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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Golden Eagle | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 9/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-9-2019: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Golden Eagle deposit at the Kharmagtai project. Drilling results incl. 38.4m @ 1.25g/t Au from 34m. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is p | |
| 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 announce drilling at the Golden Eagle oxide gold target at its flagship Kharmagtai Project in southern Mongolia has commenced (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 Golden Eagle, which represents the largest zone of oxide gold at Kharmagtai and this initial drill program is designed to expand system and confirm continuity of oxide gold mineralisation. Existing metallurgy from Golden Eagle is extremely encouraging and this zone of mineralisation has returned recoveries of up to 92.56%. Our long running objective is to develop Mongolia’s next large-scale open-pit copper and gold deposit. We are encouraged by what we see at Stockwork Hill, particularly the grade and potential scale and strike extent of the oxide system. The new results demonstrate clear progress, and 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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