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Xanadu Mines confirms higher-grade mineralisation across porphyry at Kharmagtai www.proactiveinvestors.co.uk
Xanadu Mines Ltd (ASX:XAM) continues to make high-grade copper-gold intercepts from diamond drilling at the Stockwork Hill deposit, located within the company's Kharmagtai project in Mongolia.
The latest highlight delivered: 264 metres at 0.56% copper and 1.46g/t gold for a 1.49% copper equivalent from surface, including 148 metres at 0.81% copper and 2.41g/t gold for a 2.41% copper equivalent.
Dr Andrew Stewart, managing director, commented:
"We continue to be encouraged by the results of our ongoing extensional
drilling program around the current resources at Kharmagtai.
"Hole KHDDH415 successfully confirmed our interpretation of consistent highergrade
mineralisation across the mineralised width of the porphyry and
increasing gold to copper ratios associated with north-northeast controlling structures.
"These high-grade extensions we have identified now offer us the opportunity to assess Stockwork Hill as a potential large-scale resource which we will be assessing during the remainder of 2017."
Analysis
Xanadu has been attracting broker attention recently.
The company's shares last traded at $0.22, with Bell Potter seeing a strong upside after applying a Buy Recommendation and a $0.52 valuation.
Argonaut recently made a site visit in Mongolia and rates the stock a Speculative Buy.
Published Date:2017-09-11
