logo-loader
viewXanadu Mines Ltd

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

A clear extension of high-grade mineralisation along strike and at depth.

a drill rig
Significant presence of bornite

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”.

Quick facts: Xanadu Mines Ltd

Price: 0.042 AUD

ASX:XAM
Market: ASX
Market Cap: $29.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Xanadu Mines Ltd named herein, including the promotion by the Company of Xanadu Mines Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Xanadu Mines boosts flagship Kharmagtai project in Mongolia...

Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) chief executive officer and managing director Dr Andrew Stewart tells Proactive about the increasing oxide gold being found following a recent scoping study at the company’s flagship Kharmagtai Copper-Gold Project in Mongolia. Dr Stewart says the top of...

on 4/9/19

2 min read