Doubles Zaraa Prospect Target Zone
Dual-listed Xanadu Mines Ltd (ASX: XAM | TSX: XAM) has announced a significant expansion to mineralisation at the company’s Kharmagtai copper and gold Project, located within the South Gobi, Mongolia.
Kharmagtai is an emerging copper and gold project, within the highly prospective South Gobi Desert, which the company believes has the potential to be a globally significant, gold rich copper project.
Phase 1 program has completed 17,000 metres out of a 23,000 metre plan, resulting in significant expansion to the mineralised system at Kharmagtai, with ~9,800 metres of assays still pending.
The results include drilling at the Zaraa Prospect which intersected extensive zones of anomalous copper and gold mineralisation, more than doubling the sizeof the immediate target zone.
Also includes drilling at Stockwork Hill which has identified a potential structural repeat of mineralisation below the currently defined Mineral Resource.
CEO, Dr Andrew Stewart, said discovery drilling nearby at the Pechko target area has also identified a large scale, potentially mineralised tourmaline breccia system.
The Kharmagtai Mineral Resource is currently estimated to contain 1.9 million tonnes of copper and 4.3 million ounces of gold. An updated Mineral Resource Estimate is planned in H1 CY2021. An updated “Mining Options Study” is also planned.
“Kharmagtai is an emerging, globally significant, gold rich porphyry copper system. It contains large zones of relatively higher-grade mineralisation that may represent opportunities to unlock real value,” Dr Stewart said.
“Our exploration strategy remains focused on defining these higher-grade zones whilst growing the Mineral Resource through extensions to known deposits such as Stockwork Hill and discovery of new deposits such as Zaraa and potentially Pechko.”
