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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Stockwork Hill | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 8/26/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-8-2019: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Stockwork Hill deposit at the Kharmagtai project. Drilling results incl. 40m @ 2.91g/t Au from 0m. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pl | |
| 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 second 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 drill program is designed to extend 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 new drill results from the mineralised oxide zone above the Stockwork Hill copper-gold deposit, which have delivered some pleasant surprises – not least of which are the much higher-than-anticipated gold grades, which are significant given the wide-spaced reconnaissance nature of this initial phase of drilling. To have such high gold grades defined so early is promising and supports our interpretation of an east-west zone of mineralisation, which presents as an outstanding target for further step-out drilling. Given the shallow nature of the mineralisation, 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. | |
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