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Xanadu Mines outlines $4.5 million copper-gold exploration budget

Xanadu Mines (ASX:XAM) is the owner of Mongolia’s largest undeveloped copper-gold deposit, has committed to spending more than $4.5 million on exploration across its advanced porphyry copper-gold projects in the world class South Gobi porphyry Belt in 2017.
Xanadu Mines outlines $4.5 million copper-gold exploration budget
Xanadu Mines outlines $4.5 million copper-gold exploration budget

The planned exploration programs, among the largest to be undertaken by a junior ASX-listed exploration company next year, will target the discovery of additional copper-gold deposits on the company’s South Gobi porphyry projects at Kharmagtai and Oyut Ulaan.

Xanadu has already defined over 1.5 million pounds of copper and over 2 million ounces of gold resources at its flagship Kharmagtai copper-gold project.

Kharmagtai is therefore one of the most promising copper-gold projects globally.

Dr Andrew Stewart, managing director and CEO, commented:

"Our exploration is continuing to plan and we believe there remains excellent potential for more large-scale discoveries within our porphyry districts at Kharmagtai that has already yielded three porphyry centres and at Oyut Ulaan.

"We will continue to take a systematic approach throughout 2017 to assess the multiple copper-gold targets we have identified as being the most prospective.

"We look forward to presenting the results of the first phase of drilling this quarter."

New appointment

Following the promotion of Andrew Stewart from chief geologist to CEO in 2015, and then to managing director earlier in the year, Xanadu has appointed Mat Brown as chief geologist.

Brown has been instrumental to date in the implementation of state-of-the-art geophysical and geochemical strategies on site aimed at unlocking the copper-gold potential of the Kharmagtai and Oyut Ulaan districts.

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