Proactive Investors - Run By Investors For Investors

Xanadu Mines attracts $10 million for copper-gold project in Mongolia

Xanadu is proceeding to complete the drilling and provide an updated resource.
dollars
The company is now well funded

Xanadu Mines Ltd (ASX:XAM) has successfully completed a share placement to domestic and international institutional and sophisticated investors to raise $10 million at 17 cents per share.

The company received strong support from existing shareholders and demand from new investors, driven by the recent exploration success at its flagship Kharmagtai copper-gold project in Mongolia.

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

Xanadu chief executive officer Dr Andrew Stewart said: “The placement enables us to further strengthen our share register and balance sheet, allowing Xanadu to complete the resource drilling program at Kharmagtai unencumbered, and provide an updated mineral resource estimate before the end of 2018.

“Xanadu will also progress testing of high-priority targets to make new discoveries and grow existing deposits.

“Xanadu believes being fully funded to complete this exciting phase places the company in a very advantageous position to maximize the benefits from the high demand and high prices for copper and gold.”

The company’s recent high-grade subsections from drilling at the Zaraa copper-gold porphyry discovery at Kharmagtai includes 30.4 metres at 0.95% copper and 0.80 g/t gold.

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

The Zaraa discovery comes at a time when global consumers are searching for projects to fulfil future demand for copper, which is set to increase with the proliferation of electric vehicles.

Xanadu will now complete resource drilling at the Kharmagtai Open Pit and proceed with a scoping study, continuing exploration at the Kharmagtai and Red Mountain projects in Mongolia.

View full XAM profile View Profile

Xanadu Mines Ltd Timeline

Related Articles

Lithium brine evaporation ponds at Rincon project
April 09 2019
The company’s lithium hydroxide exceeded battery-grade standard in lab tests and may provide a complementary production strategy.
Lithium on table of elements
April 05 2019
The McDermitt Lithium Project features a high-grade ETR of 20-80 million tonnes at 2100-2600 ppm.
project area
February 06 2019
Drilling to improve the JORC classification and extend the current resource will start this quarter.

© Proactive Investors 2019

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