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Xanadu Mines Ltd.
Summary
| Project: | Kharmagtai | |
|---|---|---|
| Deposit: | Zaara | |
| Location: | Mongolia | |
| Commodities: | Copper-Gold | |
| Date: | 6/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-6-2018: Xanadu Mines Ltd. announces an Exploration/Drilling Update report for its Zaara deposit at the Kharmagtai project. Drilling results incl. 9m @ 6.60g/t Au, 0.18% Cu from 24.0m. Xanadu Mines Ltd (ASX: XAM - “Xanadu” or “Company”) is pleased to pro | |
| 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 porphyry copper and gold discovery at its flagship Kharmagtai 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 the rapid progress at the new Zaraa discovery. New shallow bedrock drilling results confirm our belief that the Zaraa copper-gold discovery has the potential to outcrop at the basement surface some 18 metres below the present-day land surface and these shallow high-grade intercepts which are hosted in a strongly silicified and clay altered diorite porphyry represent the upper oxide zone above the Zaraa porphyry system. Delineating the Zaraa discovery closer to surface will aid in future development. Initial widely spaced drilling and geophysics indicates that the new Zaraa discovery represents a very large copper-gold system. Based upon the current data, Zaraa appears to be a northeast trending, steeply dipping porphyry system approximately 400 metres wide and up to 1.5km long. Ongoing drilling continues to test for both lateral continuity to the shallow oxide mineralisation and depth extensions to the mineralisation. The current programme will provide a steady flow of news for shareholders in the months ahead.” Top of bedrock drilling is currently underway to define shallower mineralisation for follow up diamond drilling at Zaraa. A significant geochemical anomaly was identified from previous top of bedrock drilling and infill drilling is currently underway to delineate the near surface oxide enrichment zone (surface expression) of the Zaraa discovery (Figure 3). Preliminary results are being returned for this drilling and two holes at the predicted surface expression of Zaraa have returned very high-grade results from shallow depths below the cove | |
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