Xanadu Mines Drills Near Surface Copper And Gold In Mongolia

Xanadu Mines Ltd (ASX:XAM) has received encouraging copper and gold results across all four prospects drilled at its Red Mountain Project in Mongolia.

The results are from ~4,880 metres of discovery-focused diamond drilling completed at the project in the South Gobi region.

Significant, shallow mineralisation

The drilling encountered significant, shallow mineralisation warranting near-term follow-up, including:

  • Epithermal gold extensions at Target 33 – 41m (metres) at 1.07g/t Au (gold) from 34m including 5m at 2.67g/t Au from 38m;
  • Maiden drilling for copper sulphide lodes at Nowie – 8m at 1% Cu (copper) and 0.12g/t Au from 267m;
  • Copper gold porphyry extensions at Target 10 – 4m at 0.85% Cu and 1.52g/t Au from 186m; and
  • Copper gold porphyry extensions at Bavuu – 9.5m at 0.47% Cu and 0.21g/t Au from 110.3m.

Scale and grade potential

Xanadu’s VP Exploration Dr Andrew Stewart said, “We are very pleased with the latest results from the Red Mountain diamond drilling program which tested several shallow gold and copper targets.

 “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.”

What’s next?

Stewart noted that the latest drilling results validate and refine Xanadu’s exploration models providing the exploration team with direction towards a significant discovery at Red Mountain.

The company has planned follow-up drilling for the second half of 2024.

Xanadu is well-funded, with A$7.6 million in cash on 31 March 2024.

 

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