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Xanadu Mines mobilises drill rig to target shallow oxide gold at Kharmagtai

Drilling aims quickly and cheaply test one of the main oxide gold targets within Kharmagtai's mining licence.

drill rig on site in Mongolia
This target is a oxide gold cap above the Stockwork Hill deposit

Xanadu Mines Ltd (ASX:XAM) has a drill rig on site to commence a program targeting oxide gold at its Kharmagtai Copper-Gold Project in Mongolia.

Given Kharmagtai hosts a large-scale deeper copper-gold resource, this low-cost drilling program aims to delineate a shallow gold resource to act as a potential start operation.

An initial development of an oxide gold operation would be focused exclusively on mining and processing near-surface resources.

A total of drill holes have been designed to test several sections across the oxide cap and several holes to test beneath extremely high-grade gold at surface along strike.

Stockwork Hill is one of multiple gold oxide targets within the Kharmagtai mining licence

READ: Xanadu Mines board members show confidence with share purchases

Xanadu’s CEO Dr Andrew Stewart said: “We are excited about the opportunity for a near term, low-cost, high-value oxide gold project at Kharmagtai to fund further exploration and development of the large-scale copper gold project.

“Kharmagtai sits on a granted mining lease with a registered water resource and an established power supply nearby.

“We have the ability to move quickly on an oxide gold project.

“This first round of drilling is designed to quickly and cheaply test the concept and confirm the tenor of the oxide cap we know is above the established sulphide copper-gold resources.”

Three of the eight planned drill holes at the Stockwork Hill target

READ: Xanadu Mines has a tier 1 copper asset with a gold bonus: Hunter Capital Advisors

Quick facts: Xanadu Mines Ltd

Price: 0.048 AUD

Market: ASX
Market Cap: $39.61 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

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