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Xanadu Mines directors support Mongolian copper-gold strategy with on-market share purchases

Three company directors have this week purchased shares with a total value of almost $54,000.

Coins stacked progressively higher
Xanadu is aggressively exploring the Kharmagtai Copper-Gold Project in Mongolia

Xanadu Mines Ltd (ASX:XAM) directors have demonstrated their confidence in the company’s Mongolian copper-gold strategy through on-market purchases of shares with a total value of almost $54,000.

Chairman Kevin Tomlinson, managing director and chief executive officer Andrew Stewart and independent non-executive director Darry Clark have each made purchases this week.

READ: Xanadu Mines focused on large new copper-gold discovery in Mongolia

Tomlinson acquired almost 104,600 shares on May 17 worth almost $19,800 and now holds 394,547 shares.

Stewart purchased almost 118,000 shares on-market on May 17 with a total value of more than $22,000 and now holds more than 4.148 million shares.

Clark purchased one lot of 30,000 shares on May 15 with $5,100 and another 30,000 on May 18 worth $6,450.

He now holds more than 1.721 million shares in the copper-gold explorer.

Shares up 10%

Shares are up almost 10% today to 23 cents and have risen from just above 16 cents at the start of the week.

READ: Xanadu Mines expands new Zaraa porphyry discovery with two new holes

Just this week Xanadu announced that it intersected further copper in the second and third holes at the Zaraa porphyry discovery at its flagship Kharmagtai Copper-Gold Project.

One hole intersected 720 metres of visual copper mineralisation and the other is at 1,120 metres depth in high-density porphyry veining and strong chalcopyrite mineralisation.

Drilling is underway at Zaraa to further refine potentially shallower mineralisation for follow-up diamond drilling.

READ: Xanadu Mines delivers 928.4 metre copper-gold intersection, largest to date 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-compliant resource at the Stockwork Hill, White Hill and Copper Hill deposits.

1.5 million pound copper resource

At March 2015 the 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.

Kharmagtai is in the prolific South Gobi region that also hosts the Oyu Tolgoi Copper-Gold Project where open-pit mining is being carried out and the large underground mine is in development.

Quick facts: Xanadu Mines Ltd

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ASX:XAM
Market: ASX
Market Cap: $30.65 m
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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

3 min read