Xtract Resources reports positive test results at Zambia mine

Sampling by the AIM traded company within the Kalengwa mine tailings dumps yielded an average grade of 1.03% Copper and 4.44 parts per million of silver.

Xtract said the historic mine was originally operated by Roan Consolidated Mines between 1970 and 1982 and was one of the highest grade copper deposits in Zambia, producing around 15,000 tonnes of copper per year.

Colin Bird, executive chairman of Xtract, said: "This is a very pleasing result confirming copper grades in tailings over a large sample population, similar to results reported in archive information. We are currently undertaking metallurgical test work aimed at assessing the optimal method of copper recovery through mineral processing, upgrading or separation at site. Work is continuing at Kalengwa to enhance local infrastructure to facilitate the planned operation. We intend in the near term to undertake drilling to assess primary ore potential to the north and south of the former open pit."

Xtract Resources shares were up 5.23% at 1.24p at 1543 BST.