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Xanadu Mines drill results suggest Zaraa copper-gold discovery outcrops

Gold-rich oxide mineralisation has been drilled above the Zaraa porphyry discovery.

Drill rigs in Mongolia
Assays for the second and third diamond holes are expected next week

Xanadu Mines Ltd (ASX:XAM) has drilled out shallow copper and gold mineralisation at its Zaraa porphyry discovery within the flagship Kharmagtai Copper Gold Project in Mongolia.

New assays include 9 metres at 6.6 g/t gold and 0.18% copper from 24 metres and 4 metres at 2.42 g/t gold and 0.07% copper from 27 metres.

Notably, this early drilling shows gold-rich oxide mineralisation above the Zarraa copper-gold porphyry discovery.

The recent discovery hole, KHDDH462 intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

Near-surface mineralisation supports potential mine development

Xanadu’s managing director and CEO Dr Andrew Stewart said: “New shallow bedrock drilling results confirm our belief that the Zaraa copper-gold discovery has the potential to outcrop at the basement surface some 18 metres below the present-day land surface and these shallow high-grade intercepts which are hosted in a strongly silicified and clay altered diorite porphyry represent the upper oxide zone above the Zaraa porphyry system.

“Delineating the Zaraa discovery closer to surface will aid in future development.

“Initial widely spaced drilling and geophysics indicates that the new Zaraa discovery represents a very large copper-gold system.

“Based upon the current data, Zaraa appears to be a northeast trending, steeply dipping porphyry system approximately 400 metres wide and up to 1.5 kilometres long.”

News expected to continue in months ahead

Stewart added: “Ongoing drilling continues to test for both lateral continuity to the shallow oxide mineralisation and depth extensions to the mineralisation.

“The current program will provide a steady flow of news for shareholders in the months ahead.”

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

Assays are pending for two additional diamond drill holes that have been completed at Zaraa, expanding mineralisation towards the southwest.

KHDDH466 was drilled one kilometre southeast of discovery drill hole and entered mineralisation at 340 metres down hole for 720 metres of moderate to strong porphyry mineralisation.

KHDDH467 entered mineralisation at 460 metres down hole for 875 metres of porphyry mineralisation including 250 metres of strong porphyry mineralisation.

Final assays from both holes are expected within the next week.

Quick facts: Xanadu Mines Ltd

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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

2 min read