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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Kharmagtai | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 11/6/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-11-2019: Xanadu Mines Ltd. announces a Resource Estimation report for its Kharmagtai deposit at the Kharmagtai project. Updated Exploration Target at Kharmagtai. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to announce it | |
| Resources: | ||
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to announce it has upgraded the global copper and gold Exploration Target at its flagship Kharmagtai project, which is located in the south Gobi region of Mongolia (Figures 1 and 2). A new global Exploration Target has been developed to highlight the largescale copper-gold potential of the Kharmagtai project. Additionally, an independent valuation (VALMIN) has been completed by SRK for the Kharmagtai Mining Lease (please see Appendix 1). Xanadu’s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “We have always had a strong belief in the large-scale copper-gold potential of Kharmagtai. This Global Exploration Target outlines the areas we are aiming to convert to resources in the near to mid-term. Additionally, our geologists have highlighted a series of compelling geochemical and geophysical vectors which suggest mineralisaiton within this Exploration Target is just the tip of a much larger porphyry system. We know these systems exist in Mongolia as the giant Oyu Tolgoi is currently being mined some 120km to the south of Kharmagtai and we believe that Kharmagtai is a similar type of system. Additionally, we are in the final stages of completing metallurgical work for the three existing sulphide deposits, which is aimed at increasing the already good recovery assumptions made in the 2018 mineral resource upgrade. Finally, an independent valuation of the Kharmagtai project has been completed by independent consultants, SRK. We commissioned this valuation to highlight to the market the disparity between the company’s current perceived value and the Kharmagtai project’s potential value. Our long running objective is to develop Mongolia’s next large-scale copper gold deposit. 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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