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Xanadu Mines Achieves Near Surface Copper Gold Results at Red Mountain

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THE DRILL SERGEANT: Xanadu Mines (ASX: XAM) reported encounters with copper and gold at the company’s 100 per cent-owned Red Mountain copper and gold project, in the South Gobi region of Mongolia.

Xanadu Mines carried out approx. 4,880 metres of diamond drilling that was designed to test shallow high-grade gold and copper-gold targets across the Red Mountain Lease.

The drilling completed across four prospects hit shallow mineralisation the company considers warranting near term follow-up.

Best intersections include:

EPITHERMAL GOLD EXTENSIONS AT TARGET 33

OUDDH128
41 metres at 1.07 grams per tonne gold from 34m, Including 5m at 2.67g/t gold from 38m and 6m at 2.28g/t gold from 58m; and

OUDDH130
29m at 0.54g/t gold from 4m Including 4.1m at 1.39g/t gold from 18m.

MAIDEN DRILLING FOR HIGH GRADE COPPER SULPHIDE LODES AT NOWIE

OUDDH134
8m at 1 per cent copper and 0.12g/t gold from 267m; and

OUDDH136
14m at 0.75 per cent copper and 0.26g/t gold from 113m.

COPPER GOLD PORPHYRY EXTENSIONS AT TWO PROSPECTS

Target 10 copper sulphide lodes returned:

OUDDH132
4m at 0.85 per cent copper and 1.52g/t gold from 186m and 4m at 0.85 per cent copper and 1.52g/t gold from 186m.

Bavuu Copper-Gold Porphyry Prospect returned

OUDDH137
9.5m at 0.47 per cent copper and 0.21g/t gold from 110.3m.

“We are very pleased with the latest results from the Red Mountain diamond drilling program which tested several shallow gold and copper targets,” Xanadu Mines vice president exploration Dr Andrew Stewart said in the company’s ASX announcement.

“At Target 33 drilling continues to define multiple broad zones of near surface gold mineralisation that remain open a long strike.

“The first drilling at Nowie has been very encouraging returning broad intervals of copper and gold, including several narrower intervals of higher-grade copper demonstrating both scale and grade potential.

“These latest drilling results validate and refine our exploration models providing our exploration team with direction towards a significant discovery at Red Mountain.

“Follow up drilling is planned for the second half of 2024.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Xanadu Mines Conducts $10.2 million Placement for Kharmagtai High Grade Exploration

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THE BOURSE WHISPERER: Xanadu Mines (ASX: XAM) is raising an impressive $10.2 million to advance the company’s Kharmagtai copper-gold project, located in the Omnogovi province of Mongolia.

Xanadu Mines announced it has received firm commitments for a placement to eligible professional and sophisticated investors of approximately 163.8 million fully-paid ordinary shares at an issue price of 6.2 cents each to raise approximately $10.2 million.

The company explained the proceeds of the placement, together with existing cash resources, will be applied towards the Kharmagtai Phase 2 exploration program in accordance with its strategy to target higher-grade, bornite rich zones at depth and for general working capital purposes.

“We are pleased with the strong support received from both existing shareholders and new institutional investors,” Xanadu Mines non-executive chairman Colin Moorhead said in the company’s ASX announcement.

“This Placement continues to strengthen our share register and fully funds Xanadu to execute its exploration strategy at Kharmagtai.

“Investors can look forward to a period of strong exploration news flow as we embark on an aggressive drilling program to define the higher grade, gold-rich bornite zones at depth and unlock the next stage of development in this globally significant copper-gold project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@xanadu.com

 

Web: www.xanadu.com

 

Xanadu Mines Encounters Further Mineralisation at Stockwork Hill

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THE DRILL SERGEANT: Xanadu Mines (ASX: XAM) is conducting an exploration program targeting extensions of high-grade copper and gold mineralisation along strike and below current resources at the company’s Kharmagtai copper and gold project located in the South Gobi region of Mongolia.

Xanadu Mines recently carried out drilling on the Stockwork Hill deposit, which it claims to confirm high-grade extensions below the current resource.

Results include:

KHDDH448
230 metres at 0.5 per cent copper and 0.91 grams per tonne gold (1.09 per cent copper equivalent (CuEq)) from of 574m, including 117.5m at 0.76 per cent copper and 1.63g/t gold (1.8% CuEq) from 624.5m, including 71.2m at 0.92 per cent copper and 2.33g/t gold (2.41% CuEq) from 684m.

The company said that increasing bornite mineralisation down hole indicates the drilling is nearing the higher-grade core of the deposit.

The drilling suggests that he Stockwork Hill and White Hill systems begin to merge at depth, which Xanadu believes could increase resource potential.

Other drilling carried out at Target 19 encountered porphyry mineralisation and has confirmed the deposit as a new shallow porphyry copper discovery, 1.5 kilometres west of White Hill.

Results include:

KHDDH435
213.4m at 0.23 per cent copper and 0.17g/t gold (0.34% CuEq) from 86m, including 130.3m at 0.29 per cent copper and 0.22g/t gold (0.43% CuEq) from 130m, including 16m at 0.47 per cent copper and 0.39g/t gold (0.72% CuEq) from 200m.

Mineralisation at Target 19 remains completely preserved at depth, again indicating resource potential.

Xanadu said the results continue to confirm the Kharmagtai project as a district scale trend with potential to host further copper-gold discoveries.

Xanadu signalled its intention to resume exploration drilling of high-grade gold and copper targets at its Red Mountain project in March.

“What really sets our geology team apart from other explorers is our porphyry copper expertise, which is demonstrated in this new round of results where extensional drilling has significantly increased the footprint of the Kharmagtai porphyry system and where we continue to add high-grade tonnes to the existing resource,” Xanadu Mines managing director and CEO Dr Andrew Stewart said in the company’s announcement to the Australian Securities Exchange.

“We are particularly excited in the latest scout drilling at Target 19 where we have intersected broad zones of new copper porphyry mineralisation 1.5 kilometres west of the large White Hill deposit.

“This could provide another shallow, low strip ratio discovery within the district.”

 

Website: www.xanadumines.com.au