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New High-Grade Copper-Gold Zone Emerging at White Hill

19.07.2023  |  GlobeNewswire

TORONTO, July 19, 2023 - Xanadu Mines Ltd. (ASX: XAM, TSX: XAM) (Xanadu, XAM or the Company) and its joint venture partner Zijin Mining Group Co. Ltd.. (Zijin) are pleased to provide an update on recent infill drilling at the Kharmagtai Project in Mongolia. Infill drilling has defined a new zone (core) of high-grade copper and gold mineralisation at the White Hill deposit and results continue to validate the total mineral resource model.

Highlights

  • Approximately 27,000m of Phase One diamond drilling has been completed (out of 30,000m total) at both the Stockwork Hill and White Hill deposits, at Kharmagtai.
  • Exceptional highlights from an additional fourteen drill holes demonstrate a new high-grade zone (core) is emerging at White Hill and extending below the currently optimised pit.
  • Best drilling results include:
    • KHDDH638 - 544m @ 0.4% eCu (0.34% Cu & 0.12g/t Au) from 273.4m
      Including 63m @ 1.03% eCu (0.92% Cu & 0.23g/t Au) from 634m
      Including 28m @ 1.45% eCu (1.45% Cu & 0.32g/t Au) from 645m
    • KHDDH634 - 654m @ 0.34% eCu (0.28% Cu & 0.11g/t Au) from 172m
      Including 32m @ 0.61% eCu (0.48% Cu & 0.25g/t Au) from 512m
      And 58m @ 0.71% eCu (0.59% Cu & 0.23g/t Au) from 617m
      Including 8m @ 1.45% eCu (1.17% Cu & 0.50g/t Au) from 651m
  • Newly identified high-grade (>1% eCu) core at White Hill demonstrates potential to enhance the 2021 Mineral Resource Estimate MRE (3Mt copper and 8Moz gold [1.98Mt CuEq Indicated, 2.33Mt eCu Inferred]).
  • Kharmagtai JV is funding US$35M PFS completion and discovery exploration, aiming towards decision to mine in Q4 CY2024

Xanadu's Executive Chairman and Managing Director, Mr Colin Moorhead, said "I'm particularly proud of our hardworking geology team making steady progress at Kharmagtai, better defining the White Hill deposit. Both drill holes KHDDH638 and KHDDH634 have effectively intercepted the top of a previously undefined high-grade core at White Hill. Both Stockwork Hill and Copper Hill deposits feature these higher-grade zones (core), and previous drilling at White Hill has suggested such a zone may be present there also. However, this is the first time we have observed significant intervals spanning greater than 50m of mineralisation at grades greater than 1% eCu at White Hill. We see this as a very positive result, with strong potential to impact PFS pit optimisation and very encouraging for higher grade mineralisation to be uncovered at depth."


Figure 1: Kharmagtai copper-gold district showing currently defined mineral deposits and planned Phase One Resource infill drill holes.

Infill Drilling Intercepts High-Grade Core at White Hill

Approximately 27,000m of infill drilling has been completed, as part of the 30,000m Phase One infill drilling program. Assay results have been returned for fourteen additional drill holes, with results generally better than, or in line with, 2021 MRE grades (Figures 1 and 2; Appendix 1).

Several drill holes have encountered materially better grade relative to the White Hill MRE resource grade. Drill hole KHDDH638, located on the southern margin of the White Hill deposit, targeted a mineralised and resource controlling fault, intersecting a significantly higher-grade zone of copper and gold mineralisation that is located below the current optimised pit design (Figures 2, 3 and 4).

Hole ID Deposit From (m) To (m) Interval (m) Au (g/t) Cu (%) eCu (%) eAu (g/t)
KHDDH638 White Hill 203.8 208 4.2 0.02 0.11 0.12 0.24
and 273.4 817.4 544 0.12 0.34 0.40 0.79
including 360 364 4 0.12 0.28 0.34 0.67
including 422 525 103 0.16 0.32 0.40 0.78
including 541.1 588 46.9 0.12 0.27 0.33 0.65
including 600 815 215 0.15 0.52 0.60 1.17
including 634 697 63 0.23 0.92 1.03 2.02
including 645 673 28 0.32 1.45 1.61 3.15
including 711 723 12 0.19 0.44 0.54 1.05
including 736.5 747.8 11.3 0.16 0.66 0.74 1.45

Drill hole KHDDH634 targeted definition and expansion of mineralisation at White Hill within the current Mineral Resource Estimate. It intersected the top of a new high-grade zone and returned the following interval along the edge and outside of the current open pit optimisation (Figure 2):

Hole ID Deposit From (m) To (m) Interval (m) Au (g/t) Cu (%) eCu (%) eAu (g/t)
KHDDH634 White Hill 126 160 34 0.03 0.11 0.12 0.24
and 172 826.5 654.5 0.11 0.28 0.34 0.67
including 352 360.09 8.09 0.14 0.25 0.32 0.63
including 392 410.32 18.32 0.14 0.27 0.34 0.67
including 426 567.5 141.5 0.18 0.39 0.48 0.94
including 494 502 8 0.29 0.63 0.78 1.53
including 512 544 32 0.25 0.48 0.61 1.19
including 556 567.5 11.5 0.19 0.54 0.63 1.24
including 617 675 58 0.23 0.59 0.71 1.38
including 651 659 8 0.50 1.17 1.43 2.79



Figure 2: Cross section 591800mE through the White Hill deposit.


Figure 3: Core photos from KHDDH638.


Figure 4: Core photos from KHDDH634.

About the Infill Drilling Program

Four diamond drill rigs are currently focussed on Kharmagtai infill drilling, with the objective to target areas with potential for future Mineral Resource to Ore Reserve conversion. Totalling ~30,000 metres, the infill drilling program is planned to specifically increase the Resource confidence category from Inferred to Indicated. As such, the planned drill holes aim to remove any mineralisation knowledge gaps around the edges of existing deposits.

Kharmagtai currently has an Inferred and Indicated Resource of 1.1Bt containing 3Mt Cu and 8Moz Au1. As part of the Kharmagtai PFS, the Resource will be upgraded to Indicated classification, enabling a maiden, JORC compliant Ore Reserve to be reported. To achieve this, the infill drilling program is designed to upgrade and extend strike length of the shallow open pit Resource areas and selected deeper high-grade zones (Figure 1), including investigation of near-mine, higher-grade extensions.

About Xanadu Mines

Xanadu is an ASX and TSX listed Exploration company operating in Mongolia. We give investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX who jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. Xanadu is the Operator of a 50-50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project.

For further information on Xanadu, please visit: www.xanadumines.com or contact:

Colin Moorhead
Executive Chairman & Managing Director
E: colin.moorhead@xanadumines.com
P: +61 2 8280 7497

This Announcement was authorised for release by Xanadu's Board of Directors.

Appendix 1: Drilling Results

Note that true widths will generally be narrower than those reported. See disclosure in JORC explanatory statement attached.

Table 1: Drill hole collar

Hole ID Prospect East North RL Azimuth (°) Inc (°) Depth (m)
KHDDH624 White Hill 591626 4877247 1306 0 -60 423.6
KHDDH626 White Hill 591626 4877149 1306 0 -60 596.0
KHDDH627 White Hill 591626 4877051 1308 0 -60 672.8
KHDDH628 Stockwork Hill 592250 4878102 1289 0 -60 125.0
KHDDH629 Stockwork Hill 592126 4877950 1291 0 -60 125.0
KHDDH631 White Hill 591626 4876953 1310 0 -60 705.6
KHDDH632 White Hill 592819 4877517 1274 160 -60 350.0
KHDDH633 White Hill 591751 4877477 1302 0 -60 375.6
KHDDH634 White Hill 591751 4876901 1310 0 -60 826.5
KHDDH637 White Hill 591751 4877255 1303 0 -60 360.1
KHDDH638 White Hill 591751 4876800 1313 0 -60 817.4
KHDDH639 White Hill 591751 4877080 1307 0 -60 600.5
KHDDH642 White Hill 591877 4877030 1307 0 -60 625.0
KHDDH644 White Hill 591876 4877532 1301 0 -60 200.0
KHDDH645 White Hill 591876 4876849 1310 0 -60 715.6
KHDDH647 Stockwork Hill 592432 4877696 1289 0 -60 564.5
KHDDH649 Stockwork Hill 592535 4877686 1287 0 -60 560.0
KHDDH650 Stockwork Hill 592533 4877777 1287 0 -60 460.1
KHDDH651 White Hill 592006 4877113 1304 180 -60 415.0
KHDDH652 Stockwork Hill 593000 4877670 1284 0 -60 350.0
KHDDH653 Stockwork Hill 593063 4877630 1284 0 -60 275.0
KHDDH654 Stockwork Hill 592854 4877599 1285 0 -60 522.5
KHDDH655 Stockwork Hill 592647 4877603 1288 0 -60 735.0
KHDDH656 White Hill 591876 4876747 1311 0 -60 420.6
KHDDH657 White Hill 592000 4877501 1301 0 -60 250.4
KHDDH658 White Hill 592126 4877404 1303 0 -60 550.0
KHDDH659 White Hill 592001 4876900 1305 0 -60 721.6
KHDDH660 Stockwork Hill 592535 4877686 1287 357 -60 576.6
KHDDH661 White Hill 592001 4876800 1310 0 -60 775.0
KHDDH662 White Hill 592500 4877122 1300 90 -60 250.0
KHDDH663 White Hill 592126 4877501 1299 0 -60 305.5
KHDDH664 White Hill 592039 4876821 1307 170 -70 350.0
KHDDH665 White Hill 592126 4876908 1303 0 -60 700.0
KHDDH666 White Hill 592126 4876785 1307 0 -60 473.6
KHDDH667 White Hill 592250 4876867 1304 0 -65 450.0
KHDDH668 White Hill 591561 4877271 1309 270 -60 225.0
KHDDH669 White Hill 592250 4877166 1301 0 -65 525.0
KHDDH670 White Hill 592250 4877036 1301 0 -65 625.0

Table 2: Significant drill results

Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH624 White Hill 0 397 397 0.10 0.18 0.24 0.46
including 85 139.2 54.2 0.15 0.26 0.33 0.65
including 149 166.7 17.7 0.17 0.24 0.32 0.63
including 183 212.6 29.6 0.22 0.31 0.42 0.82
including 229 238.1 9.1 0.14 0.27 0.35 0.68
including 321.6 330 8.4 0.18 0.32 0.41 0.81
including 340 362.7 22.7 0.20 0.30 0.40 0.79
and 411 423.6 12.6 0.08 0.14 0.18 0.35
KHDDH626 White Hill 3 596 593 0.14 0.25 0.32 0.63
including 119 241 122 0.16 0.30 0.38 0.75
including 256.9 400 143.1 0.17 0.28 0.37 0.72
including 364 370 6 0.23 0.43 0.55 1.07
including 412 501.98 89.98 0.16 0.25 0.33 0.64
including 512 596 84 0.18 0.32 0.41 0.80
KHDDH627 White Hill 13 672.8 659.8 0.11 0.21 0.26 0.52
including 37 42.7 5.7 0.12 0.38 0.45 0.87
including 65 71 6 0.06 0.25 0.28 0.54
including 201 222 21 0.12 0.25 0.31 0.60
including 232 294.6 62.6 0.23 0.43 0.55 1.07
including 246 272 26 0.29 0.57 0.71 1.40
including 331 337 6 0.16 0.26 0.34 0.67
including 347 376 29 0.17 0.27 0.36 0.70
including 426 464 38 0.15 0.26 0.34 0.66
including 523 546 23 0.13 0.21 0.27 0.53
including 577 599 22 0.12 0.23 0.29 0.58
including 629 645.4 16.4 0.13 0.27 0.33 0.65
including 663 667 4 0.16 0.30 0.38 0.73
KHDDH628 Stockwork Hill 10 22 12 0.67 0.06 0.40 0.79
including 10 18 8 0.93 0.07 0.55 1.07
and 32 50 18 0.15 0.03 0.10 0.20
KHDDH629 Stockwork Hill 3.3 125 121.7 0.07 0.14 0.17 0.34
including 3.3 13 9.7 0.18 0.14 0.24 0.47
including 49 53 4 0.16 0.44 0.51 1.01
including 111 121 10 0.09 0.29 0.34 0.66
KHDDH631 White Hill 97 705.6 608.6 0.09 0.20 0.24 0.48
including 270.9 281 10.1 0.15 0.38 0.46 0.90
including 339 407.5 68.5 0.13 0.28 0.35 0.68
including 357 361 4 0.22 0.66 0.77 1.51
including 432.4 516.4 84 0.14 0.26 0.33 0.64
including 527 544.6 17.6 0.12 0.28 0.34 0.66
including 554.8 575 20.2 0.12 0.24 0.30 0.59
including 609 613 4 0.19 0.36 0.45 0.88
including 639 655 16 0.13 0.30 0.36 0.71
including 669 673 4 0.11 0.26 0.32 0.62
including 685 705.6 20.6 0.12 0.31 0.37 0.72
KHDDH632 White Hill 255 259 4 0.06 0.27 0.30 0.58
KHDDH633 White Hill 0 271 271 0.08 0.16 0.20 0.39
including 4 15.4 11.4 0.26 0.38 0.51 1.00
including 4 13 9 0.25 0.37 0.50 0.98
including 35 68 33 0.11 0.24 0.29 0.57
including 88 98.5 10.5 0.07 0.24 0.27 0.54
and 283.3 321 37.7 0.03 0.09 0.11 0.21
and 333 375.6 42.6 0.04 0.09 0.11 0.21
KHDDH634 White Hill 126 160 34 0.03 0.11 0.12 0.24
and 172 826.5 654.5 0.11 0.28 0.34 0.67
including 352 360.09 8.09 0.14 0.25 0.32 0.63
including 392 410.32 18.32 0.14 0.27 0.34 0.67
including 426 567.5 141.5 0.18 0.39 0.48 0.94
including 494 502 8 0.29 0.63 0.78 1.53
including 512 544 32 0.25 0.48 0.61 1.19
including 556 567.5 11.5 0.19 0.54 0.63 1.24
including 617 675 58 0.23 0.59 0.71 1.38
including 651 659 8 0.50 1.17 1.43 2.79
KHDDH637 White Hill 2.7 360.1 357.4 0.13 0.24 0.31 0.61
including 25 31 6 0.20 0.31 0.41 0.80
including 42 186 144 0.15 0.30 0.38 0.74
including 123 129 6 0.33 0.46 0.63 1.23
including 222.6 359 136.4 0.14 0.25 0.32 0.62
KHDDH638 White Hill 203.8 208 4.2 0.02 0.11 0.12 0.24
and 273.4 817.4 544 0.12 0.34 0.40 0.79
including 360 364 4 0.12 0.28 0.34 0.67
including 422 525 103 0.16 0.32 0.40 0.78
including 541.1 588 46.9 0.12 0.27 0.33 0.65
including 600 815 215 0.15 0.52 0.60 1.17
including 634 697 63 0.23 0.92 1.03 2.02
including 645 673 28 0.32 1.45 1.61 3.15
including 711 723 12 0.19 0.44 0.54 1.05
including 736.5 747.8 11.3 0.16 0.66 0.74 1.45
KHDDH639 White Hill 8 600.5 592.5 0.09 0.20 0.25 0.49
including 30 36 6 0.12 0.33 0.39 0.77
including 48 58.4 10.4 0.16 0.33 0.41 0.81
including 72.4 94 21.6 0.15 0.21 0.29 0.56
including 168 177.4 9.4 0.11 0.24 0.30 0.58
including 195.7 304 108.3 0.13 0.29 0.36 0.71
including 314.4 354 39.6 0.10 0.23 0.29 0.56
including 480.7 487.2 6.5 0.13 0.25 0.32 0.62
including 497 511 14 0.14 0.25 0.33 0.64
including 558 599 41 0.12 0.26 0.32 0.62
KHDDH645 White Hill 75 79 4 0.09 0.06 0.11 0.21
and 153.8 171 17.2 0.04 0.09 0.11 0.21
and 180.6 279 98.4 0.05 0.16 0.19 0.37
and 313 715.6 402.6 0.14 0.32 0.40 0.77
including 337 580 243 0.15 0.32 0.40 0.78
including 512 536 24 0.21 0.57 0.68 1.33
including 592 658 66 0.19 0.45 0.55 1.07
including 609 615.1 6.1 0.26 0.53 0.67 1.31
including 625 658 33 0.23 0.54 0.66 1.28
including 668.3 706 37.7 0.14 0.37 0.44 0.86
including 668.3 682 13.7 0.24 0.54 0.66 1.29
Assays pending
KHDDH647 Stockwork Hill 5 21 16 0.18 0.05 0.15 0.28
and 94 104 10 0.11 0.07 0.13 0.25
and 142 164 22 0.08 0.07 0.11 0.22
and 174 211 37 0.18 0.15 0.24 0.46
including 184 211 27 0.20 0.16 0.26 0.52
and 258 367 109 0.12 0.25 0.31 0.61
including 258 278 20 0.23 0.43 0.55 1.07
including 258 274 16 0.24 0.47 0.59 1.16
including 290 304 14 0.12 0.21 0.28 0.54
including 317 332 15 0.12 0.33 0.39 0.76
including 349 363 14 0.15 0.25 0.33 0.65
and 381 389 8 0.04 0.20 0.22 0.44
and 403 409 6 0.07 0.16 0.20 0.38
and 423 435 12 0.09 0.12 0.17 0.33
and 467 560 93 0.23 0.12 0.23 0.46
including 471 485.7 14.7 0.19 0.18 0.28 0.55
including 534 546 12 1.04 0.17 0.70 1.38
KHDDH649 Stockwork Hill Assays pending
KHDDH650 Stockwork Hill Assays pending
KHDDH651 White Hill Assays pending
KHDDH652 Stockwork Hill Assays pending
KHDDH653 Stockwork Hill Assays pending
KHDDH654 Stockwork Hill Assays pending
KHDDH655 Stockwork Hill Assays pending
KHDDH656 White Hill Assays pending
KHDDH657 White Hill Assays pending
KHDDH658 White Hill Assays pending
KHDDH659 White Hill Assays pending
KHDDH660 Stockwork Hill Assays pending
KHDDH661 White Hill Assays pending
KHDDH662 White Hill Assays pending
KHDDH663 White Hill Assays pending
KHDDH664 White Hill Assays pending
KHDDH665 White Hill Assays pending
KHDDH666 White Hill Assays pending
KHDDH667 White Hill Assays pending
KHDDH668 White Hill Assays pending
KHDDH669 White Hill Assays pending
KHDDH670 White Hill Assays pending

Appendix 2: Statements and Disclaimers

Competent Person Statement

The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Robert Spiers, who is responsible for the Mineral Resource estimate. Mr Spiers is a full time Principal Geologist employed by Spiers Geological Consultants (SGC) and is a Member of the Australian Institute of Geoscientists. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 and as a Competent Person under JORC Code 2012. Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to exploration results is based on information compiled by Dr Andrew Stewart, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Dr Stewart, who is an employee of Xanadu and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves and the National Instrument 43-101. Dr Stewart consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Mineral Resources and Ore Reserves Reporting Requirements

The 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The Information contained in this Announcement has been presented in accordance with the JORC Code 2012.

The information in this Announcement relates to the exploration results previously reported in ASX Announcements which are available on the Xanadu website at:

https://www.xanadumines.com/site/investor-centre/asx-announcements

The Company is not aware of any new, material information or data that is not included in those market announcements.

Copper Equivalent Calculations

The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied.

Copper equivalent (CuEq) grade values were calculated using the formula: CuEq = Cu + Au * 0.60049 * 0.86667.

Where Cu - copper grade (%); Au - gold grade (g/t); 0.60049 - conversion factor (gold to copper); 0.86667 - relative recovery of gold to copper (86.67%).

The copper equivalent formula was based on the following parameters (prices are in USD): Copper price 3.4 $/lb; Gold price 1400 $/oz; Copper recovery 90%; Gold recovery 78%; Relative recovery of gold to copper = 78% / 90% = 86.67%.

Forward-Looking Statements

Certain statements contained in this Announcement, including information as to the future financial or operating performance of Xanadu and its projects may also include statements which are 'forward?looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xanadu, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward?looking statements.

Xanadu disclaims any intent or obligation to update publicly or release any revisions to any forward?looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX). The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward?looking statements.

All 'forward?looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward?looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward?looking statements' due to the inherent uncertainty therein.

For further information please visit the Xanadu Mines' Website at www.xanadumines.com.

Appendix 2: Kharmagtai Table 1 (JORC 2012)

Set out below is Section 1 and Section 2 of Table 1 under the JORC Code, 2012 Edition for the Kharmagtai project. Data provided by Xanadu. This Table 1 updates the JORC Table 1 disclosure dated 8 December 2021.

JORC TABLE 1 - SECTION 1 - SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections).

Criteria Commentary
Sampling techniques
  • Representative ½ core samples were split from PQ, HQ & NQ diameter diamond drill core on site using rock saws, on a routine 2m sample interval that also honours lithological/intrusive contacts.
  • The orientation of the cut line is controlled using the core orientation line ensuring uniformity of core splitting wherever the core has been successfully oriented.
  • Sample intervals are defined and subsequently checked by geologists, and sample tags are attached (stapled) to the plastic core trays for every sample interval.
  • Reverse Circulation (RC) chip samples are ¼ splits from one meter (1m) intervals using a 75%:25% riffle splitter to obtain a 3kg sample
  • RC samples are uniform 2m samples formed from the combination of two ¼ split 1m samples.
Drilling techniques
  • The Mineral Resource Estimation has been based upon diamond drilling of PQ, HQ and NQ diameters with both standard and triple tube core recovery configurations, RC drilling and surface trenching with channel sampling.
  • All drill core drilled by Xanadu has been oriented using the "Reflex Ace" tool.
Drill sample recovery
  • Diamond drill core recoveries were assessed using the standard industry (best) practice which involves removing the core from core trays; reassembling multiple core runs in a v-rail; measuring core lengths with a tape measure, assessing recovery against core block depth measurements and recording any measured core loss for each core run.
  • Diamond core recoveries average 97% through mineralisation.
  • Overall, core quality is good, with minimal core loss. Where there is localised faulting and or fracturing core recoveries decrease, however, this is a very small percentage of the mineralised intersections.
  • RC recoveries are measured using whole weight of each 1m intercept measured before splitting
  • Analysis of recovery results vs grade shows no significant trends that might indicate sampling bias introduced by variable recovery in fault/fracture zones.
Logging
  • All drill core is geologically logged by well-trained geologists using a modified "Anaconda-style" logging system methodology. The Anaconda method of logging and mapping is specifically designed for porphyry Cu-Au mineral systems and is entirely appropriate to support Mineral Resource Estimation, mining and metallurgical studies.
  • Logging of lithology, alteration and mineralogy is intrinsically qualitative in nature. However, the logging is subsequently supported by 4 Acid ICP-MS (48 element) geochemistry and SWIR spectral mineralogy (facilitating semi-quantitative/calculated mineralogical, lithological and alteration classification) which is integrated with the logging to improve cross section interpretation and 3D geological model development.
  • Drill core is also systematically logged for both geotechnical features and geological structures. Where drill core has been successfully oriented, the orientation of structures and geotechnical features are also routinely measured.
  • Both wet and dry core photos are taken after core has been logged and marked-up but before drill core has been cut.
Sub-sampling techniques and sample preparation
  • All drill core samples are ½ core splits from either PQ, HQ or NQ diameter cores. A routine 2m sample interval is used, but this is varied locally to honour lithological/intrusive contacts. The minimum allowed sample length is 30cm.
  • Core is appropriately split (onsite) using diamond core saws with the cut line routinely located relative to the core orientation line (where present) to provide consistency of sample split selection.
  • The diamond saws are regularly flushed with water to minimize potential contamination.
  • A field duplicate ¼ core sample is collected every 30th sample to ensure the "representivity of the in-situ material collected". The performance of these field duplicates is routinely analysed as part of Xanadu's sample QC process.
  • Routine sample preparation and analyses of DDH samples were carried out by ALS Mongolia LLC (ALS Mongolia), who operates an independent sample preparation and analytical laboratory in Ulaanbaatar.
  • All samples were prepared to meet standard quality control procedures as follows: Crushed to 75% passing 2mm, split to 1kg, pulverised to 85% passing 200 mesh (75 microns) and split to 150g sample pulp.
  • ALS Mongolia Geochemistry labs quality management system is certified to ISO 9001:2008.
  • The sample support (sub-sample mass and comminution) is appropriate for the grainsize and Cu-Au distribution of the porphyry Cu-Au mineralization and associated host rocks.
Quality of assay data and laboratory tests
  • All samples were routinely assayed by ALS Mongolia for gold
  • Au is determined using a 25g fire assay fusion, cupelled to obtain a bead, and digested with Aqua Regia, followed by an atomic absorption spectroscopy (AAS) finish, with a lower detection (LDL) of 0.01 ppm.
  • All samples were also submitted to ALS Mongolia for the 48-element package ME-ICP61 using a four-acid digest (considered to be an effective total digest for the elements relevant to the Mineral Resource Estimate (MRE)). Where copper is over-range (>1% Cu), it is analysed by a second analytical technique (Cu-OG62), which has a higher upper detection limit (UDL) of 5% copper.
  • Quality assurance has been managed by insertion of appropriate Standards (1:30 samples - suitable Ore Research Pty Ltd certified standards), Blanks (1:30 samples), Duplicates (1:30 samples - ¼ core duplicate) by XAM.
  • Assay results outside the optimal range for methods were re-analysed by appropriate methods.
  • Ore Research Pty Ltd certified copper and gold standards have been implemented as a part of QC procedures, as well as coarse and pulp blanks, and certified matrix matched copper-gold standards.
  • QC monitoring is an active and ongoing processes on batch by batch basis by which unacceptable results are re-assayed as soon as practicable.
  • Prior to 2014: Cu, Ag, Pb, Zn, As and Mo were routinely determined using a three-acid-digestion of a 0.3g sub-sample followed by an AAS finish (AAS21R) at SGS Mongolia. Samples were digested with nitric, hydrochloric and perchloric acids to dryness before leaching with hydrochloric acid to dissolve soluble salts and made to 15ml volume with distilled water. The LDL for copper using this technique was 2ppm. Where copper was over-range (>1% Cu), it was analysed by a second analytical technique (AAS22S), which has a higher upper detection limit (UDL) of 5% copper. Gold analysis method was essentially unchanged.
Verification of sampling and assaying
  • All assay data QA/QC is checked prior to loading into XAM's Geobank data base.
  • The data is managed by XAM geologists.
  • The data base and geological interpretation is managed by XAM.
  • Check assays are submitted to an umpire lab (SGS Mongolia) for duplicate analysis.
  • No twinned drill holes exist.
  • There have been no adjustments to any of the assay data.
Location of data points
  • Diamond drill holes have been surveyed with a differential global positioning system (DGPS) to within 10cm accuracy.
  • The grid system used for the project is UTM WGS-84 Zone 48N
  • Historically, Eastman Kodak and Flexit electronic multi-shot downhole survey tools have been used at Kharmagtai to collect down hole azimuth and inclination information for the majority of the diamond drill holes. Single shots were typically taken every 30m to 50m during the drilling process, and a multi-shot survey with readings every 3-5m are conducted at the completion of the drill hole. As these tools rely on the earth's magnetic field to measure azimuth, there is some localised interference/inaccuracy introduced by the presence of magnetite in some parts of the Kharmagtai mineral system. The extent of this interference cannot be quantified on a reading-by-reading basis.
  • More recently (since September 2017), a north-seeking gyro has been employed by the drilling crews on site (rented and operated by the drilling contractor), providing accurate downhole orientation measurements unaffected by magnetic effects. Xanadu have a permanent calibration station setup for the gyro tool, which is routinely calibrated every 2 weeks (calibration records are maintained and were sighted)
  • The project Digital Terrain Model (DTM) is based on 1m contours from satellite imagery with an accuracy of ±0.1 m.
Data spacing and distribution
  • Holes spacings range from <50m spacings within the core of mineralization to +500m spacings for exploration drilling. Hole spacings can be determined using the sections and drill plans provided.
  • Holes range from vertical to an inclination of -60 degrees depending on the attitude of the target and the drilling method.
  • The data spacing and distribution is sufficient to establish anomalism and targeting for porphyry Cu-Au, tourmaline breccia and epithermal target types.
  • Holes have been drilled to a maximum of 1,304m vertical depth.
  • The data spacing and distribution is sufficient to establish geological and grade continuity, and to support the Mineral Resource classification.
Orientation of data in relation to geological structure
  • Drilling is conducted in a predominantly regular grid to allow unbiased interpretation and targeting.
  • Scissor drilling, as well as some vertical and oblique drilling, has been used in key mineralised zones to achieve unbiased sampling of interpreted structures and mineralised zones, and in particular to assist in constraining the geometry of the mineralised hydrothermal tourmaline-sulphide breccia domains.
Sample security
  • Samples are delivered from the drill rig to the core shed twice daily and are never left unattended at the rig.
  • Samples are dispatched from site in locked boxes transported on XAM company vehicles to ALS lab in Ulaanbaatar.
  • Sample shipment receipt is signed off at the Laboratory with additional email confirmation of receipt.
  • Samples are then stored at the lab and returned to a locked storage site.
Audits or reviews
  • Internal audits of sampling techniques and data management are undertaken on a regular basis, to ensure industry best practice is employed at all times.
  • External reviews and audits have been conducted by the following groups:
  • 2012: AMC Consultants Pty Ltd. was engaged to conduct an Independent Technical Report which reviewed drilling and sampling procedures. It was concluded that sampling and data record was to an appropriate standard.
  • 2013: Mining Associates Ltd. was engaged to conduct an Independent Technical Report to review drilling, sampling techniques and QAQC. Methods were found to conform to international best practice.
  • 2018: CSA Global reviewed the entire drilling, logging, sampling, sample shipping and laboratory processes during the competent persons site visit for the 2018 MRE and found the systems and adherence to protocols to be to an appropriate standard.

JORC TABLE 1 - SECTION 2 - REPORTING OF EXPLORATION RESULTS

(Criteria in this section apply to all succeeding sections).

Criteria Commentary
Mineral tenement and land tenure status
  • The Project comprises 2 Mining Licences (MV-17129A Oyut Ulaan and (MV-17387A Kharmagtai):
    • Xanadu now owns 90% of Vantage LLC, the 100% owner of the Oyut Ulaan mining licence.
    • The Kharmagtai mining license MV-17387A is 100% owned by Oyut Ulaan LLC. Xanadu has an 85% interest in Mongol Metals LLC, which has 90% interest in Oyut Ulaan LLC. The remaining 10% in Oyut Ulaan LLC is owned by Quincunx (BVI) Ltd ("Quincunx").
  • The Mongolian Minerals Law (2006) and Mongolian Land Law (2002) govern exploration, mining and land use rights for the project.
Exploration done by other parties
  • Previous exploration at Kharmagtai was conducted by Quincunx Ltd, Ivanhoe Mines Ltd and Turquoise Hill Resources Ltd. including extensive drilling, surface geochemistry, geophysics, mapping.
  • Previous exploration at Red Mountain (Oyut Ulaan) was conducted by Ivanhoe Mines.
Geology
  • The mineralisation is characterised as porphyry copper-gold type.
  • Porphyry copper-gold deposits are formed from magmatic hydrothermal fluids typically associated with felsic intrusive stocks that have deposited metals as sulphides both within the intrusive and the intruded host rocks. Quartz stockwork veining is typically associated with sulphides occurring both within the quartz veinlets and disseminated thought out the wall rock. Porphyry deposits are typically large tonnage deposits ranging from low to high grade and are generally mined by large scale open pit or underground bulk mining methods. The deposits at Kharmagtai are atypical in that they are associated with intermediate intrusions of diorite to quartz diorite composition; however, the deposits are in terms of contained gold significant, and similar gold-rich porphyry deposits.
Drill hole Information
  • Diamond drill holes are the principal source of geological and grade data for the Project.
  • See figures in this ASX/TSX Announcement.
Data Aggregation methods
  • The CSAMT data was converted into 2D line data using the Zonge CSAMT processing software and then converted into 3D space using a UBC inversion process. Inversion fit was acceptable, and error was generally low.
  • A nominal cut-off of 0.1% CuEq is used in copper dominant systems for identification of potentially significant intercepts for reporting purposes. Higher grade cut-offs are 0.3%, 0.6% and 1% CuEq.
  • A nominal cut-off of 0.1g/t eAu is used in gold dominant systems like Golden Eagle for identification of potentially significant intercepts for reporting purposes. Higher grade cut-offs are 0.3g/t, 0.6g/t and 1g/t eAu.
  • Maximum contiguous dilution within each intercept is 9m for 0.1%, 0.3%, 0.6% and 1% CuEq.
  • Most of the reported intercepts are shown in sufficient detail, including maxima and subintervals, to allow the reader to make an assessment of the balance of high and low grades in the intercept.
  • Informing samples have been composited to two metre lengths honouring the geological domains and adjusted where necessary to ensure that no residual sample lengths have been excluded (best fit).
The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied. The copper equivalent calculation used is based off the CuEq calculation defined by CSA Global in the 2018 Mineral Resource Upgrade.

Copper equivalent (CuEq) grade values were calculated using the following formula:

CuEq = Cu + Au * 0.62097 * 0.8235,

Gold Equivalent (eAu) grade values were calculated using the following formula:

eAu = Au + Cu / 0.62097 * 0.8235.

Where:

Cu - copper grade (%)

Au - gold grade (g/t)

0.62097 - conversion factor (gold to copper)

0.8235 - relative recovery of gold to copper (82.35%)

The copper equivalent formula was based on the following parameters (prices are in USD):
  • Copper price - 3.1 $/lb (or 6834 $/t)
  • Gold price - 1320 $/oz
  • Copper recovery - 85%
  • Gold recovery - 70%
  • Relative recovery of gold to copper = 70% / 85% = 82.35%.
Relationship between mineralisation on widths and intercept lengths
  • Mineralised structures are variable in orientation, and therefore drill orientations have been adjusted from place to place in order to allow intersection angles as close as possible to true widths.
  • Exploration results have been reported as an interval with 'from' and 'to' stated in tables of significant economic intercepts. Tables clearly indicate that true widths will generally be narrower than those reported.
Diagrams
  • See figures in the body of this ASX/TSX Announcement.
Balanced reporting
  • Resources have been reported at a range of cut-off grades, above a minimum suitable for open pit mining, and above a minimum suitable for underground mining.
Other substantive exploration data
  • Extensive work in this area has been done and is reported separately.
Further Work
  • The mineralisation is open at depth and along strike.
  • Current estimates are restricted to those expected to be reasonable for open pit mining. Limited drilling below this depth (-300m RL) shows widths and grades potentially suitable for underground extraction.
  • Exploration on going.

JORC TABLE 1 - SECTION 3 - ESTIMATION AND REPORTING OF MINERAL RESOURCES

Mineral Resources are not reported so this is not applicable to this Announcement. Please refer to the Company's ASX Announcement dated 1 December 2021 for Xanadu's most recent reported Mineral Resource Estimate and applicable Table 1, Section 3.

JORC TABLE 1 - SECTION 4 - ESTIMATION AND REPORTING OF ORE RESERVES

Ore Reserves are not reported so this is not applicable to this Announcement.

1 ASX/TSX Announcement 08 December 2021 - Kharmagtai resource grows to 1.1 billion tonnes, containing 3Mt Cu and 8Moz Au

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4c847774-98ab-4a82-bc55-e7164fcf9262

https://www.globenewswire.com/NewsRoom/AttachmentNg/42160326-20c9-414f-a55f-aeeaac044a63

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb3cf6c3-967d-4123-905a-db285ef00cb4

https://www.globenewswire.com/NewsRoom/AttachmentNg/b8ecd5bf-f01e-4351-9f33-be1927e33cb4



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Xanadu Mines Ltd.
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