Xanadu (ASX:XAM) make multiple copper-gold breakthroughs at Kharmagtai

Xanadu (ASX:XAM) make multiple copper-gold breakthroughs at Kharmagtai

November 16, 2023 Off By Tom Duggan

With three diamond rigs spinning for Xanadu Mines, new discovery drilling at Kharmagtai has intersected mineralisation over multiple untapped porphyry clusters and expanded mineralisation across its large-scale Mongolian copper-gold project.

Intersected mineralisation included high-density, stockwork, breccia, and gold only mineralisation in the new clusters, while the first of four planned deep holes into White Hill expanded the mineralised system of its largest known deposit by over 600 metres.

Mineralisation was also extended at Cluster 2 800 metres along strike from the current MRE limit, potentially representing a mineralised porphyry stockwork offset, while multiple new zones of broad gold-rich mineralisation was returned over two kilometres of strike at Cluster 5.

Xanadu Executive Vice President Exploration Dr Andrew Stewart said that after completing more than 52,000 metres of infill and extensional drilling at Kharmagtai, its focus had shifted to very exciting deep and shallow discovery drilling aimed at making economic discoveries outside its current MRE.

“Following successful delivery of higher-grade mineralisation from the infill and extensional drilling program, this purposeful program represents our most significant exploration pursuit in recent years,” Dr Stewart said.

“The first of four currently planned deep drill holes, KHDDH648 intercepted an impressive (>1km) porphyry zone, expanding the White Hill mineralised system more than 600m down dip.

“Importantly this hole has provided important vectors required to target higher-grade mineralisation at depth; 3D geological modelling is underway to refine these vectors, in anticipation for high priority drilling. These deep drill holes could prove to be a major Kharmagtai value driver; as they are designed to test for highgrade, large-scale systems at depth as seen at the nearby Olu Tolgoi Mine.”

Dr Stewart added that discovery of shallow, broad intercepts including a strong 144m wide mineralised zone 800 metres west and along strike from the Stockwork Hill deposit was also very encouraging.

“Importantly this intercept includes a coherent zone of greater than 0.6% eCu, providing optimism towards discovering another high-grade deposit similar to Copper Hill and Stockwork Hill,” he said.

“The good strike rate of significant intercepts in these holes provides us confidence that more shallow, high-grade deposits will be discovered at Kharmagtai.”

Xanadu will be on the discovery path for the rest of 2023, focused on extensions to known deposits, new porphyry copper gold systems, and potentially the future infrastructure locations for developing Kharmagtai towards large-scale mining.

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