Sign up Australia
Proactive Investors - Run By Investors For Investors

Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Two more diamond holes both over 1,000 metres deep each have also hit sulphide mineralisation.
diamond drill rig
First assays from the two new holes are expected from the last week of May

Xanadu Mines Ltd (ASX:XAM) has intersected further copper mineralisation in the second and third holes at its new Zaraa porphyry discovery at its flagship Kharmagtai Copper Gold Project in Mongolia.

As recently outlined, the discovery hole, KHDDH462 intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

New holes KHDDH466 intersected 720 metres of visual copper mineralisation, and KHDDH467 is currently at 1,120 metres depth in high density porphyry veining and strong chalcopyrite mineralisation.

READ: Xanadu Mines delivers 928.4 metre copper-gold intersection, largest to date at Kharmagtai

Xanadu’s managing director and CEO Dr Andrew Stewart said: “The early intersection of strong porphyry veining and visible copper sulphide mineralisation in several drill holes confirms Zaraa is an important new discovery within the Kharmagtai district.

“The broad intersections of porphyry veining and mineralisation combined with geophysics suggests that Zaraa represents a significant copper-gold porphyry system with the potential to deliver a step-change for the project.

“Copper and gold grades appear to have increased towards the southwest and some solid geological modelling has highlighted the potential shallow level expression of mineralisation less than 200 metres towards the north of the current drilling.”

New drilling testing for near-surface mineralisation

Shallower drilling is currently underway to further refine potentially shallower mineralisation for follow up diamond drilling.

Stewart added: “The current drill strategy is designed test the true scale of the Zaraa porphyry centre and test for near surface expression of this potentially large system.

“The discovery of Zaraa reinforces the exploration potential of the rapidly-growing Kharmagtai porphyry district.”

Assays expected starting this month

KHDDH466 was terminated at 1,090 metres in weakly mineralised porphyry for which assays are expected in the last week of May. 

KHDDH467 has extended mineralisation 280 metres towards the southeast and final assays are expected during early June.

An emerging cluster of porphyry deposits at Kharmagtai

The Kharmagtai project hosts three porphyry deposits within a largely under-explored porphyry copper-gold district.

Zaraa, the focus of aggressive exploration, is showing strong early potential to add to the project’s JORC resource at the Stockwork Hill, White Hill and Copper Hill deposits.

As of March 2015, the JORC resource measured 203.4 million tonnes grading 0.34% copper and 0.33 g/t gold for 1.5 million pounds of copper and 2.2 million ounces of gold.

 

View full XAM profile View Profile

Xanadu Mines Ltd Timeline

Related Articles

LesothoBrown_hires.jpg
August 03 2017
New chief executive will will push down costs and go on the hunt for deals
Golden Arrow Resources continuing towards production in Argentina
October 04 2017
In May, the group formed a joint venture, which combines the Chinchillas project with Silver Standard's producing Pirquitas operation in Argentina
Checking a Redmoor core sample
May 11 2018
The Redmoor project's inferred resource has 45,000 tonnes of contained tin equivalent.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use