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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Copper Hill | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 10/9/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 9-10-2019: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Copper Hill deposit at the Kharmagtai project. Drilling results incl. 47m @ 2.39g/t Au from 28m. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is plea | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to advise that recent diamond drilling has intersected wide zones of strong oxide gold mineralisation above the current Mineral Resource at the Copper Hill deposit at its flagship Kharmagtai Project in southern Mongolia (Figures 1 and 2). Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “We are very pleased by the first drill results from the oxide zone at Copper Hill. What encourages us most by what we see at Stockwork Hill, Golden Eagle and now Copper Hill is the grade and potential scale and strike extent of the oxide system. While further drilling is required across the resource as the project advances, these new intersections of significant widths of shallow oxide mineralisation highlight the potential and show that we have just scratched the surface in terms of the broader resource potential. Further, it represents the opportunity for a low cost, high-value gold gravity and leach operation which could be run early in the development life of Kharmagtai, injecting significant cash into the project to offset the cost of developing a large-scale copper-gold mine. Given 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, and our current strategy of seeking high-return options via an oxide gold project is focused on providing the capital needed to advance that larger scale copper and gold project.” | |
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