Xanadu Mines (ASX:XAM) has completed a new infill drill program, delivering ‘strong’ and ‘higher-grade’ copper and gold results ahead of a Prefeasibility Study (PFS) for its Kharmagtai Project in Mongolia.
The drilling work was taken on across the Stockwork Hill, White Hill, and Copper Hill zones within the project area.
The recent drill results demonstrate that the ‘high-grade’ tourmaline breccia body within the resource is ‘larger’ than previous modelling predicted.
Xanadu, which has a market capitalisation of $188.34 million, reports some of the ‘best’ downhole intersections include drillhole KHDDH649 with 424m @ 0.36% copper equivalent (eCu) (0.26% Cu and 0.21g/t Au) from 126m, including 72.2m @ 0.72% eCu (0.41% Cu and 0.60g/t Au) from 126m.
Commenting on the recent drill results and activities, Xanadu Mines Executive Chairman and Managing Director Colin Moorhead says: “Our infill drilling program to support the PFS has progressed safely and efficiently and is continuing to demonstrate results in line with or materially better than the 2021 MRE.
“Results from this phase one have continued to show upside to the existing resource that formed the basis for the 2022 PEA and Scoping Study”
Results from this phase one have continued to show upside to the existing resource that formed the basis for the 2022 PEA and Scoping Study.
Phase two drilling, currently underway, is focused on Golden Eagle, Zephyr, and West White Hill, and will also address any outstanding issues arising from phase one.”
Xanadu notes results from its phase two infill drill program will be combined with the interim Mineral Resource Estimate (MRE) to produce a final PFS mineral resource update in Q4 2023.
Xanadu Mines is a dual-listed exploration company operating in Mongolia. The company is focused on exploring for ‘large-scale’ copper-gold discoveries and maintaining its portfolio of exploration projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Xanadu Mines Ltd
