.

In addition, Explorator's share of gold sales in the period was reported to be 433 ounces, with combined attributable revenue to Explorator from gold sales and other income for the period amounting to $0.74m.

It meanwhile reported that mining contractor gold production from the Fair Bride deposit was 79.15 kilograms for the quarter, equivalent to around 2,546 ounces, which was an increase of 43.84 kilograms from the prior quarter.

Preliminary mining contractor gold production from the Fair Bride deposit for the first quarter of 2023 was reported to be 123.68 kilograms, or 3,976 ounces.

"Alluvial production is now almost coming to an end which is coinciding with the ramp-up of production from the Fair Bride operation," said executive chairman Colin Bird.

"Our income from Fair Bride will be well in excess of alluvial income, and we look forward to the ramp-up proceeding to plan.

"We are currently identifying fringe resources of oxides and embarking on district exploration both for oxides and sulphides."

Bird said the company had commenced a study to extend the plant to treat all sulphides, which would give it the flexibility to treat all materials and exploit the Fair Bride deposit to maximum effect.

"Now that the Fair Bride operation has settled and the capital investment has been completed, we plan from the second quarter to 30 June to report quarterly on Fair Bride's operation and financial results."

At 1551 BST, shares in Xtract Resources were up 7.16% at 1.53p.

Reporting by Josh White for Sharecast.com.