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Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery

The assays have extended mineralisation 280 metres towards the southwest.

map of Mongolia
Mineralisation at Zaraa remains open in all directions

Xanadu Mines Ltd (ASX:XAM) has received assays from the second and third holes drilled at the Zaraa copper-gold porphyry discovery within the Kharmagtai Copper-Gold Project, Mongolia.

KHDDH466 intersected 750 metres at 0.22% copper and 0.18 g/t gold from 340 metres.

KHDDH467 intersected 370.7 metres at 0.36% copper and 0.25 g/t gold from 918.3 metres.

High-grade subsections from the two holes included 30.4 metres at 0.95% copper and 0.80 g/t gold.

These new results follow the recent discovery hole, KHDDH462 which intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

Unlocking the potential of this porphyry district

Xanadu’s managing director and CEO Dr Andrew Stewart said: “We are extremely pleased with the rapid progress at the new Zaraa copper-gold discovery.

"While Zaraa is in the early stages of exploration we have already defined a significant sized body of mineralisation and work will continue to expand this exciting new discovery.

“These latest high-grade results at depth combined with our recent discovery of the near-surface expression of the of the system where it was expected, validates our undercover targeting methods and the importance of these techniques as key exploration tools in unlocking the potential of the large porphyry district.

“With a significant drop in the head-grade of operating copper mines, the looming supply-demand gap and the lack of advanced copper projects we believe Kharmagtai to be the most attractively valued gold project globally.

Drilling focused on near-surface oxide gold

Stewart added: “The current diamond drill program will now focus on delineating the near-surface oxide gold enrichment zone and target the highest-grade primary portions of this new Zaraa porphyry system.”

READ: Xanadu Mines drill results suggest Zaraa copper-gold discovery outcrops

Earlier this week Xanadu drilled out shallow copper and gold mineralisation at its Zaraa porphyry discovery.

Assays included 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.

Near-surface mineralisation supports the project’s potential to be developed given mining can begin earlier nearer to the surface and then move towards deeper mineralisation.

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

3 min read