Xanadu Mines Ltd (ASX: XAM, TSX: XAM) is an exploration company that discovers and defines globally significant porphyry copper-gold deposits in Mongolia. We leverage the experience and relationships developed over >10 years in country to deliver low cost and effective discovery and resource growth. We maintain a multi-stage portfolio of exploration projects, and Xanadu remains one of the few junior explorers on the ASX or TSX who control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project.
Xanadu has set a goal targeting an increase of the combined Kharmagtai resource to >1 billion tonnes @ ≥0.5% copper equivalent (CuEq) including >100 million tonnes @ ≥0.8% CuEq, with the aim to provide both scale and high grade to enable future development of the Kharmagtai District.
The Company recently mobalised a third rig to site in order to commence a 23,000 metre diamond drilling program with anticipated completion by Q4 of CY2021. The program will encapsulate three key components which will drive the Company towards its scale and high grade goals at Kharmagtai:
• High-Grade Definition Program - define scale and tenor of gold-rich, bornite zone underneath current Stockwork Hill, White Hill and Copper Hill resources;• Discovery Drilling Program - drilling of priority targets to identify new discoveries within the Kharmagtai District;and
• Resource Upgrade Program - targeting a resource upgrade beneath the current resource and including large-scale mineralisation at Zaraa.
The Red Mountain district is being progressed as a standalone high-grade copper project, complementing the advanced large-scale Kharmagtai copper-gold district.
At Red Mountain the Xanadu has completed geophysics in parallel with an approximately 1,000 metres of trenching to identify high-priority drill targets. Drilling has now commenced utilising data obtained from geophysics and trenching programs and follows encouraging high-grade drilling results from March 2021 which returned significant shallow high-grade copper in drill hole OUDDH100 with 16m @ 4.09% Cu from 54m, including 4m @ 15.85% Cu from 55m.
* 05 December 2022 (AUD)
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