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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Stockwork Hill | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 8/14/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-8-2019: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Stockwork Hill deposit at the Kharmagtai project. Drilling results incl. 40m @ 2.30g/t Au, 0.65% Cu from 0m. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Compa | |
| 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 announce the first batch of assay results from its oxide gold drilling program at its flagship Kharmagtai Project in southern Mongolia (Figures 1 and 2). These results form part of the Company’s current 2019 drilling program, with significant progress made towards defining a shallow oxide gold resource. The new results have significantly increased the Company’s confidence in the emerging oxide gold opportunity at Kharmagtai. Stockwork Hill is the first prospect to be drilled outside and above the Kharmagtai copper-gold deposit, highlighting the under-explored nature of the broader project. The first-pass diamond drill program is designed to extend the both strike and depth to the significant shallow oxide gold mineralisation at Kharmagtai. Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “We are very pleased by these initial drill results from the mineralised oxide zone above the Stockwork Hill deposit. Assays from the first two drill holes in the eighthole program confirm our belief that previous drilling within the oxide zone above the sulphide deposits has underestimated the gold contained. These outstanding gold intercepts generated at Stockwork Hill show just how underexplored the broader Kharmagtai Project is for oxide gold mineralisation and validates the current plan of developing a low-cost, high-value gold starter project at Kharmagtai. Our long running objective is to develop Mongolia’s next large-scale open pit copper and gold deposit. However, given Kharmagtai sits on a granted mining lease with a registered water resource and an established power supply nearby, we have the ability to move quickly on an oxide gold project and 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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