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Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Two more diamond holes both over 1,000 metres deep each have also hit sulphide mineralisation.

diamond drill rig
First assays from the two new holes are expected from the last week of May

Xanadu Mines Ltd (ASX:XAM) has intersected further copper mineralisation in the second and third holes at its new Zaraa porphyry discovery at its flagship Kharmagtai Copper Gold Project in Mongolia.

As recently outlined, the discovery hole, KHDDH462 intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

New holes KHDDH466 intersected 720 metres of visual copper mineralisation, and KHDDH467 is currently at 1,120 metres depth in high density porphyry veining and strong chalcopyrite mineralisation.

READ: Xanadu Mines delivers 928.4 metre copper-gold intersection, largest to date at Kharmagtai

Xanadu’s managing director and CEO Dr Andrew Stewart said: “The early intersection of strong porphyry veining and visible copper sulphide mineralisation in several drill holes confirms Zaraa is an important new discovery within the Kharmagtai district.

“The broad intersections of porphyry veining and mineralisation combined with geophysics suggests that Zaraa represents a significant copper-gold porphyry system with the potential to deliver a step-change for the project.

“Copper and gold grades appear to have increased towards the southwest and some solid geological modelling has highlighted the potential shallow level expression of mineralisation less than 200 metres towards the north of the current drilling.”

New drilling testing for near-surface mineralisation

Shallower drilling is currently underway to further refine potentially shallower mineralisation for follow up diamond drilling.

Stewart added: “The current drill strategy is designed test the true scale of the Zaraa porphyry centre and test for near surface expression of this potentially large system.

“The discovery of Zaraa reinforces the exploration potential of the rapidly-growing Kharmagtai porphyry district.”

Assays expected starting this month

KHDDH466 was terminated at 1,090 metres in weakly mineralised porphyry for which assays are expected in the last week of May. 

KHDDH467 has extended mineralisation 280 metres towards the southeast and final assays are expected during early June.

An emerging cluster of porphyry deposits at Kharmagtai

The Kharmagtai project hosts three porphyry deposits within a largely under-explored porphyry copper-gold district.

Zaraa, the focus of aggressive exploration, is showing strong early potential to add to the project’s JORC resource at the Stockwork Hill, White Hill and Copper Hill deposits.

As of March 2015, the JORC resource measured 203.4 million tonnes grading 0.34% copper and 0.33 g/t gold for 1.5 million pounds of copper and 2.2 million ounces of gold.

 

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