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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Kharmagtai | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 2/28/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-2-2019: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Kharmagtai deposit at the Kharmagtai project. Drilling results incl. 352.0m @ 0.41% Cu, 0.58g/t Au from 448m. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Comp | |
| 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 report partial assay results for diamond drill hole KHDDH488 which has returned a thick intercept of high-grade copper and gold mineralisation. The latest drilling results have confirmed a transition to higher temperature sulphide mineral assemblages such as bornite in the intrusive root to the deposit, with a significant increase in the gold-to-copper ratio associated with increasing bornite. The high-grade bornite occurs within a highly mineralised quartz monzodiorite intrusion that appears to be one of the primary sources of mineralisation for the entire Kharmagtai deposit, which is located in the south Gobi region of Mongolia (Figures 1 and 2). The current drilling is targeting high-grade mineralisation associated with the causative copper and gold porphyry at depth. Xanadu’s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “After two and a half years of intensive exploration, it is remarkable that our drilling has intersected a significant new zone of bornite-rich porphyry which has produced one of the best intersections of copper and gold mineralisation encountered on the property. Like most classic gold-rich porphyry systems, the target is the bornite zone which correlates with high copper values, but significantly also a higher gold-to-copper ratio. Hole KHDDH488 has successfully demonstrated the existence of high-grade mineralisation along strike and at depth of the current open pit resource. This represents an exciting new development for the project following the release of an interim open pit resource last year and we are particularly excited with the new results from this hole which are expanding a new zone of bornite porphyry mineralisation. We are very confident these results will provide the basis for a significant increase in the size and grade of the overall Kharmagtai deposit and have a positive impact on ongoing economic studies.” | |
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