Xtract Resources slumps on mixed assay results from South African projects

Shares in Xtract Resources declined sharply on Thursday, after the gold and copper miner reported mixed assay results from two of its South African projects.

The London-listed company said the results show copper values at the Carolusberg tailing dam stood at an average of 0.21%, compared with original estimates of a 0.19% level.

However, at the O’Kiep mine, the survey found the average in situ copper value was 0.14% compared with an expected 0.23%.

"We are still awaiting the recovery and mineralogical test work results which will enable the company to conclude if it will move ahead with the project and complete a bankable feasibility," said group chief executive Jan Nelson.

Xtract shares were down 7.14% to 0.228p at 1524 BST on Thursday.