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Xanadu Mines Ltd.
Summary
| Project: | Oyut Ulaan | |
|---|---|---|
| Deposit: | Oyut Ulaan | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 6/28/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-6-2017: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Oyut Ulaan deposit at the Oyut Ulaan project. Drilling results incl. 184m @ 0.85g/t Au, 0.52% Cu from 0m. Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased t | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to announce positive initial results of reverse circulation (RC) drilling designed to test several near-surface high-priority, high-grade epithermal gold and gold-rich porphyry copper targets at its 90% owned Oyut Ulaan copper-gold property located within the Dornogovi Province of southern Mongolia, approximately 420km southeast of Ulaanbaatar (Figure 1). Exploration conducted during 2016 identified over 47 epithermal and porphyry targets across the Oyut Ulaan property. Work in 2017 is focused on systematically drill testing the best of these targets to identify the highest value prospects. Recent trenching at Oyut Ulaan has identified extensive shallow high-grade gold mineralisation in multiple epithermal gold veins at Target 33. Geology, geochemistry and geophysics indicate this target is up to 1km long and up to 150m wide (Figures 2 and 3). A single RC drill hole – OURC043 was designed to test these gold bearing quartz veins and intersected 22m @ 1.8g/t from 40m including 10m @ 3.7g/t Au from 50m within silica and epidote altered volcanic rocks and below the weathering zone. A second hole was collared to aid in determining the orientation of this zone of primary gold mineralisation and assays for this second hole are pending (Figure 4). Further drilling and trenching is currently underway to expand this new zone of high-grade primary gold mineralisation, and identify potential high-grade shoots within the system. Target 33 is one of many high-quality epithermal gold targets in the exploration pipeline at Oyut Ulaan. | |
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