Sign up Australia
Proactive Investors - Run By Investors For Investors

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

Recent step out drilling around the maiden shallow resource has delivered results.
Picture of a drill rig at gold mine
Revised modelling has confirmed existing mineralisation and identified new targets

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.

View full XAM profile View Profile

Xanadu Mines Ltd Timeline

Related Articles

June 07 2018
Primary Cobalt Corp is a project generator in growth mode
KSZ holds potential for world class base and precious metals deposits

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use