Xanadu drills 86.7 metres of 0.61% CuEq at Kharmagtai, Mongolia

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Xanadu Mines Ltd. [XAM-TSX, ASX; XANAF-OTC] provided an update on its continuing exploration program for porphyry copper and gold deposits at the Kharmagtai district in the South Gobi region of Mongolia.

Highlights

The disciplined program continues to target and define higher grade zones at 100%-owned Kharmagtai. Partial Assays returned for drill holes KHDDH567 and KHDDH568, scissor holes following up hole KHDDH565. Hole KHDDH567 returned 86.7 metres of 0.61% eCu (0.36% copper, 0.49 g/t gold) from 660.3 metres, including 54 metres of 0.75% eCu (0.42% copper, 0.66 g/t gold) from 667 metres, including 6 metres of 1.06% eCu (0.56% copper, 0.98 g/t gold) from 669 metres. Hole KHDDH568 returned 46.4 metres of 0.60% eCu (0.32% copper, 0.55 g/t gold) from 693.7 metres.

This drilling confirms location of the broader zone of high-grade mineralisation but is interpreted to have missed the very high grade, gold-rich bornite zone due to displacement along the Fifty-Fifty fault.

Current diamond drill hole KHDDH571 is a follow up to target this zone on the hanging wall side of that fault. Current 3 rig program includes two other diamond drill rigs focusing on resource expansion drilling at White Hill (KHDDH569) and Zaraa (KHDDH570). Visual results indicate:

White Hill drill hole expands copper sulphide mineralisation by approximately 300m to the south of the current resource, indicates possible presence of higher-grade blocks.

Zaraa drill hole expands interpreted mineralisation by approximately 100m to the east.

Xanadu’s CEO, Dr Andrew Stewart, said “Xanadu is running a disciplined exploration program to define higher grade blocks within a large zone of >0.6% eCu mineralization. Today’s results show effective progress, which we expect to be a steady build over the next 6 months. Over this time, we will share both drill results and project implications on a regular basis.

“The partial assay results from our scissor holes KHDDH567 and KHDDH568 demonstrate structural complexity in the high-grade Bornite Zone at Stockwork Hill, with the zone pinching and swelling along its interpreted strike length. Late structures have moved parts of the high-grade bornite zone, which is not uncommon in older systems such as Kharmagtai.

“The estimated width of the defined high-grade mineralization at the Stockwork Hill Deposit ranges between 20 and 100 metres; however, this is limited by a lack of drill holes along the northern and southern flanks, which we will target through our drilling program.

“For our resource growth objective, the visual mineralization logged in current drill holes at White Hill and Zaraa are encouraging and highlight the potential for substantial expansion of the global resource.

“We look forward to providing regular updates on this structured program as we build the grade and scale of Kharmagtai.”

Partial Results for KHDDH567 and KHDDH568 KHDDH567 was drilled targeting the extensions of the high-grade bornite zone approximately 80m west. Assays for the 780 metres have been returned with results for the remaining 256 metres due within two weeks.


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