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