Xanadu Mines Ltd - CEO, Dr Andrew Stewart
CEO, Dr Andrew Stewart
Source: Asia Mines
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Xanadu Mines’ (TSX:XAM) step out drilling program has found a significant new mineralisation zone 
  • The mineralisation is located immediately east of the Stockwork Hill deposit on the company’s Kharmagtai porphyry copper and gold project 
  • The drill site intersects 117 m at 0.68 per cent copper and 0.58 grams per tonne of gold from 555m 
  • The tourmaline breccia extends for over 1000m east of the Stockwork Hill deposit 
  • Xanadu Mines Ltd (XAM) remained steady and is trading at C$0.03 cents per share with a market cap of $23 million 

Xanadu Mines (TSX:XAM) reports that diamond drilling has unearthed significant mineralisation just outside their Stockwork Hill deposit.

The company believes that the site, set in Mongolia’s Southern Gobi region, could become one of the most promising copper and gold projects in the world.

Drilling of the tourmaline breccia onsite has intersected 0.68 per cent copper at 117 metres and 0.68 grams per tonne of gold at 555 metres.

This result also includes 62.8 metres at 1.16 per cent copper and 1.04 grams per tonne of gold at 607 metres.

This breccia extends for about one-kilometre east of the mine at Stockwork Hill, giving Xanadu good reason to be excited.

Xanadu’s CEO, Dr Andrew Stewart, said the company always believed that the high-grade tourmaline breccia at Stockwork Hill should extend east. Until now, previous drilling had been unable to locate mineralization.

“Drilling now confirms that mineralisation certainly extends beyond Billy’s Basalt Shear and may extend potentially all the way to the Sandstorm prospect over 1km away.

“These outstanding results support Xanadu’s interpretations that the porphyry-breccia complex at Kharmagtai has potential to be a significant copper-gold system. It has similarities to other very strongly mineralised tourmaline breccia deposits globally,” he said.

Previously, all drilling and exploration work had stopped at the Basalt Shear, due to assumptions that mineralisation stopped at the subterranean outcrop.

However, further exploration in green fields east of the site confirmed suspicions that the vein does continue past the Shear.

The drilling program is ongoing, with three drill holes currently completed at the Stockwork Hill site.

One of these drill holes encountered a shallow zone of bornite, but the main zone of mineralisation discovered sits between 600m and 900m. Further assays are pending.

All holes were designed to extend to the known high-grade mineralisation.

Xanadu Mines Ltd (XAM) remained steady and is trading at C$0.03 cents per share at 11:36am EST. 

More From The Market Herald

" Grizzly (TSXV:GZD) to advance 2022 drilling for BC precious & battery metals projects

Grizzly Discoveries (GZD) is reviewing proposals for core drilling during the 2022 exploration season.

" ArcPacific (TSXV:ACP) locates lost gold-copper mine on LMSL Project

ArcPacific Resources Corp. (ACP) has discovered an early 1900s era gold-copper mine at its LMSL Project in British Columbia.

" CanAlaska Uranium (TSXV:CVV) begins airborne survey at Geikie Project

CanAlaska Uranium (CVV) has begun a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Geikie project.

" Osisko Development (TSXV:ODV) releases San Antonio Property mineral resource estimate

Osisko Development Corp. (ODV) has released an initial open pit resource estimate at its San Antonio Project in Sonora State, Mexico.