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London based metals and minerals producer, Xtract Resources (LON: XTR) shares are on the rise on Monday following the company’s announcement regarding its Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt, New South Wales, Australia.

The company said the drilling of the first three holes have now progressed to a depth of 975m, with the copper mineralisation first noted at a depth of 110m while it is mineralised continuously to the current depth of 975m, 160m past the initially planned finishing depth.

Xtract said the hole will be extended as it continues to encounter strong visible copper mineralisation.

“The hole continues to be strongly mineralised well past the planned hole depth, which is very encouraging for the scale of the porphyry system at Racecourse. We will continue to drill until we bottom out of the zone,” commented Colin Bird, Xtract’s Executive Chairman.

The Phase One drilling programme at the Racecourse Mineral Resource has been designed to follow up on the positive results obtained by Anglo American Exploration Australia in 2014 and 2015.

Its objective is to continue to extend the highest-grade copper-gold intersections to the north-west, beyond the limits of the previous drilling and to investigate the copper-gold zonation within the Racecourse Mineral Resource.

Xtract shares rose to highs of 7.22p following the update, they are currently trading at 5.70p, up 42.40%.

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