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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | White Hill | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 10/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-10-2018: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its White Hill deposit at the Kharmagtai project. Drilling results incl. 438.8m @ 0.26% Cu, 0.21g/t Au from 0m. Commenting on the quarter’s activities, Xanadu’s Managing Dir | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Commenting on the quarter’s activities, Xanadu’s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said: “Following the very significant discovery of the fourth porphyry centre at Zaraa, we believe the Kharmagtai project is approaching a near-term development opportunity and it’s now time to take the project to the next stage. Our number one objective at Kharmagtai is to fast-track resource drilling designed to significantly upgrade the Kharmagtai Mineral Resource estimate and to complete a Scoping Study on a very low strip ratio, higher-grade open pit ‘starter’ project contained within a larger resource.” “Xanadu’s exploration has been very efficient, driven by a high-quality geological model and understanding of the deposits. We are extremely delighted with the new results, particularly with the substantial increase in the open-pit shallow resource base at Kharmagtai. With a 400% increase in contained copper, we are confident that the upcoming PEA will show a financially robust open-pit starter project that will pave the way for Kharmagtai to develop into another high-quality Mongolian mining operation. “Xanadu has entered an exciting period of cost-effective discovery and growth. Since acquiring the Kharmagtai project, we have been able to discover copper at a cost of less than 1c a pound, which is well below the global average of 4-7c per pound. We are now in the privileged position of controlling a large exploration district with outstanding potential. I'm highly optimistic we will continue to grow the resource base at Kharmagtai where the existing resources remain open both along strike and at depth. With the discovery of Zaraa and mineralisation intersected down to 1,200 vertical metres and still open, the opportunity for a very large-scale system is great. “The addition of Zaraa to the global resource base in early 2019 should have a positive impact on the overall scale and grade. We are now thinking about how big the mineral endowment could be at Kharmagtai and what future production it could sustain.” “We are very pleased to be listed on the TSX now, as well as the ASX, as it will allow the company to develop a broader awareness of our significant porphyry copper-gold discovery in Mongolia’s South Gobi on two of the best resource exchanges globally. The listing constitutes an important milestone for Xanadu, providing a local trading platform for existing and new Canadian shareholders and investors.” | |
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