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Xanadu Mines Ltd

Xanadu Mines confirms higher-grade mineralisation across porphyry at Kharmagtai

Further diamond drilling is in progress to target high-grade mineralisation.

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News flow will continue from Kharmagtai

Xanadu Mines Ltd (ASX:XAM) continues to make high-grade copper-gold intercepts from diamond drilling at the Stockwork Hill deposit, located within the company's Kharmagtai project in Mongolia.

The latest highlight delivered: 264 metres at 0.56% copper and 1.46g/t gold for a 1.49% copper equivalent from surface, including 148 metres at 0.81% copper and 2.41g/t gold for a 2.41% copper equivalent.

Dr Andrew Stewart, managing director, commented:

"We continue to be encouraged by the results of our ongoing extensional drilling program around the current resources at Kharmagtai.

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

"Hole KHDDH415 successfully confirmed our interpretation of consistent higher-grade mineralisation across the mineralised width of the porphyry and increasing gold to copper ratios associated with north-northeast controlling structures.

"These high-grade extensions we have identified now offer us the opportunity to assess Stockwork Hill as a potential large-scale resource which we will be assessing during the remainder of 2017."

Analysis

Xanadu has been attracting broker attention recently.

The company's shares last traded at $0.22, with Bell Potter seeing a strong upside after applying a Buy Recommendation and a $0.52 valuation.

Argonaut recently made a site visit in Mongolia and rates the stock a Speculative Buy.

READ NOW: Xanadu Mines comes under broker spotlight and emerges with Buy Recommendations

Quick facts: Xanadu Mines Ltd

Price: $0.06

Market: ASX
Market Cap: $42.68 m
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Watch

Xanadu Mines boosts Kharmagtai project value with potential low-cost gold...

Xanadu Mines Ltd (ASX:XAM) managing director & CEO Andrew Stewart speaks to Proactive Investors about the company's Kharmagtai Copper-Gold Project in Mongolia.    Preliminary test work on diamond core from shallow oxide gold mineralisation has revealed an opportunity for...

on 20/3/19

2 min read