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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Zaara | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 7/11/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-7-2018: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Zaara deposit at the Kharmagtai project. Drilling results incl. 441.6m @ 0.35% Cu, 0.35g/t Au from 378.9m. Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Stewart (Internal) | |
| ABSTRACT: | Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to provide a drilling update for the new Zaraa Discovery at its flagship Kharmagtai copper and gold project located in the South Gobi region of Mongolia (Figures 1 and 2). Xanadu’s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said: “We are extremely pleased with progress at the new Zaraa discovery. After our initial drill holes showed Zaraa to be a very large-scale system with high-grade potential, our program has turned to bringing Zaraa to surface. KHDDH469 entered consistent and strong mineralisation at a depth of 330m vertically from surface. Drill hole KHDDH469 is one more step towards defining the size, shape and grade of Zaraa. With additional shallow drilling we believe we can bring this new discovery into open pit range. The objective at Zaraa is to first define a largescale open pit resource, then step deeper towards the higher-grade underground potential. This blind discovery is the result of a high-quality and systematic exploration program using good geology and a scientific exploration approach. We believe there remains excellent potential for more large-scale discoveries across the Kharmagtai district and we will continue to take a systematic approach throughout 2018 to assess the four deposits that we have identified so far (Copper Hill, Stockwork Hill, White Hill and Zaraa) as well as testing the other shallow exploration targets. Following the discovery of our fourth porphyry centre at Zaraa we believe the Kharmagtai project is approaching a near-term development opportunity. Our objective at Kharmagtai now is to work on a new mineral resource estimate for a low strip ratio, high quality standalone open-pit project and quickly demonstrate economic viability. We look forward to updating shareholders as results come to hand.” | |
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