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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Copper Hill, Stockwork Hill | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 1/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-1-2018: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Copper Hill, Stockwork Hill deposit at the Kharmagtai project. Drilling results incl. 329.5m @ 0.42% Cu, 0.46g/t Au from 2.5m. Well‐funded copper-gold exploration company | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Well‐funded copper-gold exploration company, Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to provide an update on exploration activities currently being undertaken at its flagship Kharmagtai copper and gold project located in the South Gobi region of Mongolia (Figures 1 and 2). The accelerated exploration programme continues to target extensions of copper and gold mineralisation along strike and below the current resources (Figure 3). Xanadu’s MD & CEO, Dr Andrew Stewart, said “We believe Kharmagtai represents one of the most promising copper and gold discoveries being explored globally at present. Recent step-out drilling around the maiden shallow resources at Copper Hill, Stockwork Hill and White Hill has delivered some exceptional results. This new drilling has defined significant extensions to high-grade mineralisation at all three deposits, which is sure to extend resources. With the expansion of the drilling fleet at Kharmagtai to four drill rigs, we plan to maintain our dual drill strategy of expanding known mineralisation through exploration of tourmaline breccia hosted mineralisation below and along strike from the current resources and drill test all shallow high-priority porphyry copper-gold and gold targets undercover.” The quality of Kharmagtai continues to be demonstrated by positive drill results reported this quarter. The latest drilling, which is targeting high-grade mineralisation at Stockwork Hill and Copper Hill, reaffirms our belief in the potential for this mineral system to host a large scale high-grade copper-gold deposit. Whilst drilling through the upper reaches of the already defined resources, the drilling has not only filled gaps in the current resources but it has increased confidence in continuity, resource category and results were equal to or better than those used in the previous resource estimate. Both discoveries remain open in virtually all directions. | |
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