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Xanadu Mines Ltd.
Summary
| Project: | Oyut Ulaan | |
|---|---|---|
| Deposit: | Oyut Ulaan | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 6/9/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 9-6-2016: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Oyut Ulaan deposit at the Oyut Ulaan project. Drilling results incl. 69m @ 0.04g/t Au, 2.0% Cu from 0m. Xanadu Mines Ltd (ASX: XAM – “Xanadu”) is pleased to announce that | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM – “Xanadu”) is pleased to announce that it has received the first assay results from diamond drilling targeting recently discovered shallow gold mineralisation from its 90% owned Oyut Ulaan copper-gold project located within the Dornogovi Province of southern Mongolia, approximately 420km southeast of Ulaanbaatar (Figure 1). Following the discovery of multiple zones of potentially significant outcropping quartz-pyrite vein mineralisation, the Company continues its program of systematic and cost effective exploration work designed to understand the geological controls on high-grade mineralisation within this shallow gold system that occurs peripheral to know gold-rich porphyry copper and tourmaline breccia copper mineralisation at Oyut Ulaan. Recent exploration has discovered at least four areas of gold mineralisation that occur within a prospective area of mineralisation that is 4.5km long and 300m wide (Stockwork Zone, Bavuu Zone, Diorite Zone and Hulan Zone; Figures 2 to 4). Gold mineralisation is hosted by pyritic quartz veins, which occur as multiple stacked arrays, which generally trend northeast and dip shallowly to the northwest, making them potentially amendable to open pit mining. The veins are narrow but very high grade, with gold assays ranging from 1 g/t to >30 g/t gold over widths of 50cm-1.5m. | |
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