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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Kharmagtai | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 12/22/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-12-2016: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Kharmagtai deposit at the Kharmagtai project. Drilling results incl. 12m @ 1.64g/t Au, 2159pm Cu from 39m. Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to announce that first assays have been received from an undercover bedrock drilling program over the Kharmagtai copper-gold district, in the South Gobi region of Mongolia (Figure 1), as foreshadowed in the last Quarterly Report. The drill program consisted of 259 holes for approximately 11,140m of drilling designed to systematically test district-scale anomalies buried under shallow cover identified through 2015 and 2016, and new conceptual structural targets not previously tested by drilling. New top of basement drilling results confirms continuity of mineralisation under shallow (20 to 50m) cover with drilling intersecting anomalous bedrock copper and gold mineralisation over a widespread area, approximately 25 square kilometres. At least seven new targets were identified, with 38 drill holes returning gold grades greater than 0.1 g/t Au and 12 holes more than 0.1% Cu over two metre intervals (Figure 2). The drilling also provided important information on depth of cover gravels, which typically ranged from 20 to 50m. The shallow depths significantly enhance the prospectivity for further open pit resources within the Kharmagtai district. | |
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