Proactiveinvestors Australia Xanadu Mines Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Xanadu Mines Ltd RSS feed en Fri, 19 Jul 2019 20:46:32 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Xanadu Mines board members show confidence with share purchases ]]> https://www.proactiveinvestors.com.au/companies/news/224146/xanadu-mines-board-members-show-confidence-with-share-purchases-224146.html Xanadu Mines Ltd (ASX:XAM) board members Darryl Clark, Andrew Stewart and Michele Muscillo have shown confidence in the company through direct and indirect purchases of Xanadu shares.

The company is in a prime position in southern Mongolia and boasts of Asia’s largest undeveloped copper deposits at its Kharmagtai project, which has upside in substantial gold credits.

READ: Xanadu Mines has a tier-1 copper asset with a gold bonus: Hunter Capital Advisors

Executive chairman Darryl Clark indirectly purchased 202,150 fully paid shares at a price of 5.2 cents a share, bringing his holding to a total of more than 2.2 million shares.

Executive director and chief executive officer Andrew Stewart made a direct purchase of 429,000 shares amounting to $22,318 and disposed of 7 million performance rights.

His total holding now is more than 4.7 million fully paid ordinary shares.

Independent non-executive director Michele Muscillo indirectly acquired nearly 5,500 shares, bringing her total holding to 59,441 shares.

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Thu, 18 Jul 2019 08:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/224146/xanadu-mines-board-members-show-confidence-with-share-purchases-224146.html
<![CDATA[News - Xanadu Mines raises $2.1 million to progress Mongolian copper-gold project ]]> https://www.proactiveinvestors.com.au/companies/news/223640/xanadu-mines-raises-21-million-to-progress-mongolian-copper-gold-project-223640.html Xanadu Mines Ltd (ASX:XAM) has closed a non-renounceable rights issue made to shareholders, raising more than $2.1 million to progress its flagship copper-gold project in Mongolia.

Acceptances of entitlements under the rights issue have been received for a total of 40,393,314 new shares, which gives rise to a shortfall in excess of $1.269 million.

The offer was partially underwritten to $1.75 million by Patersons Securities Limited who also acted as lead manager.

READ: Xanadu Mines’ significant shareholders committed to $3.37 million rights issue

Xanadu chief executive officer Andrew Stewart said: “I would like to thank all shareholders who participated in this rights issue which will enable the company to progress its flagship Kharmagtai Copper-Gold Project.

“We are grateful for the continued strong support of our major shareholders and Patersons underwriting commitment for the rights issue is particularly appreciated.”

READ: Xanadu Mines has a tier-1 copper asset with gold bonus: Hunter Capital Advisors

The lead manager and the directors of Xanadu have reserved the right to place any of the remaining shortfall shares at or greater than the rights issue price of 5.2 cents per share.

Xanadu Mines is in a prime position in southern Mongolia and boasts one of Asia’s largest undeveloped copper deposits, Kharmagtai topped off by substantial gold credits.

The Kharmagtai project has an open cut resource estimate of 598 million tonnes containing 1.9 million tonnes of copper and 4.3 million ounces of gold.

Within this is a shallow open pittable high-grade resource of 54 million tonnes at 0.86% copper equivalent for 317,000 tonnes of copper and 1.13 million ounces of gold.

Hunter Capital Advisors has initiated coverage on Xanadu with a speculative buy recommendation and a price target of 45 cents.

In a report on the company, Hunter Capital said Xanadu could reach a market value in the order of $375 million.

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Wed, 10 Jul 2019 15:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223640/xanadu-mines-raises-21-million-to-progress-mongolian-copper-gold-project-223640.html
<![CDATA[News - Xanadu Mines' significant shareholders committed to $3.37 million rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/223258/xanadu-mines--significant-shareholders-committed-to-337-million-rights-issue-223258.html Xanadu Mines Ltd (ASX:XAM) (TSX:XAM) has received firm commitments from significant shareholders to participate in a pro-rata non-renounceable rights issue aimed at raising up to $3.37 million.

The underwriter to the one for 10 issue of shares at a price of 5.2 cents, Patersons Securities Limited,  received firm commitments leading up to the opening date of the issue.

These have come from Asia Capital and Advisors Pte Ltd, CAAF Ltd and Noble Resources International Pte Ltd.

Each are seeking to subscribe for a certain number of new shares.

READ: Xanadu Mines raising up to $3.37 million via rights issue to progress Mongolian projects

Asia Capital and Advisors and CAAF have committed to subscribe for the number of shares required to maintain their percentage holdings in the company following the rights issue.

Noble Resources International Pte Ltd has committed to take up its entitlement in full.

Receipt of these firm commitments was a condition to the underwriter providing the partial underwriting of up to $1.75 million and this has now been satisfied.

Xanadu’s directors intend to take up all or some of their entitlement in the rights issue.

Shares were up more than 10% today to 5.3 cents.

READ: Xanadu Mines has a tier 1 copper asset with a gold bonus: Hunter Capital Advisors

Funds raised will be used to expand the company’s drilling program at the Kharmagtai Copper-Gold Project and for further exploration at the Red Mountain project, both of which are in Mongolia.

Xanadu is in a prime position in southern Mongolia and boasts one of Asia’s largest undeveloped copper deposits, Kharmagtai, topped off by significant gold credits.

READ: Xanadu Mines upbeat about strong copper market fundamentals

Being in the same region as Rio Tinto plc’s (LON:RIO) massive Oyu Tolgoi Copper-Gold Project and adjacent to the world’s biggest copper consumer China are sufficient reasons to make Xanadu a compelling story.

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Wed, 03 Jul 2019 16:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223258/xanadu-mines--significant-shareholders-committed-to-337-million-rights-issue-223258.html
<![CDATA[News - Xanadu Mines has a tier 1 copper asset with a gold bonus: Hunter Capital Advisors ]]> https://www.proactiveinvestors.com.au/companies/news/223004/xanadu-mines-has-a-tier-1-copper-asset-with-a-gold-bonus-hunter-capital-advisors-223004.html Xanadu Mines Ltd (ASX:XAM) is in a prime position in southern Mongolia and boasts one of Asia’s largest undeveloped copper deposits, Kharmagtai, topped off by significant gold credits.

Hunter Capital Advisors has initiated coverage on Xanadu with a speculative buy recommendation and a price target of 45 cents.

Following is an extract from Hunter’s initiation report on Xanadu:

Tier 1 Copper-Gold Project: In terms of copper deposits, majors like them big. Kharmagtai contains an open-pit indicated and inferred resource of 598 million tonnes containing 1.9Mt copper and 4.3 million ounces gold. Kharmagtai has also enviable characteristics: now an established copper/gold mining jurisdiction (Oyu Tolgoi, Erdenet and Tsagaan Suvarga), benign topography and environmental impediments, higher grade portion close to surface amenable to open pit mining and long mine life. Finally, Kharmagtai is ideally located on the doorstep of the world’s largest copper consumer.

Gold Bonus: The Kharmagtai porphyry deposit and other porphyry targets lie under a highly significant gold oxide zone. We estimate that this gold mineralisation could easily contain in excess of 1.5 million ounces. Such resource could be quickly developed and generate the cash flow to progress the underlying copper-gold deposit.

Low initial capital and low capital intensity: while large porphyry deposits typically require development capital in the order of a few billion US$, Kharmagtai initial capital for developing the open pit resource is estimated at US$484 million. The capital intensity for the project is also highly competitive at US$8,100/tpa Cu Eq., compared to the average of 60 projects at US$13,300/tpa Cu Eq.

Copper Fundamentals: We believe the lack of a meaningful pipeline of future supply could set the stage for sustainably higher prices for copper as restrained capex and a low level of official inventories could cause supply shortages.

Share Register Tightly Held: The top five shareholders combined with the Board of Directors and management represent more than 50% of the share register.

Valuation: Considering the competitive advantages of its flagship project and the excellent prospectivity of its project portfolio, we consider that XAM should reach a value (market value or transaction value) in the order of A$375 million or $0.45 per share. This price target is inclusive of an assumed capital raising of A$15 million for the on-going development of the Kharmagtai project.

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Fri, 28 Jun 2019 14:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223004/xanadu-mines-has-a-tier-1-copper-asset-with-a-gold-bonus-hunter-capital-advisors-223004.html
<![CDATA[News - Xanadu Mines raising up to $3.37 million via rights issue to progress Mongolian projects ]]> https://www.proactiveinvestors.com.au/companies/news/222305/xanadu-mines-raising-up-to-337-million-via-rights-issue-to-progress-mongolian-projects-222305.html Xanadu Mines Ltd (ASX:XAM) is offering a pro-rata non-renounceable rights issue to eligible shareholders, on the basis of one new share for every 10 shares held.

The company is aiming to raise about $3,369,829 at an issue price 5.2 cents per share.

The rights issue will be available to all registered shareholders who hold shares at 7.00 pm Sydney time on Friday, June 21 2019 (record date) with registered addresses in Australia, New Zealand and Singapore.

Xanadu’s directors intend to take up all or some of their entitlement in the rights issue.

The rights Issue is partially underwritten by Patersons Securities (who is also acting as lead manager) up to an amount of $1,750,000.

Funds raised from the rights Issue will be used to expand the current drilling program at the Kharmagtai project and for further exploration at the Red Mountain project.

READ: Xanadu Mines in prime position with Mongolian copper project iced with gold

Xanadu is in a prime position in southern Mongolia and boasts one of Asia’s largest undeveloped copper deposits, Kharmagtai, topped off by significant gold credits.

Being in the same region as Rio Tinto plc’s (LON:RIO) massive Oyu Tolgoi Copper-Gold Project and adjacent to the world’s biggest copper consumer China are sufficient reasons to make Xanadu a compelling story.

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Tue, 18 Jun 2019 17:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222305/xanadu-mines-raising-up-to-337-million-via-rights-issue-to-progress-mongolian-projects-222305.html
<![CDATA[News - Xanadu Mines in trading halt ahead of capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/222107/xanadu-mines-in-trading-halt-ahead-of-capital-raising-announcement-222107.html Xanadu Mines Ltd (ASX:XAM) has an announcement pending on the outcome of a proposed capital raising and has been granted a trading halt by the ASX.

The halt will be in place until the beginning of trade on Tuesday, June 18, 2019, or when an announcement is made to the market, whichever occurs earliest.

Shares in the Mongolian focused copper-gold explorer last traded at 6.1 cents.

READ: Xanadu Mines upbeat about strong copper market fundamentals

The company’s managing director and CEO Andrew Stuart spoke at Proactive’s CEO Sessions in Melbourne and Sydney last month about the annual copper shortage of up to 10 million tonnes which is forecast by 2027.

He said the company was well placed to help meet this shortage with its Kharmagtai project in southern Mongolia “marching towards” being a tier-1 discovery.

Ongoing drilling is returning broad, high-grade results which look certain to add to the existing resource.

READ: Xanadu Mines in prime position with Mongolian copper project iced with gold

The project already has an open cut resource estimate of 598 million tonnes containing 1.9 million tonnes of copper and 4.3 million ounces of gold.

Within this is a shallow open pittable high-grade resource of 54 million tonnes at 0.86% copper equivalent for 317,000 tonnes of copper and 1.13 million ounces of gold.

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Fri, 14 Jun 2019 10:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222107/xanadu-mines-in-trading-halt-ahead-of-capital-raising-announcement-222107.html
<![CDATA[News - Xanadu Mines upbeat about strong copper market fundamentals ]]> https://www.proactiveinvestors.com.au/companies/news/220569/xanadu-mines-upbeat-about-strong-copper-market-fundamentals-220569.html Xanadu Mines Ltd (ASX:XAM) is upbeat about the market fundamentals for copper with its Kharmagtai project in Mongolia set to take advantage of a looming supply crunch.

Managing director and CEO Andrew Stewart told last week’s Proactive CEO Sessions in Sydney and Melbourne that an annual shortage of up to 10 million tonnes was forecast by 2027.

He said that the company was well placed with the Kharmagtai project “marching towards” being a Tier 1 discovery.

READ: Xanadu Mines in prime position with Mongolian copper project iced with gold

Ongoing drilling is returning broad, high-grade results which look certain to add to the existing resource.

The project has an open cut resource estimate of 598 million tonnes containing 1.9 million tonnes of copper and 4.3 million ounces of gold.

Within this is a shallow open pittable high-grade resource of 54 million tonnes at 0.86% copper equivalent for 317,000 tonnes of copper and 1.13 million ounces of gold.

READ: Xanadu Mines retains speculative buy recommendation from Bell Potter; price target raised

Stewart said that this position had been recognised in a recent Bell Potter Securities report in which the broker retained a ‘speculative buy’ rating and raised the diluted NPV-related valuation by 6% to 55 cents.

This followed a scoping study for the open pit development which confirmed the viability of near-surface copper and gold mineralisation as well as the company’s strategy to explore for high-value large copper porphyry systems in the area.

Positive scoping study

The study identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

Bell Potter believes the positive study is only an interim one with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.

Stewart told investors that it was primarily a copper project in a premier copper belt within southern Mongolia which hosts the nearby major Oyu Tolgoi project and close to the world’s largest copper consumer, China.

He said that the gold-rich cap to the deposit had the potential to act as a hedge for the project.

READ: Xanadu Mines chairman shows faith in copper-gold strategy with on-market transaction

Also attending the CEO Sessions was company executive chairman Darryl Clark who recently demonstrated his confidence in the company’s copper-gold strategy by acquiring shares on-market.

Clark acquired 100,000 shares valued at $10,000 on May 1 and now holds more than 2.021 million in an indirect interest.

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Mon, 20 May 2019 16:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220569/xanadu-mines-upbeat-about-strong-copper-market-fundamentals-220569.html
<![CDATA[News - Xanadu Mines chairman shows faith in copper-gold strategy with on-market transaction ]]> https://www.proactiveinvestors.com.au/companies/news/219516/xanadu-mines-chairman-shows-faith-in-copper-gold-strategy-with-on-market-transaction-219516.html Xanadu Mines Ltd (ASX:XAM) executive chairman Darryl Clark has demonstrated his confidence in the company’s Mongolian copper-gold strategy by acquiring shares on-market.

Clark acquired 100,000 shares valued at $10,000 on May 1 and now holds more than 2.021 million in an indirect interest.

READ: Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia

The company has completed an open pit scoping study at its flagship Kharmagtai Copper-Gold Project in Mongolia, which confirmed the viability of near-surface copper and gold mineralisation.

The study confirms the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

READ: Xanadu Mines retains speculative buy recommendation from Bell Potter; price target raised

In a subsequent research report Bell Potter Securities has retains speculative buy recommendation and raised the price target by 6% to 55 cents per share.

Bell Potter believes the positive study is only an interim one with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.

To present at CEO Sessions

The company’s managing director and CEO Andrew Stewart will outline Xanadu’s story to investors at this month’s Proactive CEO Sessions in Sydney and Melbourne.

He will address the Sydney CEO Session on Monday, May 13, and the Melbourne CEO Session the following day, Tuesday, May 14.

Register for the CEO Sessions today

Sydney details, Monday, May 13, 2019

Melbourne details, Tuesday, May 14, 2019

Also featuring at both sessions will be Infinity Lithium Ltd (ASX:INF), Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

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Thu, 02 May 2019 10:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219516/xanadu-mines-chairman-shows-faith-in-copper-gold-strategy-with-on-market-transaction-219516.html
<![CDATA[News - Xanadu Mines retains speculative buy recommendation from Bell Potter; price target raised ]]> https://www.proactiveinvestors.com.au/companies/news/219431/xanadu-mines-retains-speculative-buy-recommendation-from-bell-potter-price-target-raised-219431.html Xanadu Mines (ASX:XAM) recently completed the open pit scoping study on its 76.5% owned Kharmagtai Copper-Gold Project in Mongolia, confirming that the deposits are of global scale with considerable upside.

Bell Potter Securities believes the positive study is only an interim one with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.

Following is an extract from Bell Potter’s research report:

The scoping study was prepared by CSA Global and while it validates the company’s strategy of exploring for large, high value porphyry copper-gold systems in Mongolia, as there are advantages of infrastructure and proximity to advanced industrial nations and manufacturing which contribute to favourably lower capital and operating costs, it is an interim one without published production forecasts.

XAM’s recently upgraded open pit Resource underpins a proposed conventional open pit mining and processing operation treating 20Mtpa (double our previously assumed size) which we estimate could yield ~54ktpa of copper and ~118kozpa of gold in concentrate at average all in sustaining costs of ~US$1.73/lb (after co-product gold credits) based on our assumed average ore grade of 0.31% copper and 0.26g/t gold (0.45% copper equivalent).

Investment thesis: Spec. Buy, Valuation $0.55/sh (prev. $0.52)

The Kharmagtai open pit Scoping Study confirms the company has one of the world’s most attractive undeveloped copper-gold projects.

While we feel ASX-imposed constraints on the reporting of some of the Scoping Study outcomes has detracted from its impact, the Study is only interim, with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.

Our diluted NPV-related valuation has been increased by 6% to $0.55/sh, even after more dilution from the currently lower share price, and it assumes additional equity is raised to enable XAM to continue drilling to maintain Resource growth momentum and to proceed with more advanced mining studies.

XAM should benefit from the recent corporate changes designed to enhance market recognition and aide an overdue rerating driven by Kharmagtai’s inherent value and considerable upside, especially from the scope to unlock significant additional near-term value from the near surface oxide gold potential.

Speculative Buy recommendation retained.

Disclosure: Bell Potter Securities acted as Lead Manager for the $10m placement in June 2018 and received fees for that service.

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Wed, 01 May 2019 15:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219431/xanadu-mines-retains-speculative-buy-recommendation-from-bell-potter-price-target-raised-219431.html
<![CDATA[News - Xanadu Mines in prime position with Mongolian copper project iced with gold ]]> https://www.proactiveinvestors.com.au/companies/news/219321/xanadu-mines-in-prime-position-with-mongolian-copper-project-iced-with-gold-219321.html Xanadu Mines Ltd (ASX:XAM) (TSX:XAM) is in a prime position in southern Mongolia and boasts one of Asia’s largest undeveloped copper deposits, Kharmagtai, topped off by significant gold credits.

Being in the same region as Rio Tinto plc’s (LON:RIO) massive Oyu Tolgoi Copper-Gold Project and adjacent to the world’s biggest copper consumer China are sufficient reasons to make Xanadu a compelling story.

READ: Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia

Adding to this is the growing economic viability of the world-class Kharmagtai project as well as increasing global demand for copper and strong gold prices.

The company’s managing director and CEO Andrew Stewart will outline the company’s story to investors at next week’s Proactive CEO Sessions in Sydney and Melbourne.

Stewart will address the Sydney CEO Session on Monday, May 13, and the Melbourne CEO Session the following day, Tuesday, May 14, and there are still seats available.

Kharmagtai has an open cut resource estimate of 598 million tonnes containing 1.9 million tonnes of copper and 4.3 million ounces of gold.

Within this is a shallow open pittable high-grade resource of 54 million tonnes at 0.86% copper equivalent for 317,000 tonnes of copper and 1.13 million ounces of gold.

A scoping study for the open pit development has confirmed the viability of near-surface copper and gold mineralisation as well as the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

Stewart will also speak about the demand fundamentals for copper boosted by a looming supply crunch and growing demand for new supply.

Traditional drivers of demand are accelerating Chinese infrastructure development and the continuing rise of India while new trends are electrification of energy demand and transport along with wind and solar energy.

Register for the CEO Sessions today

Sydney details, Monday, May 13, 2019

Melbourne details, Tuesday, May 14, 2019

Also featuring at both sessions will be Infinity Lithium Ltd (ASX:INF), Zelda Therapeutics Ltd (ASX:ZLD), Invitrocue Ltd (ASX:IVQ) and Oventus Medical Ltd (ASX:OVN).

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Tue, 30 Apr 2019 14:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219321/xanadu-mines-in-prime-position-with-mongolian-copper-project-iced-with-gold-219321.html
<![CDATA[News - Xanadu Mines scoping study confirms potential of Kharmagtai Copper-Gold Project in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/218366/xanadu-mines-scoping-study-confirms-potential-of-kharmagtai-copper-gold-project-in-mongolia-218366.html Xanadu Mines Ltd (ASX:XAM) has completed an open pit scoping study at the Kharmagtai Copper-Gold Project in Mongolia, which confirmed the viability of near-surface copper and gold mineralisation.

The study confirms the company’s strategy to explore for high-value large copper porphyry systems in the area.

It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.

READ: Xanadu Mines makes board changes to reflect renewed Australian market focus

Xanadu's managing director and CEO Andrew Stewart said the open pit study clearly demonstrated that the Kharmagtai Copper-Gold Project was one of the leading development assets globally today.

 Location of the Kharmagtai project in the South Gobi porphyry copper belt.

He said: “The scoping study indicates the potential to develop a low strip ratio open pit mining operation in an accelerated time frame, with rapid payback of the life-of-mine infrastructure for future open pit and underground mining operations.

“Whatever lens you look through, whether it is value, strip ratio, cost, mine life, production profile or scalability we believe Kharmagtai has the potential to be an outstanding project.

“The study identifies many opportunities for further upside that will improve project economics both from extending the life of the open pit mine and targeting the high-grade Stockwork Hill and Copper Hill underground resources which represent a clear and compelling path to value creation and the ability to expand into a larger resource.”

The scoping study focuses on three zones of mineralisation – the Stockwork Hill, White Hill and Copper Hill deposits on which the upgraded resource estimate for Kharmagtai was based.

The mineral resource is unchanged from October 31, 2018, and demonstrates the mineralisation is robust and continuous with over 22% of the resource classified in the indicated category.

Summary of resources presented in the October 31, 2018, mineral resource report.

Optimisation of the mineral resource block model was completed using the Lerch-Grossman algorithm within Midnight Software – the optimised pits were then scheduled and pit designs were applied resulting in four phases of mining at While Hill, two phases at Stockwork Hill and a single phase at Copper Hill.

The study recommends that mining begins at Copper Hill targeting high-grade material, while the pre-strip is initiated for the White Hill and Stock Work Hill areas.

When the pre-strip is complete mining will proceed in phases assessing mineralisation from all three deposits.

Additional drilling planned

Based on the results, the company will progress additional drilling at the project and proceed with more advanced mining studies.

Underground mining targeting the high-grade Stockwork Hill and Copper Hill deposits has not been considered in this study but represents a compelling path to further value creation and the ability to expand into a larger project within the current and any future mineral resource upgrade.

READ: Xanadu Mines measures up to 92.5% gold recoveries at Golden Eagle target

Stewart said: "Excellent oxide gold recoveries at Golden Eagle complement the existing copper-gold resources and represent the opportunity for a low cost, high-value gold leach operation which could be run early in the development life of Kharmagtai, injecting significant cash into the project to offset the cost of developing a large-scale copper-gold deposit.

"Whilst the current resource provides an excellent platform for the company to join the ranks of copper producers in the coming years, we believe that the exploration potential holds significant value for shareholders.

"We are excited with recent drilling below the Stockwork Hill deposit which has demonstrated the existence of a significant new zone of bornite gold-rich porphyry mineralisation along strike and at depth of the current open pit resource.

"In addition, we are having success with our mineral resource evaluation drilling at the new Zaara discovery and Golden Eagle oxide gold prospect.

"We are very confident that these results will provide the basis for a significant increase in the size and grade of the overall Kharmagtai deposit and have a positive impact on ongoing economic studies.”

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Thu, 11 Apr 2019 11:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218366/xanadu-mines-scoping-study-confirms-potential-of-kharmagtai-copper-gold-project-in-mongolia-218366.html
<![CDATA[News - Xanadu Mines makes board changes to reflect renewed Australian market focus ]]> https://www.proactiveinvestors.com.au/companies/news/217176/xanadu-mines-makes-board-changes-to-reflect-renewed-australian-market-focus-217176.html Xanadu Mines Ltd (ASX:XAM) (TSX:XAM) has made changes to its board of directors reflecting a renewed focus to connect with the Australian retail investor market for its Mongolian gold-copper project.

The changes will be effective from the conclusion of the annual general meeting to be held on April 30, 2019.

They include:

The company’s two London-based directors, Kevin Tomlinson and Marcus Englebrecht will stand down from the board;

Managing director and CEO Andrew Stewart will be relocated to Australia from Mongolia to take up the chief executive officer position;

The board will now comprise Darryl Clark as executive chairman, Andrew Stewart as CEO, Ganbayar Lkagvasuren as executive director and Michele Muscillo as an independent non-executive director while Hannah Badenach remains as a non-executive director and Noble Resources nominee.

Xanadu's outgoing non-executive chairman Kevin Tomlinson said he was proud of the achievements the team had made during his years with the company.

Tomlinson said: “In light of this strategic focus on the Australian market and the desire to reduce the size of the board, I am handing the reins over to Darryl Clark, who is based in Melbourne, to redirect the efforts to the Southern Hemisphere.”

READ: Xanadu Mines measures up to 92.5% gold recoveries at Golden Eagle target

Chairman-elect Darryl Clark said: “We are rebuilding our efforts to connect with the Australian market and with the focus being on our new gold discovery, the high-grade gold at Stockwork Hill and soliciting interest from well-recognised industry players.

“These changes also reflect the company’s renewed focus on cutting general administration costs with a focus on money into direct exploration.”

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Tue, 26 Mar 2019 12:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217176/xanadu-mines-makes-board-changes-to-reflect-renewed-australian-market-focus-217176.html
<![CDATA[News - Xanadu Mines measures up to 92.5% gold recoveries at Golden Eagle target ]]> https://www.proactiveinvestors.com.au/companies/news/216794/xanadu-mines-measures-up-to-925-gold-recoveries-at-golden-eagle-target-216794.html Xanadu Mines Ltd (ASX:XAM) has received preliminary test work on diamond core from shallow oxide gold mineralisation at the Kharmagtai copper-gold project in Mongolia.

Gold recoveries of up to 92.56% have been achieved in gravity and leach tests on samples from the Golden Eagle target within Kharmagtai.

Gold mineralisation at Golden Eagle is hosted in the oxide cap above a deeper and significantly larger copper-gold porphyry.

In addition to the metallurgical test work results, an Exploration Target has been estimated for eight gold targets across the Kharmagtai lease, of which, Golden Eagle is one target.

READ: Xanadu Mines reveals new gold-rich porphyry zone at Mongolian project, shares up

Xanadu’s managing director and CEO Dr Andrew Stewart said “These early stage gravity and bottle roll results on composite samples from Golden Eagle are outstanding.

“The above-average results, achieved at a moderate grind size, indicate high gold recoveries.

“Standard crushing, grinding and leaching is all that will be required to extract gold from the oxide cap mineralisation at Golden Eagle.

Just scratched the surface of the resource potential

“While further drilling is required across the resource as the project advances, previous intersections of significant widths of shallow oxide mineralisation in bedrock drilling highlight the potential and show that we have literally just scratched the surface in terms of the broader resource potential.

“Further, it represents the opportunity for a low cost, high-value gold leach operation which could be run early in the development life of Kharmagtai, injecting significant cash into the project to offset the cost of developing a large-scale copper-gold mine.

“These positive metallurgical test results provide more confidence, with drilling underway to expand the resource by targeting shallow gold mineralisation above the current copper and gold resources.”

Exploration Target estimated

The new Exploration Target and metallurgical tests confirm the presence of significant, leachable oxide gold at Golden Eagle, one of eight zones known to contain significant shallow oxide gold mineralisation.

Seven other zones also contain significant shallow oxide gold mineralisation and provide project optionality and support for the company’s ongoing exploration strategy at Kharmagtai.

Proactive caught up with Xanadu last month for an update on the Kharmagtai Project


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Wed, 20 Mar 2019 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216794/xanadu-mines-measures-up-to-925-gold-recoveries-at-golden-eagle-target-216794.html
<![CDATA[Media files - Xanadu Mines boosts Kharmagtai project value with potential low-cost gold leach operation ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12653/xanadu-mines-boosts-kharmagtai-project-value-with-potential-low-cost-gold-leach-operation-12653.html Tue, 19 Mar 2019 20:59:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12653/xanadu-mines-boosts-kharmagtai-project-value-with-potential-low-cost-gold-leach-operation-12653.html <![CDATA[News - Xanadu Mines reveals new gold-rich porphyry zone at Mongolian project, shares up ]]> https://www.proactiveinvestors.com.au/companies/news/215461/xanadu-mines-reveals-new-gold-rich-porphyry-zone-at-mongolian-project-shares-up-215461.html Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) is confident that the discovery of a zone of bornite gold-rich porphyry mineralisation at the Kharmagtai Copper-Gold Project in Mongolia will result in a resource increase.

Investors share the company’s confidence with stock rising almost 15% in early trade to 13.2 cents.

The new high-grade zone revealed in results from a diamond drill hole occurs outside the open pit resource.

“One of the best intersections”

Xanadu’s managing director and CEO Dr Andrew Stewart said: “After two and a half years of intensive exploration, it is remarkable that our drilling has intersected a significant new zone of bornite-rich porphyry which has produced one of the best intersections of copper and gold mineralisation encountered on the property.

“Like most classic gold-rich porphyry systems, the target is the bornite zone which correlates with high copper values, but significantly also a higher gold-to-copper ratio.

“[The] hole has demonstrated the existence of high-grade mineralisation along strike and at depth of the current open pit resource.”

New results show a 352-metre intersection from 448 metres grading 0.41% copper and  0.58 g/t gold, which represents 0.78% copper equivalent or 1.22 g/t gold equivalent.

Within this was 102 metres at 1.00% copper and 1.67 g/t gold from 572 metres while a 10-metre intercept from 658 metres assayed 2.24% copper and 5.28 g/t gold.

A long section at Stockwork Hill showing results from the deep diamond hole.

Further assays expected

Remaining assay results from the hole are expected in the coming weeks.

READ: Xanadu Mines gets 2019 Kharmagtai copper-gold results flowing with broad bornite observed

Results to date reveal a transition to a zone of higher temperature sulphide mineral assemblages in the intrusive root to the deposit and are expected to enhance the mining economics.

There is a significant increase in the gold-to-copper ratio associated with increasing bornite.

The current drilling is targeting high-grade mineralisation associated with the causative copper and gold porphyry at depth.

The Kharmagtai licence showing ground magnetic data and location of the deposits.

“Expanding a new zone”

Stewart said: “This represents an exciting new development for the project following the release of an interim open pit resource last year and we are particularly excited with the new results from this hole which are expanding a new zone of bornite porphyry mineralisation.

“We are very confident these results will provide the basis for a significant increase in the size and grade of the overall Kharmagtai deposit and have a positive impact on ongoing economic studies.”

READ: Xanadu Mines technical review backs major resource update

Follow-up drilling is underway to further quantify the positive impacts.

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Thu, 28 Feb 2019 11:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215461/xanadu-mines-reveals-new-gold-rich-porphyry-zone-at-mongolian-project-shares-up-215461.html
<![CDATA[Media files - Xanadu Mines set to 'add a lot of value to Kharmagtai project in next 6-12 months' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12273/xanadu-mines-set-to--add-a-lot-of-value-to-kharmagtai-project-in-next-6-12-months--12273.html Tue, 19 Feb 2019 12:32:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12273/xanadu-mines-set-to--add-a-lot-of-value-to-kharmagtai-project-in-next-6-12-months--12273.html <![CDATA[News - Xanadu Mines gets 2019 Kharmagtai copper-gold results flowing with broad bornite observed ]]> https://www.proactiveinvestors.com.au/companies/news/214759/xanadu-mines-gets-2019-kharmagtai-copper-gold-results-flowing-with-broad-bornite-observed-214759.html Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) is set for strong news flow from its Kharmagtai Copper-Gold Project area in southern Mongolia with the intersection of a broad zone of visible bornite-chalcopyrite copper mineralisation paving the way.

As well as ongoing drilling targeting extensions to the high-grade resource, the company expects results from a scoping study/preliminary economic assessment (PEA) for the first open pit at Kharmagtai.

READ: Xanadu Mines technical review backs major resource update

Results from the drilling are expected throughout the year while the study is due for completion early in the June quarter.

Shares increase 17% in early trade

Shares were up almost 17% to 10.5 cents in early trade.

A deep diamond hole at the Stockwork Hill deposit has intersected a “significant” zone of visible bornite-chalcopyrite copper mineralisation.

The drilling program is targeting high-grade mineralisation associated with a causative copper and gold porphyry at depth, which is yet to be drilled.

Kharmagtai licence showing ground magnetic data and location of deposits as well as targets.

Xanadu’s managing director and chief executive officer Dr Andrew Stewart said the results were “another step towards our goal of becoming a globally significant copper-gold company”.

READ: Xanadu Mines reveals major resource upgrade for Kharmagtai

He said: “The current focus on drilling for extensions to the high-grade resource at Kharmagtai is proceeding at pace and the mineralisation we are encountering supports this approach.

“The bornite-rich cores of the Stockwork Hill and Copper Hill deposits provide encouragement that the Kharmagtai deposit has the capacity to produce high-grade ore zones characterised by bornite-gold mineralisation.

“[The ongoing hole] has demonstrated the existence of high-grade mineralisation along strike and at depth outside the current resource.”

READ: Xanadu Mines to list today on the Toronto Stock Exchange

This hole has intersected porphyry-style veining and visible chalcopyrite-bornite mineralisation from 178 metres to its current depth of 891 metres.

A broad 100-metre-wide zone of visible bornite-rich mineralisation from 580 metres demonstrates drilling is advancing towards the higher temperature core of the Kharmagtai porphyry system.

The visible intersection begins around 200 metres earlier than prognosed.

Location of the Kharmagtai project in Mongolia’s South Gobi porphyry copper belt.

Transition at depth

Drilling is revealing a transition to higher temperature sulphide mineral assemblages such as bornite in the intrusive root to the deposit.

The hole is around 100 metres east of a previous hole which intersected 294 metres at 0.47% copper and 0.85 g/t gold, or 1.59 g/t gold equivalent, from 466 metres.

This included 86 metres at 0.78% copper and 1.91 g/t gold, or 3.14 g/t gold equivalent, from 558 metres.

Stewart said: “This represents an exciting new development for the project following the release of an interim open-cut resource last year and we are particularly excited with the new results from this hole which are expanding a new zone of bornite porphyry mineralisation.

“Bornite mineralisation typically carries significantly higher gold grades than chalcopyrite only zones.

“Based upon detailed modelling, this new zone of mineralisation remains open in all directions.

“We have not yet found the core or the causative intrusion to mineralisation.

“The new high-grade extensions we have identified potentially provide the opportunity to assess Stockwork Hill as a larger open pit and as an underground resource that has the potential to deliver significant additional value to the project.”

Assay results from the hole are pending.

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Mon, 18 Feb 2019 12:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214759/xanadu-mines-gets-2019-kharmagtai-copper-gold-results-flowing-with-broad-bornite-observed-214759.html
<![CDATA[News - Xanadu Mines technical review backs major resource update ]]> https://www.proactiveinvestors.com.au/companies/news/212445/xanadu-mines-technical-review-backs-major-resource-update-212445.html Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) (FRA:02X) contractor CSA Global visited the tri-listed company’s majority-owned Kharmagtai Copper-Gold Project area in Mongolia during September 2018, finding last month the data was acceptable to use for a mineral resource update.

Site visitor, CSA principal geologist Warren Potma, co-authored a technical report shared with the market with CSA resource manager and principal geologist Dmitry Pertel and AGP Mining Consultants Inc partner and principal process engineer Andy Holloway.

READ: Xanadu Mines reveals major resource upgrade for Kharmagtai

The CSA report dated December 2018 found, “Review and analysis of both the historical and recent quality assurance, quality control (QAQC) data, procedures and protocols indicate that the quality of data is acceptable to allow a mineral resource to be reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines.

“The risk associated with the quality of the data is believed to be low.”

In late October 2018, the company released an interim resource update to use in the underway open-pit scoping study it is preparing for a starter project.

The update increased copper tonnages by 400% and gold by 249% at Kharmagtai in the South Gobi region.

The interim upgrade to the Kharmagtai resource estimate results in a total of 1.936 million tonnes of copper and 4.311 million ounces of gold.

CSA’s report backed the October update, with each author writing their sections “fairly and accurately” supported by the company’s October 31, 2018 news release.

Xanadu’s managing director & CEO Dr Andrew Stewart was pleased with the finding, saying in December 2018, “We are extremely pleased to release the technical report supporting our recent mineral resource upgrade for Kharmagtai.

“This resource upgrade and report represents another step forward for our flagship project Kharmagtai.”

Xanadu’s mineral resources at Kharmagtai in Mongolia

Stewart said at the time of the release, “With a 400% increase in contained copper, we are confident that the upcoming scoping study will show a financially robust open-pit starter project that will pave the way for Kharmagtai to develop into another high-quality Mongolian mining operation.

“With the discovery of Zaraa and mineralisation intersected down to 1,200 vertical metres and still open, we believe there is an opportunity for a very large-scale system.”

Stewart highlighted the company’s discovery costs for copper was 1 cent a pound, rather than the global average of about 4-7 cents a pound.

READ: Xanadu Mines to list today on the Toronto Stock Exchange

Xanadu listed on the Toronto Stock Exchange in October 2018, with its reporting now to follow Ontario Securities Commission, Toronto Stock Exchange and CIM Canadian reporting parameters.

CSA’ technical report, shared with the market last month, takes this into account.

The report which used Micromine pit optimisation modelling featured optimal pit shells and a pit optimisation base case with ore mining and waste mining costs of $2.49 a tonne.

CSA viewed the ‘optimal’ discounted pit shell for the base case was “2,370 metres-long and 1,600-metres wide and approximately 940-metres deep for the combined Altan Tolgoi and Tsagaan Sudal deposits, and it was 630-metres long and 410-metres wide and approximately 240-metres deep for the Zesen Uul deposit.”

The pit shell was used to code a block model so the mineral resources could be divided for open pit and underground mining methods.

Ultimate and optimal pit shells for Kharmagtai, looking north, from CSA’s report 

The base case elements prices were $1,320 an ounce for gold and $6,834 a tonne for copper while the corresponding selling costs were $1,030 an ounce for gold and $4 a tonne for copper.

READ: Xanadu Mines commences drilling to boost project economics

CSA wrote, “The QP (qualified person Dmitry Pertel) deems that there are reasonable prospects for eventual economic extraction on the following basis: all mineralisation is exposed at surface and therefore amenable to lower cost open pit mining; preliminary metallurgical test work confirmed that Kharmagtai mineralisation is amenable to flotation processes.

“(And) the cut-off grades adopted for reporting — 0.3% copper equivalent (CuEq) for open pit and 0.5% for underground mining methods — are considered reasonable given the mineral resource is likely to be exploited mainly by open cut mining methods, possibly followed by underground methods and processed using flotation techniques.”

Gold recovery was 70% while copper was 85%, with the relative recovery of gold to copper being 82.35%.

READ: Xanadu Mines’ drill result brings Zaraa copper-gold deposit closer to open pit range

The company previously shared that drill results from the Zaraa copper-gold discovery at Kharmagtai put it closer to open pit range.

Zaraa is within 330 metres vertically of surface.

A hole at the discovery returned a near continuous intercept of more than 920 metres of copper and gold mineralisation and ended in porphyry mineralisation at 1,399.5 metres in results reported in July 2018.

READ: Xanadu Mines attracts $10 million for copper-gold project in Mongolia

The company attracted $10 million in funding in June 2018 from domestic and international institutional and sophisticated investors, buoyed by results at the flagship project.

These included 30.4 metres at 0.95% copper and 0.80 g/t gold at Zaraa and a discovery hole that intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

Xanadu has previously expressed its desire to beef up its copper resources to prepare for increased copper demand as drivers get behind the wheel of electric cars.

An ordinary car is built with about 18 to 49 pounds of copper, while hybrid electric vehicles (HEV) contain about 85 pounds, plug-in hybrid electric vehicles (PHEV) use 132 pounds, battery electric vehicles (BEVs) 183 pounds, hybrid electric buses 196 pounds and battery electric buses 814 pounds.

High-grade copper futures closed at US$2.6695 a pound on Friday, with gold closing at US$1,288.40 an ounce.

 

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Sun, 13 Jan 2019 19:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212445/xanadu-mines-technical-review-backs-major-resource-update-212445.html
<![CDATA[News - Xanadu Mines reveals major resource upgrade for Kharmagtai ]]> https://www.proactiveinvestors.com.au/companies/news/208176/xanadu-mines-reveals-major-resource-upgrade-for-kharmagtai-208176.html Xanadu Mines Ltd (ASX:XAM) has increased copper tonnages by 400% and gold by 249% at its Kharmagtai Project in Mongolia’s South Gobi region.

The interim upgrade to the Kharmagtai resource estimate results in a total of 1.936 million tonnes of copper and 4.311 million ounces of gold.

READ: Xanadu Mines to list today on the Toronto Stock Exchange

Xanadu’s managing director and CEO Dr Andrew Stewart said: “With a 400% increase in contained copper, we are confident that the upcoming scoping study will show a financially robust open-pit starter project that will pave the way for Kharmagtai to develop into another high-quality Mongolian mining operation.

“Xanadu has entered an exciting period of cost-effective discovery and growth.

“Since acquiring the Kharmagtai project, we have been able to discover copper at a cost of less than 1c a pound, which is well below the global average of 4-7cents per pound.

Optimistic that resource can be grown further

“We are now in the privileged position of controlling a large exploration district with outstanding potential.

“I'm highly optimistic that we will continue to grow the resource base at Kharmagtai where the existing Resource remains open both along strike and at depth.

Addition of resources from Zaraa discovery still to come

“With the discovery of Zaraa and mineralisation intersected down to 1,200 vertical metres and still open, we believe there is an opportunity for a very large-scale system.

“The addition of Zaraa to the global resource base should have a positive impact on the overall scale and grade.

“We are now thinking about how big the mineral endowment could be at Kharmagtai and what future production it could sustain.”

READ: Xanadu Mines’ drill result brings Zaraa copper-gold deposit closer to open pit range

Zaraa is the fourth and most recent deposit to be discovered within the Kharmagtai project.

This interim resource update is specifically designed to support a smaller-scale high-grade open pit scoping study for the three existing resources at Kharmagtai.

The focus, once this work is completed, will be to add the new discoveries of Zaraa and White Hill West to the global resource base and explore the many opportunities identified by the interim resource update.

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Wed, 31 Oct 2018 11:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208176/xanadu-mines-reveals-major-resource-upgrade-for-kharmagtai-208176.html
<![CDATA[News - Xanadu Mines to list today on the Toronto Stock Exchange ]]> https://www.proactiveinvestors.com.au/companies/news/207326/xanadu-mines-to-list-today-on-the-toronto-stock-exchange-207326.html Xanadu Mines Ltd (ASX:XAM) (FRA:02X) (TSX:XAM) will start a new era as its securities begin trading today on the Toronto Stock Exchange with first toll of the bell in Canada.

The company views the listing as a milestone and expects the move will bolster its international profile and understanding of its potential in North America.

READ: Xanadu Mines directors demonstrate confidence in company’s Mongolian copper-gold strategy

Xanadu managing director & CEO Dr Andrew Stewart said: ”We are very pleased to be listed on the TSX now, as well as the ASX, as it will allow the company to develop a broader awareness of our significant porphyry copper-gold discovery in Mongolia’s south Gobi on two of the best resource exchanges globally.

“The listing constitutes an important milestone for Xanadu, providing a local trading platform for existing and new Canadian shareholders and investors.

“The listing will further build the profile of the Company and understanding of its potential among North American investors.”

READ: Xanadu Mines commences drilling to boost project economics

The listing comes at a busy time for Xanadu.

Stewart said: “Our TSX Listing is timely given the substantial amount of activity planned, including the resource upgrade and preliminary economic assessment on our Kharmagtai Project which is due quarter 4, 2018.”

READ: Xanadu Mines attracts $10 million for copper-gold project in Mongolia

Kharmagtai is in the prolific South Gobi region which also hosts the Oyu Tolgoi Copper-Gold Project where open-pit mining is being carried out and the large underground mine is in development.

Xanadu’s flagship Kharmagtai project is one of the most promising porphyry copper-gold projects in Asia and hosts three porphyry deposits within a largely under-explored porphyry copper-gold district.

Kharmagtai has a JORC-compliant resource of 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.

Xanadu also has an expanding portfolio of exploration projects, including Red Mountain in the south and Yellow Mountain in the north.

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Wed, 17 Oct 2018 19:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207326/xanadu-mines-to-list-today-on-the-toronto-stock-exchange-207326.html
<![CDATA[News - Xanadu Mines director supports copper-gold strategy with on-market purchase ]]> https://www.proactiveinvestors.com.au/companies/news/205002/xanadu-mines-director-supports-copper-gold-strategy-with-on-market-purchase-205002.html Xanadu Mines Ltd (ASX:XAM) director Hannah Badenach has demonstrated his confidence in the company’s Mongolian copper-gold strategy by acquiring shares on-market.

The acquisition of 100,000 shares valued at $12,500 has increased Badenach’s total shareholding to 1,410,738 shares (indirect interest).

Xanadu controls one of the most promising porphyry copper-gold projects in Asia with the Kharmagtai Copper-Gold Project in Mongolia’s South Gobi region.

 

It also has an expanding portfolio of exploration projects including Red Mountain in the south and Yellow Mountain in the north.

Kharmagtai is the flagship asset which hosts a JORC-compliant resource of 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.

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Mon, 17 Sep 2018 17:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205002/xanadu-mines-director-supports-copper-gold-strategy-with-on-market-purchase-205002.html
<![CDATA[News - Xanadu Mines directors demonstrate confidence in company’s Mongolian copper-gold strategy ]]> https://www.proactiveinvestors.com.au/companies/news/203736/xanadu-mines-directors-demonstrate-confidence-in-companys-mongolian-copper-gold-strategy-203736.html Xanadu Mines Ltd (ASX:XAM) directors Andrew Stewart and Darryl Clark have demonstrated their confidence in the company’s Mongolian copper-gold strategy by purchasing shares on-market.

Managing director and CEO Stewart has acquired 137,000 shares worth more than $19,860 and now holds more than 4.292 million shares.

Independent non-executive director Clark has purchased 200,000 shares for a total value of $25,000 and now holds more than 1.921 million shares.

 

Xanadu controls one of the most promising porphyry copper-gold projects in Asia with the Kharmagtai Copper-Gold Project in Mongolia’s South Gobi region.

It also has an expanding portfolio of exploration projects including Red Mountain in the south and Yellow Mountain in the north.

Kharmagtai is the flagship asset which hosts a JORC-compliant resource of 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.

READ: Xanadu Mines commences drilling to boost project economics

Xanadu has recently started infill and resource definition drilling designed to increase the resource estimate in order to support project development.

The updated resource will be used to complete a preliminary economic assessment (PEA), expected to be released early in the December quarter.

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Wed, 29 Aug 2018 08:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203736/xanadu-mines-directors-demonstrate-confidence-in-companys-mongolian-copper-gold-strategy-203736.html
<![CDATA[News - Xanadu Mines commences drilling to boost project economics ]]> https://www.proactiveinvestors.com.au/companies/news/203349/xanadu-mines-commences-drilling-to-boost-project-economics-203349.html Xanadu Mines Ltd (ASX:XAM) has commenced infill and resource definition drilling at its Kharmagtai Copper Gold Project in the South Gobi region of Mongolia.

Drilling is designed to significantly increase the JORC resource estimate in order to support project development.

The updated resource will be used to complete a preliminary economic assessment (PEA), expected to be released early in the December quarter.

READ: Xanadu Mines’ drill result brings Zaraa copper-gold deposit closer to open pit range

Xanadu’s managing director and CEO Dr Andrew Stewart said: “Following the very significant discovery of the fourth porphyry centre at Zaraa, we believe the Kharmagtai project is approaching a near-term development opportunity and it’s now time to take the Kharmagtai project to the next stage.

“Our number one objective at Kharmagtai is to fast-track resource drilling designed to significantly upgrade the Kharmagtai Mineral Resource estimate and to complete a preliminary economic assessment (PEA) of a very low strip ratio, higher grade open pit ‘starter’ project contained within a larger resource.

“I am confident that Kharmagtai will further improve its status as the premier large-scale undeveloped copper-gold project in Asia.”

Xanadu’s focus is to maximise the development potential of the Kharmagtai deposit in the shortest possible time frame. 

Potential of recent Zaraa discovery being evaluated

Drilling and the PEA are focused on the three main deposits – Copper Hill, White hill and Stockwork Hill.

The fourth deposit and recent discovery, Zaraa, is being assessed in parallel with the drilling and related development plan.

The objective at Zaraa is to demonstrate that this large-scale porphyry has both open pit and underground potential.

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Wed, 22 Aug 2018 12:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203349/xanadu-mines-commences-drilling-to-boost-project-economics-203349.html
<![CDATA[Media files - Xanadu Mines developing Kharmagtai 'as a standout project globally' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9988/xanadu-mines-developing-kharmagtai-as-a-standout-project-globally--9988.html Tue, 31 Jul 2018 17:05:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9988/xanadu-mines-developing-kharmagtai-as-a-standout-project-globally--9988.html <![CDATA[News - Xanadu Mines’ drill result brings Zaraa copper-gold deposit closer to open pit range ]]> https://www.proactiveinvestors.com.au/companies/news/200524/xanadu-mines-drill-result-brings-zaraa-copper-gold-deposit-closer-to-open-pit-range-200524.html Xanadu Mines Ltd’s (ASX:XAM) latest drill results have brought the Zaraa copper-gold discovery of the Kharmagtai project in Mongolia closer to being in open pit range.

Results from hole KHDDH469 have brought Zaraa mineralisation within 330 metres vertically of surface and Xanadu is confident additional shallow drilling can further advance its aim.

The hole returned a near continuous intercept in excess of 920 metres of copper and gold mineralisation and ended in porphyry mineralisation at 1,399.5 metres.

READ: Xanadu Mines attracts $10 million for copper-gold project in Mongolia

Xanadu’s managing director and CEO Dr Andrew Stewart, said: “We are extremely pleased with progress at the Zaraa discovery.

“After our initial drill holes showed Zaraa to be a very large-scale system with high-grade potential, our program has turned to bringing Zaraa to surface.”

KHDDH469 assayed 441.6 metres at 0.35% copper and 0.35 g/t gold from 378.9 metres, including 333.4 metres at 0.42% copper and 0.41 g/t gold, or 0.74% copper equivalent, from 414 metres.

There was another 480.3-metre intersection from 832.3 metres that assayed 0.30% copper and 0.25 g/t gold, including 117.2 metres at 0.49% copper and 0.39 g/t gold from 988 metres.

Ground magnetic data for the Kharmagtai project with Zaraa in the centre.

READ: Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery

Stewart said: “KHDDH469 entered consistent and strong mineralisation at a depth of 330 metres vertically from surface.

“Drill hole KHDDH469 is one more step towards defining the size, shape and grade of Zaraa.

“The objective is to first define a large-scale open pit resource, then step deeper towards the higher-grade underground potential.”

Sporadic mineralisation from 100 metres

In the hole, sporadic porphyry mineralisation was recorded from 100 metres in depth, or about 80 metres vertically, with 52 metres at 0.26% copper equivalent.

As well as bringing Zaraa 200 metres closer to the surface, the hole also expanded the system 220 metres to the northeast and 170 metres to the southwest.

Diamond drilling planned

About 5,000 metres of diamond drilling is planned to bring the known mineralisation at Zaraa to the basement surface, which is 20 metres from the current land surface.

This will also drill this shallow zone to spacings sufficient for a maiden resource estimate, focusing on large-scale open-pit potential.

Stewart said: “This blind discovery is the result of a high-quality and systematic exploration program using good geology and a scientific exploration approach.

“We believe there remains excellent potential for more large-scale discoveries across the Kharmagtai district.

“We will continue to take a systematic approach throughout 2018 to assess the four deposits we have identified so far - Copper Hill, Stockwork Hill, White Hill and Zaraa - as well as testing other shallow exploration targets.”

Similarities with Golden Eagle

There are some close similarities between the surface expression of Zaraa and that of Golden Eagle, 800 metres to the east-southeast.

The Zaraa experiences are being used to re-interpret Golden Eagle data to help define potential depth extensions and drilling is being planned to test this system.

“Following the discovery of our fourth porphyry centre at Zaraa we believe the Kharmagtai project is approaching a near-term development opportunity,” Stewart added.

“Our objective at Kharmagtai now is to work on a new mineral resource estimate for a low strip ratio, high-quality standalone open-pit project and quickly demonstrate economic viability.”

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Wed, 11 Jul 2018 10:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200524/xanadu-mines-drill-result-brings-zaraa-copper-gold-deposit-closer-to-open-pit-range-200524.html
<![CDATA[News - Xanadu Mines attracts $10 million for copper-gold project in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/199178/xanadu-mines-attracts-10-million-for-copper-gold-project-in-mongolia-199178.html Xanadu Mines Ltd (ASX:XAM) has successfully completed a share placement to domestic and international institutional and sophisticated investors to raise $10 million at 17 cents per share.

The company received strong support from existing shareholders and demand from new investors, driven by the recent exploration success at its flagship Kharmagtai copper-gold project in Mongolia.

READ: Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery

Xanadu chief executive officer Dr Andrew Stewart said: “The placement enables us to further strengthen our share register and balance sheet, allowing Xanadu to complete the resource drilling program at Kharmagtai unencumbered, and provide an updated mineral resource estimate before the end of 2018.

“Xanadu will also progress testing of high-priority targets to make new discoveries and grow existing deposits.

“Xanadu believes being fully funded to complete this exciting phase places the company in a very advantageous position to maximize the benefits from the high demand and high prices for copper and gold.”

The company’s recent high-grade subsections from drilling at the Zaraa copper-gold porphyry discovery at Kharmagtai includes 30.4 metres at 0.95% copper and 0.80 g/t gold.

These new results follow a discovery hole which intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

The Zaraa discovery comes at a time when global consumers are searching for projects to fulfil future demand for copper, which is set to increase with the proliferation of electric vehicles.

Xanadu will now complete resource drilling at the Kharmagtai Open Pit and proceed with a scoping study, continuing exploration at the Kharmagtai and Red Mountain projects in Mongolia.

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Wed, 20 Jun 2018 11:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199178/xanadu-mines-attracts-10-million-for-copper-gold-project-in-mongolia-199178.html
<![CDATA[News - Xanadu Mines to lift cash position following porphyry discovery ]]> https://www.proactiveinvestors.com.au/companies/news/198741/xanadu-mines-to-lift-cash-position-following-porphyry-discovery-198741.html Xanadu Mines Ltd (ASX:XAM) recently made a porphyry discovery at its flagship Kharmagtai copper and gold project located in the South Gobi region of Mongolia.

READ: Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery

To continue to advance the next steps, Xanadu is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until Friday 15 June 2018, or earlier if an announcement is made to the market.

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Wed, 13 Jun 2018 10:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198741/xanadu-mines-to-lift-cash-position-following-porphyry-discovery-198741.html
<![CDATA[News - Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery ]]> https://www.proactiveinvestors.com.au/companies/news/198497/xanadu-mines-assays-750-metres-of-copper-gold-in-new-holes-from-zaraa-discovery-198497.html Xanadu Mines Ltd (ASX:XAM) has received assays from the second and third holes drilled at the Zaraa copper-gold porphyry discovery within the Kharmagtai Copper-Gold Project, Mongolia.

KHDDH466 intersected 750 metres at 0.22% copper and 0.18 g/t gold from 340 metres.

KHDDH467 intersected 370.7 metres at 0.36% copper and 0.25 g/t gold from 918.3 metres.

High-grade subsections from the two holes included 30.4 metres at 0.95% copper and 0.80 g/t gold.

These new results follow the recent discovery hole, KHDDH462 which intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

Unlocking the potential of this porphyry district

Xanadu’s managing director and CEO Dr Andrew Stewart said: “We are extremely pleased with the rapid progress at the new Zaraa copper-gold discovery.

"While Zaraa is in the early stages of exploration we have already defined a significant sized body of mineralisation and work will continue to expand this exciting new discovery.

“These latest high-grade results at depth combined with our recent discovery of the near-surface expression of the of the system where it was expected, validates our undercover targeting methods and the importance of these techniques as key exploration tools in unlocking the potential of the large porphyry district.

“With a significant drop in the head-grade of operating copper mines, the looming supply-demand gap and the lack of advanced copper projects we believe Kharmagtai to be the most attractively valued gold project globally.

Drilling focused on near-surface oxide gold

Stewart added: “The current diamond drill program will now focus on delineating the near-surface oxide gold enrichment zone and target the highest-grade primary portions of this new Zaraa porphyry system.”

READ: Xanadu Mines drill results suggest Zaraa copper-gold discovery outcrops

Earlier this week Xanadu drilled out shallow copper and gold mineralisation at its Zaraa porphyry discovery.

Assays included 9 metres at 6.6 g/t gold and 0.18% copper from 24 metres and 4 metres at 2.42 g/t gold and 0.07% copper from 27 metres.

Notably, this early drilling shows gold-rich oxide mineralisation above the Zarraa copper-gold porphyry discovery.

Near-surface mineralisation supports the project’s potential to be developed given mining can begin earlier nearer to the surface and then move towards deeper mineralisation.

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Fri, 08 Jun 2018 10:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198497/xanadu-mines-assays-750-metres-of-copper-gold-in-new-holes-from-zaraa-discovery-198497.html
<![CDATA[News - Xanadu Mines drill results suggest Zaraa copper-gold discovery outcrops ]]> https://www.proactiveinvestors.com.au/companies/news/198227/xanadu-mines-drill-results-suggest-zaraa-copper-gold-discovery-outcrops-198227.html Xanadu Mines Ltd (ASX:XAM) has drilled out shallow copper and gold mineralisation at its Zaraa porphyry discovery within the flagship Kharmagtai Copper Gold Project in Mongolia.

New assays include 9 metres at 6.6 g/t gold and 0.18% copper from 24 metres and 4 metres at 2.42 g/t gold and 0.07% copper from 27 metres.

Notably, this early drilling shows gold-rich oxide mineralisation above the Zarraa copper-gold porphyry discovery.

The recent discovery hole, KHDDH462 intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

Near-surface mineralisation supports potential mine development

Xanadu’s managing director and CEO Dr Andrew Stewart said: “New shallow bedrock drilling results confirm our belief that the Zaraa copper-gold discovery has the potential to outcrop at the basement surface some 18 metres below the present-day land surface and these shallow high-grade intercepts which are hosted in a strongly silicified and clay altered diorite porphyry represent the upper oxide zone above the Zaraa porphyry system.

“Delineating the Zaraa discovery closer to surface will aid in future development.

“Initial widely spaced drilling and geophysics indicates that the new Zaraa discovery represents a very large copper-gold system.

“Based upon the current data, Zaraa appears to be a northeast trending, steeply dipping porphyry system approximately 400 metres wide and up to 1.5 kilometres long.”

News expected to continue in months ahead

Stewart added: “Ongoing drilling continues to test for both lateral continuity to the shallow oxide mineralisation and depth extensions to the mineralisation.

“The current program will provide a steady flow of news for shareholders in the months ahead.”

READ: Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Assays are pending for two additional diamond drill holes that have been completed at Zaraa, expanding mineralisation towards the southwest.

KHDDH466 was drilled one kilometre southeast of discovery drill hole and entered mineralisation at 340 metres down hole for 720 metres of moderate to strong porphyry mineralisation.

KHDDH467 entered mineralisation at 460 metres down hole for 875 metres of porphyry mineralisation including 250 metres of strong porphyry mineralisation.

Final assays from both holes are expected within the next week.

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Tue, 05 Jun 2018 11:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198227/xanadu-mines-drill-results-suggest-zaraa-copper-gold-discovery-outcrops-198227.html
<![CDATA[News - Xanadu Mines shares purchased by director and director’s spouse ]]> https://www.proactiveinvestors.com.au/companies/news/197329/xanadu-mines-shares-purchased-by-director-and-directors-spouse-197329.html Xanadu Mines Ltd (ASX:XAM) has received on-market buying support from director Michele Muscillo and director Hannah Badenach’s spouse.

Both lots of the purchases occurred last week and were completed using on-market trades.

These two director purchase events follow buying from the chairman, managing director and a non-executive director last week.

READ: Xanadu Mines directors support Mongolian copper-gold strategy with on-market share purchases

Last week, Xanadu intersected further copper in the second and third holes at the Zaraa porphyry discovery at its flagship Kharmagtai Copper-Gold Project in Mongolia.

The recent discovery hole at Zaraa intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

READ: Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Two new holes have been drilled and the first batch of assays from the drill core is expected to be received in the last week of May.

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Mon, 21 May 2018 12:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197329/xanadu-mines-shares-purchased-by-director-and-directors-spouse-197329.html
<![CDATA[News - Xanadu Mines directors support Mongolian copper-gold strategy with on-market share purchases ]]> https://www.proactiveinvestors.com.au/companies/news/197241/xanadu-mines-directors-support-mongolian-copper-gold-strategy-with-on-market-share-purchases-197241.html Xanadu Mines Ltd (ASX:XAM) directors have demonstrated their confidence in the company’s Mongolian copper-gold strategy through on-market purchases of shares with a total value of almost $54,000.

Chairman Kevin Tomlinson, managing director and chief executive officer Andrew Stewart and independent non-executive director Darry Clark have each made purchases this week.

READ: Xanadu Mines focused on large new copper-gold discovery in Mongolia

Tomlinson acquired almost 104,600 shares on May 17 worth almost $19,800 and now holds 394,547 shares.

Stewart purchased almost 118,000 shares on-market on May 17 with a total value of more than $22,000 and now holds more than 4.148 million shares.

Clark purchased one lot of 30,000 shares on May 15 with $5,100 and another 30,000 on May 18 worth $6,450.

He now holds more than 1.721 million shares in the copper-gold explorer.

Shares up 10%

Shares are up almost 10% today to 23 cents and have risen from just above 16 cents at the start of the week.

READ: Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Just this week Xanadu announced that it intersected further copper in the second and third holes at the Zaraa porphyry discovery at its flagship Kharmagtai Copper-Gold Project.

One hole intersected 720 metres of visual copper mineralisation and the other is at 1,120 metres depth in high-density porphyry veining and strong chalcopyrite mineralisation.

Drilling is underway at Zaraa to further refine potentially shallower mineralisation for follow-up diamond drilling.

READ: Xanadu Mines delivers 928.4 metre copper-gold intersection, largest to date 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-compliant resource at the Stockwork Hill, White Hill and Copper Hill deposits.

1.5 million pound copper resource

At March 2015 the 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.

Kharmagtai is in the prolific South Gobi region that also hosts the Oyu Tolgoi Copper-Gold Project where open-pit mining is being carried out and the large underground mine is in development.

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Fri, 18 May 2018 11:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197241/xanadu-mines-directors-support-mongolian-copper-gold-strategy-with-on-market-share-purchases-197241.html
<![CDATA[News - Xanadu Mines expands new Zaraa porphyry discovery with two new holes ]]> https://www.proactiveinvestors.com.au/companies/news/197050/xanadu-mines-expands-new-zaraa-porphyry-discovery-with-two-new-holes-197050.html 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.

 

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Wed, 16 May 2018 10:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197050/xanadu-mines-expands-new-zaraa-porphyry-discovery-with-two-new-holes-197050.html
<![CDATA[News - Xanadu Mines delivers 928.4 metre copper-gold intersection, largest to date at Kharmagtai ]]> https://www.proactiveinvestors.com.au/companies/news/196595/xanadu-mines-delivers-9284-metre-copper-gold-intersection-largest-to-date-at-kharmagtai-196595.html Xanadu Mines Ltd (ASX:XAM) has received the largest intercept of continuous mineralisation drilled to date at the Kharmagtai Copper-Gold Project in Mongolia’s prolific South Gobi region.

The intersection of 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres is from hole KHDDH462 at the new Zaraa porphyry discovery.

Potential for very large mineral systems

It indicates strong potential to add to Kharmagtai’s 2015 JORC resource of 203.4 million tonnes at 0.34% copper and 0.33 g/t gold for 1.5 million pounds of copper and 2.2 million ounces of gold.

Managing director Dr Andrew Stewart said: “KHDDH462 is a pivotal drill hole for Xanadu Mines.

“KHDDH462 represents the largest intercept of continuous mineralisation drilled at Kharmagtai and the best intercept drilled outside the existing resources to date.

“This demonstrates Kharmagtai’s potential for very large mineral systems.

“With both active drill holes currently in mineralisation, the next month will be an exciting time for Xanadu and Kharmagtai.”

The Kharmagtai district with the Zaraa holes in the centre, east of the current resource.

READ: Xanadu Mines focused on large new copper-gold discovery in Mongolia

The 928.4 metre intersection included 613.9 metres at 0.37% copper and 0.33 g/t gold from 557 metres.

Within this was a higher grade 69-metre interval from 825 metres at 0.51% copper and 0.45 g/t gold.

The hole ended at 1,386.4 metres within plus-0.26% copper equivalent mineralisation.

READ: Xanadu Mines intersects over 800 metres of near-continuous copper and gold

Drilling continues at Zaraa with two diamond step-out scissor holes underway, 100 metres along strike from KHDDH462.

One of these entered mineralisation at 420 metres, 200 metres earlier than expected, and is currently at 891 metres while the other entered mineralisation at 361 metres and is at 825 metres.

 

 

Stewart adds: “Our strategy is clear: to add tonnes and grade to the existing resources by discovering additional high-grade deposits within the Kharmagtai Copper-Gold Project.

“With our aggressive and systematic drill program we are delivering on this strategy.

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

Further work planned

3D induced polarisation (IP) data over the discovery area highlights the phyllic alteration zone associated with the mineralisation drilled in KHDDH462.

This IP data shows a very large alteration system, interpreted to form a cap over the strike length of Zaraa.

Following completion of the first three drill holes, larger step-out holes will be drilled.

The aim of these will be to bring the Zaraa mineralisation to surface and to aid in delineating the size and shape of the porphyry system.

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Wed, 09 May 2018 09:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196595/xanadu-mines-delivers-9284-metre-copper-gold-intersection-largest-to-date-at-kharmagtai-196595.html
<![CDATA[News - Xanadu Mines focused on large new copper-gold discovery in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/196394/xanadu-mines-focused-on-large-new-copper-gold-discovery-in-mongolia-196394.html Xanadu Mines Ltd (ASX:XAM) has three projects located within two of Mongola’s porphyry copper belts.

Its flagship asset is the 76.5% owned Kharmagtai Copper Project in the South Gobi region of Mongolia where the company is aggressively drilling out a major new copper-gold discovery.

While the exploration focus is rightfully on Kharmagtai, Xanadu also owns the advanced Red Mountain Copper Gold Project and early stage Yellow Mountain Copper Project.

An emerging cluster of porphyry deposits at Kharmagtai

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

During April, Xanadu discovered another porphyry centre, Zaraa, with the first hole intersecting 800 metres of mineralisation.

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.

Porphyry copper deposits typically occur in clusters and recent exploration at Kharmagtai has revealed the project could host multiple additional porphyry-style deposits.

READ: Xanadu Mines intersects over 800 metres of near-continuous copper and gold

The discovery diamond hole KHDDH462 drilled at the Zaraa porphyry was terminated in mineralisation at 1,386.4 metres depth.

The hole intersected over 800 metres of near-continuous copper and gold mineralisation making it the longest exploration intersection of gold and copper recorded by Xanadu at Kharmagtai.

Xanadu’s managing director and CEO Dr Andrew Stewart said: “While Kharmagtai already is one of the world's most exciting new copper and gold discoveries, hole KHDDH462 is consistent with our long-held view that the Kharmagtai mineralised system contains significantly more gold and copper than we have delineated to date under JORC standards.

“We are particularly pleased to see this outstanding intersection in hole KHDDH462, right where our geological modelling predicted.

“Our strategy is clear: to add tonnes and grade to the existing resources by discovering additional high-grade deposits within the Kharmagtai Copper-Gold Project."

As at early-May 2018, two diamond rigs were drilling two step out holes to the discovery hole at Zaraa.

Wider step-out holes will be drilled aiming to discover copper-gold mineralisation closer to surface and to aid in delineating the size and shape of the porphyry system.

19 porphyry targets to test at Kharmagtai

Four new porphyry centres have now been discovered by Xanadu under shallow cover east of the existing resources.

The current strategy is to test all 19 targets identified before focusing exploration on the highest quality porphyry centres.

Growing global demand for new copper projects

The emerging Kharmagtai project is being advanced during a period of growing demand for new copper projects.

Market commentators continue to point to struggling supply from current operations and a weak pipeline of new projects coming online.

BMO Capital Markets in April 2018 said the world’s top copper operations in 2007 are producing 10-15% less today than 2007 and the trend is expected to continue.

Demand for copper is expected to remain strong given China’s infrastructure goals will require copper and it is an important metal in electric vehicles.

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Fri, 04 May 2018 12:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196394/xanadu-mines-focused-on-large-new-copper-gold-discovery-in-mongolia-196394.html
<![CDATA[Media files - Xanadu Mines moves to expand copper resources as global supply shortfall threatens ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9186/xanadu-mines-moves-to-expand-copper-resources-as-global-supply-shortfall-threatens-9186.html Wed, 02 May 2018 18:20:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9186/xanadu-mines-moves-to-expand-copper-resources-as-global-supply-shortfall-threatens-9186.html <![CDATA[News - Xanadu Mines intersects over 800 metres of near-continuous copper and gold ]]> https://www.proactiveinvestors.com.au/companies/news/196198/xanadu-mines-intersects-over-800-metres-of-near-continuous-copper-and-gold-196198.html Xanadu Mines Ltd (ASX:XAM) has received deeper results from its discovery diamond drill hole at the new Zaraa porphyry within its flagship Kharmagtai Copper-Gold Project in Mongolia.

Assays have now been received down to 1,064 metres depth in the discovery hole which was terminated in mineralisation at 1,386.4 metres.

The latest batch of assays increases the intersection to 606 metres at 0.36% copper and 0.32 g/t gold from 458 metres including 507 metres at 0.39% copper and 0.36 g/t gold.

Final assays are expected in the second week of May.

READ: Xanadu Mines discovers new copper porphyry centre at Kharmagtai project in Mongolia

Xanadu’s managing director and CEO Dr Andrew Stewart said: “We are extremely excited by the first drill hole into the Zaraa porphyry discovery.

“This drill hole has intersected over 800 metres of near-continuous copper and gold mineralisation making it the longest exploration drill intercept of gold and copper mineralisation recorded since Xanadu began drilling at the Kharmagtai Project in 2014.

“Drill hole KHDDH462 extends the Kharmagtai mineralised system and demonstrates yet again the incredible potential to add to the presently defined copper and gold resources.”

One of the world's most exciting new copper and gold discoveries

Stewart added: “While Kharmagtai already is one of the world's most exciting new copper and gold discoveries, hole KHDDH462 is consistent with our long-held view that the Kharmagtai mineralised system contains significantly more gold and copper than we have delineated to date under JORC standards.

“We are particularly pleased to see this outstanding intersection in hole KHDDH462, right where our geological modelling predicted.

“Our strategy is clear: to add tonnes and grade to the existing resources by discovering additional high-grade deposits within the Kharmagtai Copper-Gold Project.

“With our aggressive and systematic drill program we are delivering on this strategy. The discovery of Zaraa reinforces the exploration potential of the Kharmagtai porphyry district.”

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Wed, 02 May 2018 10:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196198/xanadu-mines-intersects-over-800-metres-of-near-continuous-copper-and-gold-196198.html
<![CDATA[News - Xanadu Mines discovers new copper porphyry centre at Kharmagtai project in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/195311/xanadu-mines-discovers-new-copper-porphyry-centre-at-kharmagtai-project-in-mongolia-195311.html Xanadu Mines Ltd (ASX:XAM) has discovered a new copper porphyry centre at its Kharmagtai Copper-Gold Project in Mongolia’s South Gobi region which hosts the large Oyu Tolgoi project.

A hole targeting a buried porphyry system has encountered some 600 metres of porphyry-style mineralisation at the target, which has been named Zaraa.

Shares rose by up to 11% intra-day to 20.5 cents.

READ: Xanadu Mines extends copper-gold footprint at Mongolian project

This hole is at a depth of 1,200 metres and remains in mineralisation with visible copper-bearing sulphides.

The top 770 metres of the hole returned 316 metres at 0.32% copper and 0.27 g/t gold from 458 metres.

Within this intersection were 217 metres from 557 metres at 0.4% copper and 0.33 g/t gold, and 108 metres from 645 metres at 0.47% copper and 0.42 g/t gold.

READ: Xanadu Mines demonstrates excellent gold recovery in tests from Mongolian copper-gold project

Executive director and chief executive officer Andrew Stewart said “We have started 2018 with very strong exploration results.

“Significant high-grade extensions have been added to the existing resources and our ever-improving understanding of the undercover geology at Kharmagtai has resulted in several new discoveries.

19 large-scale porphyry targets

“We have now tested eight of the 19 large-scale porphyry targets recently identified and five have produced significant intervals of porphyry alteration and mineralisation.

“Zaraa represents the latest target tested and we are extremely excited by the first diamond drill results.

“It is a new porphyry centre and early indications are the system has the grade and scale to represent a significant new discovery.”

Zaraa near Sandstorm target

Zaraa is 500 metres south of the Sandstorm target and 1 kilometre west of Golden Eagle.

Final results from the Zaraa drilling are expected in the next couple of weeks.

The company believes the hole indicates the system is increasing in size and grade towards the southwest.

Three follow-up holes are planned to test this new system along strike, targeting higher grades and broader widths in addition to expanding shallow high-grade mineralisation.

Ground magnetic data and location of reported drilling at Kharmagtai.

Broad zones of tourmaline breccia

At Sandstorm, drilling has returned a broad zone of sulphide-bearing tourmaline breccia mineralisation.

This is about 1.2km along strike from the mineralised breccia system at Stockwork Hill.

One hole intersected more than 100 metres of tourmaline breccia which is interpreted to be the strike extension of Stockwork Hill.

Assay results are expected in early May with follow-up drilling underway.

Epithermal gold intersections

At the Zephyr target, multiple high-grade epithermal gold intersections were returned while drilling porphyry targets.

Results include 2 metres at 4.4 g/t gold from 238 metres and 8.5 metres at 3.4 g/t from 297.5 metres, including 2 metres at 10.7 g/t from 300 metres.

Xanadu’s drilling at White Hill West target continues to expand the system with the best result being 785.9 metres at 0.21% copper and 0.12 g/t gold from 2 metres.

A reverse circulation program is underway to establish whether White Hill West links with the White Hill target 2 kilometres away.

Four rigs drilling

Stewart said: “Our strategy is clear: the best way to add tonnes and grade to the existing resources is by discovering additional high-grade deposits within the Kharmagtai licence area.

“With four rigs drilling around the clock we are delivering on this strategy and the discovery of Zaraa reinforces the amazing exploration potential of the Kharmagtai porphyry district.”

Drilling will start in early May at the Red Mountain project east of Kharmagtai targeting large-scale porphyries and epithermal gold.

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Thu, 19 Apr 2018 10:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195311/xanadu-mines-discovers-new-copper-porphyry-centre-at-kharmagtai-project-in-mongolia-195311.html
<![CDATA[News - Xanadu Mines demonstrates excellent gold recovery in tests from Mongolian copper-gold project ]]> https://www.proactiveinvestors.com.au/companies/news/194806/xanadu-mines-demonstrates-excellent-gold-recovery-in-tests-from-mongolian-copper-gold-project-194806.html Xanadu Mines Ltd’s (ASX:XAM) tests demonstrate excellent gold deportment results in ore from the Kharmagtai Copper-Gold Project in Mongolia’s South Gobi region.

Ongoing test work shows that gold should report to a copper concentrate as free gold inclusion.

The new results build on Xanadu’s previous metallurgical studies which showed very high gold recovery to the rougher concentrate.

READ: Xanadu Mines extends copper-gold footprint at Mongolian project

Xanadu’s chief executive officer Dr Andrew Stewart said: “These above average results, as expected, show that gold occurs as coarse grains in association with principle copper sulphides.

“While further testing is required as the project advances, we see no significant hurdles to producing a high-quality concentrate via standard processing pathways from the Kharmagtai project.”

Twelve samples from Kharmagtai were sent for detailed petrological and scanning electron microprobe analysis.

The objective was to determine the location of gold across all three zones of the Kharmagtai deposit - Copper Hill, White Hill and Stockwork Hill.

Most gold occurs as separate grains

Petrological and scanning electron microprobe work showed most gold as separate grains within the copper-bearing sulphides and pyrite rather than as a solid solution.

The grains range up to 100 microns in size and include native gold and with silver as electrum.

Some minor grains also occur in silicate minerals and magnetite.

The copper sulphides analysed showed no trace metal within them as solid solution, indicating sulphides from the samples should produce concentrates free of significant deleterious elements.

WATCH NOW: Xanadu Mines cashed up and working to unlock the value at Kharmagtai

“The test results allow us to focus on the drilling underway,” Stewart said.

“This is expanding the resource and targeting near-surface porphyry copper-gold deposits within this largely under-explored porphyry copper-gold district.”

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Thu, 12 Apr 2018 11:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194806/xanadu-mines-demonstrates-excellent-gold-recovery-in-tests-from-mongolian-copper-gold-project-194806.html
<![CDATA[News - Xanadu Mines extends copper-gold footprint at Mongolian project ]]> https://www.proactiveinvestors.com.au/companies/news/192142/xanadu-mines-extends-copper-gold-footprint-at-mongolian-project-192142.html Xanadu Mines Ltd’s (ASX:XAM) accelerated exploration has extended the footprint of the Kharmagtai Copper-Gold Project in southern Mongolia.

Drilling at Stockwork Hill deposit has confirmed high-grade extensions below the resource.

At Target 19, west of the White Hill deposit, scout drilling has confirmed a new shallow porphyry copper discovery.

READ: Xanadu Mines steps-up drilling to boost copper-gold bounty in Mongolia

Results continue to confirm the Kharmagtai project as a district-scale trend with the potential to host further significant copper-gold discoveries.

Andrew Stewart, managing director, said: “What really sets our geology team apart from other explorers is our porphyry copper expertise, which is demonstrated in this new round of results.

“Extensional drilling has significantly increased the footprint of the Kharmagtai porphyry system and where we continue to add high-grade tonnes to the existing resource.

“We are particularly excited in the latest scout drilling at Target 19 where we have intersected broad zones of new copper porphyry mineralisation.

“This could provide another shallow, low-strip ratio discovery within the district.”

WATCH NOW: Xanadu Mines cashed up and working to unlock the value at Kharmagtai

The company will have four drill rigs operating across its projects in the South Gobi region.

Below the Stockwork Hill deposit, drilling has returned 230 metres from 574 metres at 0.5% copper and 0.91 g/t gold.

This included 117 metres at 0.76% copper and 1.63 g/t gold from 624.5 metres, and 71.2 metres at 0.92% copper and 2.33 g/t gold from 684 metres.

Increasing bornite mineralisation down-hole indicates that drilling is nearing the higher-grade core of deposit.

Strong results from Target 19

The newly drilled Target 19 has returned significant porphyry mineralisation.

Best result was 213.4 metres at 0.23% copper and 0.17 g/t gold, or 0.34% copper equivalent, from 86 metres.

Within this were intersections of 130.3 metres at 0.29% copper and 0.22 g/t gold from 130 metres and 16 metres at 0.47% copper and 0.39 g/t gold from 200 metres.

Mineralisation at Target 19 remains completely preserved at depth, which indicates significant resource potential.

Xanadu’s projects are in a prolific copper-gold belt in southern Mongolia.

As drilling extends mineralisation, the Stockwork Hill and White Hill deposits are beginning to coalesce at depth, which could have a material impact on future resource growth potential.

Exploration drilling of high-grade gold and copper targets at the Red Mountain prospect will resume in March.

Seeking dual listing on TSX

Xanadu has applied for the listing of its ordinary shares on the Toronto Stock Exchange to complement its ASX listing.

The company has filed a preliminary non-offering prospectus with the Ontario Securities Commission.

Stewart said: “The TSX listing will constitute a significant milestone for Xanadu, and is driven by the strong and increasing levels of interest by Canadian and North American institutional investors.

“A dual listing will provide enhanced access to international equity capital and the benefits of being listed on two leading resource focused exchanges to increase liquidity and opportunity.”

The company has engaged Mining Associates Ltd to prepare a National Instrument 43‐101 compliant technical report on the Kharmagtai and Red Mountain copper-gold projects.

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Mon, 26 Feb 2018 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192142/xanadu-mines-extends-copper-gold-footprint-at-mongolian-project-192142.html
<![CDATA[News - Xanadu Mines steps-up drilling to boost copper-gold bounty in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/191947/xanadu-mines-steps-up-drilling-to-boost-copper-gold-bounty-in-mongolia-191947.html Xanadu Mines Ltd (ASX:XAM) is stepping up drilling at its Kharmagtai project in Mongolia as it seeks to expand existing copper-gold resources and test near-surface regional targets.

The company has engaged extra drill rigs for the project in the South Gobi region, not far from the Oyu Tolgoi Copper-Gold Project of Rio Tinto plc (LON:RIO) controlled Turquoise Hill Resources Ltd (TSE:TRQ).

Four rigs will be used for exploration drilling to test high‐grade mineralisation below existing resources and multiple near-surface priority targets.

WATCH NOW: Xanadu Mines cashed up and working to unlock the value at Kharmagtai

This work, which will increase during the Northern Hemisphere spring, will follow-up field activities and drilling during the December quarter 2017.

Andrew Stewart, managing director and chief executive officer, said: “We believe Kharmagtai represents one of the most promising copper and gold discoveries being explored globally at present.

"Recent step-out drilling around the maiden shallow resources at Copper Hill, Stockwork Hill and White Hill has delivered some exceptional results.

"This new drilling has defined significant extensions to high-grade mineralisation at all three deposits, which is sure to extend resources.

“Maintain our dual drill strategy”

"With the expansion of the drilling fleet at Kharmagtai to four drill rigs, we plan to maintain our dual drill strategy.

“This encompasses expanding known mineralisation through exploration of tourmaline breccia-hosted mineralisation below and along strike from the current resources and drill testing all shallow high-priority porphyry copper-gold and gold targets undercover.”

READ: Xanadu Mines copper-gold extensions at Kharmagtai point to large scale deposit

The deposits of Stockwork Hill, White Hill and Copper Hill have a combined resource of 203 million tonnes at 0.34% copper and 0.33 g/t gold for circa 1.1 million tonnes of copper equivalent.

The existing resources and targets at Kharmagtai.

Stockwork Hill is open at depth, to the east and west and may connect to White Hill to the south.

White Hill is open at depth, to the east, south and west, and Copper Hill is showing growth potential at depth.

Strong Red Mountain results

Xanadu has also received strong results from the Red Mountain project, which is to the east of Kharmagtai.

Interpretation of the ground penetrating radar continues and Xanadu is planning for the field season in spring.

The company is well-funded with a cash balance of $9.1 million as at 31 December 2017.

It has also recently increased its holding in Mongol Metals JV to 85%, which provides an effective interest of 76.5% in the Kharmagtai project.

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Wed, 21 Feb 2018 14:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191947/xanadu-mines-steps-up-drilling-to-boost-copper-gold-bounty-in-mongolia-191947.html
<![CDATA[News - Xanadu Mines copper-gold extensions at Kharmagtai point to large scale deposit ]]> https://www.proactiveinvestors.com.au/companies/news/190507/xanadu-mines-copper-gold-extensions-at-kharmagtai-point-to-large-scale-deposit-190507.html Xanadu Mines Ltd’s (ASX:XAM) identification of sizeable extensions at three deposits within its Kharmagtai copper-gold project in Mongolia has buoyed management’s confidence.

An accelerated drilling program continues at the Stockwork Hill, Copper Hill and White Hill deposits, targeting extensions of copper and gold mineralisation along strike and at depth.

A mix of deep and shallow mineralisation

Drilling results included intersections of 252.2 metres at 0.34% copper and 0.49 g/t gold from 630 metres at Stockwork Hill and 330 metres at 0.42% copper and 0.46 g/t gold from 2.5 metres.

These results build on similar promising news in late November.

READ: Xanadu Mines assays reveal copper gold extensions Management anticipates further resource extensions

Dr Andrew Stewart, managing director, said: “We believe Kharmagtai represents one of the most promising copper and gold discoveries being explored globally at present.

“Recent step-out drilling around the maiden shallow resources at Copper Hill, Stockwork Hill and White Hill has delivered some exceptional results.

"This new drilling has defined significant extensions to high-grade mineralisation at all three deposits, which is sure to extend resources.”

Management employs dual drilling strategy

With the expansion of the drilling fleet at Kharmagtai to four drill rigs, Xanadu will maintain its dual drilling strategy.

This involves the expansion of known mineralisation below and along strike from the current resources and testing of shallow high-priority porphyry copper-gold and gold targets undercover.

New magnetic data provides basis for focus drilling campaign

Undercover exploration drilling at Kharmagtai has established a strong correlation between copper-gold grades and magnetite destruction within larger magnetic anomalies.

This relationship has assisted Xanadu in revising its modelling which has led to the definition of magnetite-bearing intrusions.

Not only has this modelling highlighted all existing mineralisation, but it has also provided numerous other targets.

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Wed, 24 Jan 2018 12:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190507/xanadu-mines-copper-gold-extensions-at-kharmagtai-point-to-large-scale-deposit-190507.html
<![CDATA[Media files - Xanadu Mines cashed up and working to unlock the value at Kharmagtai ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8448/xanadu-mines-cashed-up-and-working-to-unlock-the-value-at-kharmagtai-8448.html Wed, 29 Nov 2017 22:26:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8448/xanadu-mines-cashed-up-and-working-to-unlock-the-value-at-kharmagtai-8448.html <![CDATA[News - Xanadu Mines assays reveal copper gold extensions ]]> https://www.proactiveinvestors.com.au/companies/news/187799/xanadu-mines-assays-reveal-copper-gold-extensions-187799.html Xanadu Mines Ltd (ASX:XAM) has received assay results from a diamond drill hole at the White Hill deposit within the Kharmagtai Project located in southern Mongolia.

Drilling is targeting extensions of copper and gold mineralisation along strike and below the current resources.

The drill hole intersected 850 metres at 0.32% copper and 0.2 g/t gold (0.45% copper equivalent) from surface.

Dr Andrew Stewart, managing director, said: “We are excited by this new drilling beneath the maiden White Hill resource as it has extended the zone of mineralisation but more significantly, it has intersected bornite and extensive potassic alteration which could be the precursor to the discovery of a higher-grade system adjacent to the established resources”.

Assays suggest deeper, higher grade porphyry copper and gold mineralisation

Drill hole KHDDH430 was designed to expand mineralisation south of, and down-dip of the current resource.

KHDDH430 intersected 850 metres at 0.32% copper and 0.2 g/t gold (0.45% copper equivalent) from surface including 282 metres at 0.44% copper and 0.16 g/t gold (0.55% copper equivalent) from 560 metres.

This hole has added over 380 metres of previously unknown mineralisation.

The deeper parts of KHDDH430 contained significant potassic alteration and bornite mineralisation.

This suggests the hole is vectoring towards deeper, higher grade porphyry copper and gold mineralisation.

Additionally, the hole was terminated within a post mineral dyke indicating mineralisation should be open at depth, below this dyke.

Kharmagtai consists of three porphyry deposits

The White Hill deposit is one of three porphyry deposits all nearby to each other that make up the Kharmagtai Project.

READ: Xanadu Mines drills signs of a resource expansion at Kharmagtai

The three deposits have a combined JORC resource of 203 million tonnes grading 0.34% copper and 0.33 g/t gold for circa 1.1 million tonnes of copper equivalent.

The project continues to emerge as one of the premier undeveloped copper-gold assets globally.

White Hill has good potential for high-grade zones of mineralisation

White Hill consists of a large-scale multi-phase porphyry deposit 1,200 metres long by 750 metres wide, drilled to a depth of 600 metres from surface.

Mineralisation at White Hill is open to the south, east, west and at depth.

Copper and gold at White Hill are hosted within porphyry veining and as dissemination.

READ: Xanadu Mines drills high-grade copper below current resource in Mongolia

Unlike the nearby Copper Hill and Stockwork Hill deposits, White Hill has had sparse drilling and there remains good potential for high-grade zones of mineralisation within the current drill pattern.

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Mon, 27 Nov 2017 15:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187799/xanadu-mines-assays-reveal-copper-gold-extensions-187799.html
<![CDATA[News - Xanadu Mines gains Canadian bank as substantial shareholder ]]> https://www.proactiveinvestors.com.au/companies/news/186835/xanadu-mines-gains-canadian-bank-as-substantial-shareholder-186835.html Xanadu Mines Ltd (ASX:XAM) has received a notice of initial substantial shareholder from the Bank of Nova Scotia (and associates / affiliates), which holds 40.25 million shares for a 6.84% stake.

The notice was lodged on behalf of 1832 Asset Management L.P, manager of the Dynamic/Scotia Funds.

Xanadu has been a strong performer in recent months, last trading at $0.30, or around 50% higher than two months ago.

The company's flagship Kharmagtai project is located in Mongolia, and currently hosts three porphyry deposits in close proximity to each other, Stockwork Hill, White Hill and Copper Hill.

The three deposits have a combined JORC resource of 203 million tonnes at 0.34% copper and 0.33 g/t gold for circa 1.1 million tonnes of copper equivalent.

The project continues to emerge as one of the premier undeveloped copper-gold assets globally.

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Tue, 07 Nov 2017 10:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186835/xanadu-mines-gains-canadian-bank-as-substantial-shareholder-186835.html
<![CDATA[News - Xanadu Mines drills high-grade copper below current resource in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/186384/xanadu-mines-drills-high-grade-copper-below-current-resource-in-mongolia-186384.html Xanadu Mines Ltd (ASX:XAM) has successfully drilled extensions of high-grade copper along strike and below the current resource at the Stockwork Hill deposit within the Kharmagtai project in Mongolia.

The Stockwork Hill deposit consists of composite intrusions hosting gold-rich porphyry copper mineralisation circa 800 X 400 metres and extending to a depth of at least 600 metres.

Xanadu has now drilled a significant new zone of high-grade mineralisation outside the current resource (1.5 billion pounds copper and 2+ million ounces gold), returning:

- 294 metres at 0.47% copper and 0.85 g/t gold (1.01% copper equivalent) from 466 metres, including 86 metres at 0.78% copper and 1.91 g/t gold (2.0% copper equivalent) from 558 metres.

Significantly, the presence of bornite (an ore of copper) suggests this new zone of mineralisation is closer to the high-grade core of the system.

Further drilling is underway to expand this new zone by deepening several shallower holes above and along strike of the targets.

Andrew Stewart, managing director, commented: “We are excited that hole KHDDH419 successfully demonstrated a clear extension of high-grade mineralisation along strike and at depth outside the current resource model.

“We are particularly excited with the new results from this hole which has discovered a new zone of gold-rich copper porphyry mineralisation, representing the downthrown block of the main Stockwork Hill deposit.

“The high-grade extensions we have identified provide the opportunity to assess Stockwork Hill as a potential underground resource that has the potential to deliver significant additional value to the Project”.

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Mon, 30 Oct 2017 12:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186384/xanadu-mines-drills-high-grade-copper-below-current-resource-in-mongolia-186384.html
<![CDATA[News - Xanadu Mines drills signs of a resource expansion at Kharmagtai ]]> https://www.proactiveinvestors.com.au/companies/news/185084/xanadu-mines-drills-signs-of-a-resource-expansion-at-kharmagtai-185084.html Xanadu Mines (ASX:XAM) has received further drill results confirming further success at its flagship Kharmagtai project located in Mongolia.

Assays from the latest drill hole KHDDH421 have returned broad zones of high-grade mineralisation at shallow depths including 411.6 metres at 1.04% copper equivalent from surface.

Fully funded diamond drilling is targeting near-surface porphyry copper-gold deposits and the continuity of mineralisation below the current resources.

Dr Andrew Stewart, managing director, commented: “We continue to be encouraged by the results of our ongoing extensional resource drilling around the established resources at Kharmagtai.

“Hole KHDDH421, successfully confirmed our interpretation of a shallow west-northwest plunge to a high‐grade zone of copper and gold mineralisation at depth.”

KHDDH421 assays

Drill hole KHDDH421 targeted the down-plunge extensions of Copper Hill deposits and has returned significant intercepts below a depth of 200 metres depth.

Within the broader intersection of 411.6 metres at 0.54% copper and 0.79 g/t gold (1.04% copper equivalent) from surface, higher grade zones included:

- 134 metres at 1.01% copper and 1.84 g/t gold (2.18% copper equivalent) from 14 metres; and
- 112 metres at 0.49% copper and 0.48 g/t gold (0.8% copper equivalent) from 224 metres including 38 metres at 0.71% copper and 0.48 g/t gold (1.01% copper equivalent) from 292 metres.

Ongoing diamond drilling is in progress to target high-grade mineralisation down plunge with further results from Copper Hill expected in November.

Fully funded

Xanadu is now fully funded after its recent $15.4 million placement.

READ: Xanadu receives strong demand in capital raising

As of today, Xanadu has repaid the US$2.76 million loan facility it had with Noble Resources International Pte Ltd.

Kharmagtai Copper-Gold Project

Kharmagtai currently hosts three porphyry deposits in close proximity to each other, Stockwork Hill, White Hill and Copper Hill.

The three deposits have a combined JORC resource of 203 million tonnes grading 0.34% copper and 0.33 g/t gold for circa 1.1 million tonnes of copper equivalent.

The project continues to emerge as one of the premier undeveloped copper-gold assets globally.

The discovery of a fourth deposit or significant resource extensions could be the tipping point to take this project into development.

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Thu, 05 Oct 2017 11:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185084/xanadu-mines-drills-signs-of-a-resource-expansion-at-kharmagtai-185084.html
<![CDATA[News - Xanadu Mines lifts cash balance and strengthens share register through placement ]]> https://www.proactiveinvestors.com.au/companies/news/184714/xanadu-mines-lifts-cash-balance-and-strengthens-share-register-through-placement-184714.html Xanadu Mines Ltd (ASX:XAM) has received a major vote of confidence from investors in its strategy to advance the flagship Kharmagtai copper-gold project, located in Mongolia’s South Gobi Region.

Xanadu has completed a bookbuild for an oversubscribed placement raising $15.4 million at $0.20 from domestic and international institutional and sophisticated investors.

Dr Andrew Stewart, chief executive officer, commented:

"We are very delighted with the strong support received from our existing sophisticated and institutional shareholders, and are very pleased to welcome a number of international institutional shareholders as new shareholders into Xanadu.

"The placement enables us to further strengthen our share register with selected institutional investors.

"The strengthening of our balance sheet to now be debt free will allow Xanadu to vigorously pursue its drilling programs unencumbered, which puts us in a very advantageous position."

Besides Kharmagtai, funds will also be allocated to the Red Mountain and Yellow Mountain copper-gold projects, and the repayment of the Noble debt facility.

READ NOW: Xanadu Mines confirms three large porphyry targets

Xanadu has also been attracting some broker attention, with Bell Potter placing a Buy Recommendation on the company with a $0.52 valuation.

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Thu, 28 Sep 2017 13:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184714/xanadu-mines-lifts-cash-balance-and-strengthens-share-register-through-placement-184714.html
<![CDATA[News - Xanadu Mines tightens focus on key porphyry targets in Mongolia ]]> https://www.proactiveinvestors.com.au/companies/news/184551/xanadu-mines-tightens-focus-on-key-porphyry-targets-in-mongolia-184551.html Xanadu Mines Ltd (ASX:XAM) earlier this week identified three new large porphyry targets at its flagship Kharmagtai project in Mongolia.

Work is underway at the porphyry targets to vector towards the higher grade core of the system.

READ NOW: Xanadu Mines confirms three large porphyry targets.

The company is now heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until the opening of trade on Thursday 28th September 2017, or earlier if an announcement is made to the market.

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Tue, 26 Sep 2017 10:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184551/xanadu-mines-tightens-focus-on-key-porphyry-targets-in-mongolia-184551.html
<![CDATA[News - Xanadu Mines confirms three large porphyry targets ]]> https://www.proactiveinvestors.com.au/companies/news/184479/xanadu-mines-confirms-three-large-porphyry-targets-184479.html Xanadu Mines (ASX:XAM) has confirmed that three of its 19 copper-gold and gold targets are new large-scale porphyry prospects within its flagship Kharmagtai project in Mongolia.

Exploration drilling that is currently still in progress has revealed that at least one shallow drill hole in each of the three targets has returned broad zones of porphyry alteration and mineralisation.

Initial drill results indicate a six kilometre long strike potential for mineralisation.

Dr Andrew Stewart, managing director, commented: “The results of this systematic drill program are proving to be very exciting with three new high-priority targets returning broad zones of porphyry copper and gold mineralisation under shallow cover.

“We plan to test all 19 high-potential copper-gold and gold targets generated during a recently completed bedrock drilling program.”

The three new porphyry targets

The Kharmagtai copper-gold deposits are concentrated along a series of small intrusions coming off the top of the main intrusion on the top of a much larger body at depth.

Shallow drilling in the second half of 2016 generated 19 high-potential copper-gold and gold targets, which are currently being tested by the drilling program underway.

The newly identified porphyry targets are Target 3, Target 4 and Target 6.

Target 3 is a 650x550 metre porphyry target where two shallow drill holes have been drilled with one hole returning 44 metres at 0.19% copper and 0.27g/t gold from 25 metres.

Target 4 is a 800x750 metre circular porphyry target where several broad intercepts have been recorded including three over 80 metres including 91 metres at 0.22% copper and 0.26 g/t gold from 30 metres.

Target 6 is a 1000x400 metre porphyry target where a single drill hole has returned 96 metres at 0.35 g/t gold and 0.10% copper from 95 metres.

Finding the high-grade source

Work is underway at these porphyry targets to vector towards the higher grade core of the system.

Drilling continues and the remaining targets will be tested over the coming months before all targets are assessed to focus the drill rigs on the highest grade and largest systems.

To date, less than half of the system’s footprint and only six of the 19 targets have been tested.

Following on from earlier success

The identification of the porphyry targets follows on from recent high-grade copper-gold intercepts at the Stockwork Hill deposit within the Kharmagtai Project.

Results include:
- 264 metres at 0.56% copper and 1.46 g/t gold (1.49% copper equivalent) from surface;
- 234 metres at 0.57% copper and 1.04 g/t gold (1.23% copper equivalent) from 466 metres, which defined a new zone of high-grade stockwork mineralisation; and
- 212 metres at 0.36% copper and 0.38 g/t gold (0.61% copper equivalent) from 333 metres, which intersected a broad zone of breccia mineralisation.

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Mon, 25 Sep 2017 16:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184479/xanadu-mines-confirms-three-large-porphyry-targets-184479.html
<![CDATA[News - Xanadu Mines' drilling reveals quality of Kharmagtai ]]> https://www.proactiveinvestors.com.au/companies/news/184106/xanadu-mines-drilling-reveals-quality-of-kharmagtai-184106.html Xanadu Mines Ltd (ASX:XAM) latest drilling has further enhanced the potential of the company's Kharmagtai project in Mongolia.

Diamond drilling highlights include:

- KHDDH419: 234 metres at 0.57% copper and 1.04g/t gold (1.23 copper equivalent) from 466 metres, which defined a new zone of high-grade stockwork mineralisation; and
- KHDDH418: 212 metres at 0.36% copper and 0.38g/t gold (0.61 copper equivalent) from 333 metres, which intersected a broad zone of breccia mineralisation.

Dr Andrew Stewart, managing director, commented: "The quality of Kharmagtai continues to be demonstrated by these positive drill results.

"The latest drilling, which is targeting high-grade mineralisation at Stockwork Hill, reaffirms our belief in the potential for this mineral system to host a large scale high-grade copper-gold deposit.

"The Stockwork Hill discovery remains open in virtually all directions.

"What really excites our geology team is that the host breccia contains fragments of mineralised porphyry providing strong evidence of a deeper undiscovered porphyry system below these targets.

"While the increasing presence of bornite sulphide mineralisation indicates we are getting closer to the core of the system.

"We look forward to drilling beneath the zone of chalcopyrite-gold breccia mineralisation testing for the breccia complex transition downward into another mineralised porphyry at depth."

WATCH NOW: Xanadu Mines liking what they see from drilling at Kharmagtai

The latest drilling and detailed infill mapping demonstrates increased scale of the mineralised system with exceptional depth continuity.

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Mon, 18 Sep 2017 13:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184106/xanadu-mines-drilling-reveals-quality-of-kharmagtai-184106.html