• Samstag, 28 Dezember 2024
  • 17:26 Uhr Frankfurt
  • 16:26 Uhr London
  • 11:26 Uhr New York
  • 11:26 Uhr Toronto
  • 08:26 Uhr Vancouver
  • 03:26 Uhr Sydney

High-Grade Core Shaping up at White Hill

04.10.2023  |  GlobeNewswire

TORONTO, Oct. 04, 2023 - Xanadu Mines Ltd. (ASX: XAM, TSX: XAM) (Xanadu, XAM or the Company) is pleased to provide an update on infill drilling at the Kharmagtai Project in Mongolia, being developed with the Company's joint venture partner Zijin Mining Group Co. Ltd.. (Zijin). Infill drilling continues to expand upon the new zone (core) of high-grade copper and gold mineralisation at the White Hill deposit, demonstrating progressive growth in high-grade material at the base of the previously optimised open pits.

Highlights

  • Extensive ~48,000m of infill diamond drilling has been completed at Kharmagtai to support the Pre-Feasibility Study (PFS).
  • Latest results expand upon the recently identified high-grade zone (core) at White Hill1, located below the previous Scoping Study pit designs2.
  • Best drilling results below, and within the pit, include:
    • KHDDH661 - 325m @ 0.38% eCu (0.33% Cu & 0.11g/t Au) from 570m

      Including 146.2m @ 0.50% eCu (0.43% Cu & 0.13g/t Au) from 700.8m

      Including 23.7m @ 0.84% eCu (0.74% Cu & 0.20g/t Au) from 792.3m

      Including 12m @ 1.00% eCu (0.87% Cu & 0.26g/t Au) from 794m

And 10m @ 0.92% Cu (0.85% Cu and 0.12g/t Au) from 830m

And 4m @ 1.28% Cu (1.2% Cu and 0.16g/t Au) from 834

  • KHDDH665 - 733m @ 0.39% eCu (0.31% Cu & 0.15g/t Au) from 80m

Including 210.7m @ 0.55% eCu (0.43% Cu & 0.23g/t Au) from 411.3m

Including 56m @ 0.85% eCu (0.66% Cu & 0.37g/t Au) from 490m

Including 23m @ 1.16% eCu (0.92% Cu & 0.46g/t Au) from 521m

  • Newly identified high-grade (>1% eCu) core at White Hill demonstrates potential to:
    • Enhance 2021 Mineral Resource Estimate3 (MRE) in preparation for updated PFS MRE in 4Q CY2023.
    • Expand and deepen 2022 Scoping Study4 pit shells to capture additional higher grade for longer period.
  • Additional follow-up drilling is being planned around the newly identified high-grade (core) zone at White Hill and higher-grade extensions identified at Stockwork Hill5.
  • Growth-focused discovery exploration drilling at Kharmagtai is continuing with 4 diamond rigs investigating shallow targets and one drill rig targeting deep mineralisation.
  • Kharmagtai JV is funding US$35M6 for both PFS completion and discovery exploration, aiming towards decision to mine in Q4 CY2024.

Xanadu's Executive Chairman and Managing Director, Mr Colin Moorhead, said "We continue to advance our understanding of the Kharmagtai copper and gold deposit through our extensive infill drilling program. The final assay results from the initial infill drill program are currently being received, and we have started the resource modelling. We look forward to delivering the results of this work in a Mineral Resource Estimate upgrade in Q4 CY2024.

It is particularly exciting to see the continued high-grade results from White Hill deposit where we have effectively intercepted the top of a previously undefined high-grade core. Discovery of a high-grade core at White Hill is important and highlights strong potential for additional vertical extensions of high-grade mineralised zones, similar to both, the Stockwork Hill and Copper Hill deposits. This has potential to add additional high-grade mining inventory, which could translate to real value in the Kharmagtai open pit. Drilling will continue to define this high-grade core at White Hill.

Significantly, Kharmagtai still has significant new discovery potential, and we continue to explore with four diamond drill rigs testing shallow higher-grade targets and another drill rig testing potential high-grade resource extensions at depth as part of our on-going exploration discovery strategy.

Infill Drilling Expands High-Grade Core at White Hill

Assay results have been returned for 21 additional drill holes at White Hill, with grades on the most part materially better than or in line with the 2021 White Hill MRE7 (Figures 1 to 4; Appendix 1).


Figure 1: Cross section 592050mE through the White Hill deposit.


Figure 2: Cross section 592145mE through the White Hill deposit.


Figure 3: Cross section 592250mE through the White Hill deposit.

Drill hole KHDDH661, located on the southern margin of the White Hill deposit, intersected a significantly higher-grade zone of copper and gold mineralisation, on the margin of the current optimised pit design (Figures 1 and 2).

Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH661 White Hill 143 558.2 415.2 0.10 0.22 0.27 0.52
including 478 495.2 17.2 0.30 0.57 0.73 1.43
including 482 490 8 0.41 0.70 0.91 1.78
including 554 558.2 4.2 0.18 0.63 0.72 1.41
including 576 608 32 0.22 0.55 0.66 1.29
including 757 763 6 0.28 0.65 0.79 1.55
including 792.3 816 23.7 0.20 0.74 0.84 1.65
including 794 806 12 0.26 0.87 1.00 1.96
including 830 840 10 0.12 0.85 0.92 1.79
including 834 838 4 0.16 1.20 1.28 2.50


Drill hole KHDDH665 targeted definition and expansion of White Hill mineralisation. Intersecting a new high-grade zone, it returned the following interval, including broad zones where the 2021 MRE had predicted significantly lower grades (Figure 2):

Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH665 White Hill 80 813 733 0.15 0.31 0.39 0.77
including 353 361 8 0.30 0.55 0.70 1.37
including 411.3 622 210.7 0.23 0.43 0.55 1.07
including 462.8 474 11.2 0.27 0.48 0.62 1.21
including 490 546 56 0.37 0.66 0.85 1.67
including 521 544 23 0.46 0.92 1.16 2.26
including 564 572 8 0.28 0.71 0.85 1.67
including 582 604 22 0.23 0.55 0.67 1.32
including 682 696 14 0.16 0.53 0.61 1.20
including 741 746.76 5.76 0.13 0.99 1.05 2.06
including 741 745 4 0.14 1.09 1.16 2.28


Drill holes KHDDH669 and KHDDH670 targeted areas of low drill density within the eastern portion of the scoping study open pit. Both holes returned significantly higher results than the previous MRE had predicted (Figure 3):

Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH669 White Hill 2.8 600.5 597.7 0.22 0.32 0.43 0.84
and 48 538 490 0.25 0.34 0.47 0.92
including 198 209 11 0.35 0.43 0.61 1.18
including 308 347.6 39.6 0.49 0.45 0.70 1.37
including 312 316 4 1.03 0.66 1.19 2.32
including 506 514 8 0.29 0.53 0.68 1.32
and 548 598 50 0.08 0.23 0.27 0.54


Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH670 White Hill 0.3 763 762.7 0.21 0.32 0.42 0.83
including 71 96.6 25.6 0.38 0.44 0.63 1.23
including 511.3 523 11.7 0.33 0.53 0.70 1.38
including 564 622 58 0.33 0.55 0.72 1.41
including 608 614 6 0.41 0.70 0.91 1.78
including 672 682 10 0.18 0.76 0.85 1.66
including 672 680 8 0.19 0.76 0.86 1.68
including 713 745 32 0.62 0.45 0.76 1.49
including 731 741 10 0.12 0.70 0.76 1.49


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 ~48,000 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.


Figure 4: Kharmagtai copper-gold district showing currently defined mineral deposits, and infill drill holes.

Kharmagtai currently has an Inferred and Indicated Resource of 1.1Bt at 0.3% Cu and 0.2g/t gold, containing 3Mt Cu and 8Moz Au8. As part of the Kharmagtai PFS, the Resource will be upgraded to at least 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 4), 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)
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
KHDDH651 White Hill 592006 4877113 1304 180 -60 415.0
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
KHDDH661 White Hill 592001 4876800 1310 0 -60 897.1
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
KHDDH671 White Hill 592250 4876775 1304 0 -65 250.0
KHDDH673 White Hill 592250 4877450 1296 0 -65 279.7
KHDDH674 White Hill 592375 4877155 1299 0 -65 501.6
KHDDH676 White Hill 592375 4877051 1300 0 -65 425.0
KHDDH677 White Hill 592375 4876951 1299 0 -65 375.2
KHDDH679 White Hill 592375 4876849 1301 0 -65 275.0
KHDDH743 White Hill 591398 4877077 1312 0 -60 150.0
KHDDH744 White Hill 591398 4877176 1312 0 -60 250.0
KHDDH746 White Hill 591398 4877283 1309 0 -60 185.0
KHDDH747 White Hill 591396 4877382 1307 0 -60 135.0
KHDDH748 White Hill 591398 4877478 1304 0 -60 85.0
KHDDH749 White Hill 591626 4876851 1315 0 -60 770.0


Table 2: Significant drill results

Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH651 White Hill 2 316 314 0.07 0.17 0.20 0.39
including 54 74 20 0.07 0.24 0.27 0.54
including 102 106 4 0.17 0.24 0.33 0.64
including 118.15 130 11.85 0.15 0.29 0.37 0.72
including 156 160.85 4.85 0.11 0.24 0.29 0.57
and 326 416 90 0.06 0.17 0.20 0.39
including 374 388 14 0.10 0.31 0.36 0.71
KHDDH656 White Hill 85.4 91.25 5.85 0.30 0.06 0.21 0.42
and 114.85 122.18 7.33 0.07 0.07 0.11 0.21
and 224 420.6 196.6 0.07 0.16 0.20 0.38
including 280 296 16 0.11 0.28 0.34 0.66
including 346 362 16 0.08 0.19 0.24 0.46
KHDDH657 White Hill 1 233 232 0.10 0.14 0.20 0.39
including 1 19 18 0.26 0.23 0.36 0.70
including 87 103 16 0.20 0.18 0.28 0.55
KHDDH658 White Hill 2 29 27 0.17 0.23 0.32 0.62
including 2 21 19 0.20 0.27 0.38 0.73
and 41 300 259 0.17 0.22 0.31 0.61
including 48.13 88 39.87 0.26 0.37 0.50 0.98
including 64.05 78 13.95 0.48 0.50 0.74 1.46
including 98 203 105 0.26 0.28 0.41 0.81
including 106.55 115 8.45 0.70 0.75 1.10 2.16
including 108 114 6 0.89 0.82 1.27 2.49
including 156 170 14 0.32 0.29 0.46 0.89
and 314 322 8 0.08 0.08 0.12 0.23
and 335 345 10 0.19 0.05 0.14 0.28
and 379 481 102 0.05 0.12 0.14 0.27
KHDDH659 White Hill 40 56 16 0.04 0.09 0.11 0.21
and 77 721.6 644.6 0.09 0.21 0.25 0.49
including 105 109 4 0.09 0.28 0.33 0.64
including 277 289.4 12.4 0.16 0.22 0.30 0.60
including 343 449 106 0.17 0.29 0.37 0.73
including 398.1 408 9.9 0.29 0.31 0.46 0.90
including 459 467 8 0.07 0.13 0.16 0.32
including 507 517 10 0.09 0.25 0.29 0.57
including 526.4 546.5 20.1 0.14 0.35 0.43 0.84
including 556 586 30 0.07 0.35 0.38 0.75
including 644 658 14 0.05 0.25 0.28 0.54
including 678 701 23 0.09 0.30 0.34 0.67
including 713.4 721.6 8.2 0.09 0.30 0.35 0.68
KHDDH661 White Hill 69.6 82 12.4 0.08 0.06 0.09 0.18
and 143 558.2 415.2 0.10 0.22 0.27 0.52
including 159 166 7 0.08 0.27 0.31 0.60
including 302 308 6 0.12 0.25 0.31 0.61
including 373 451 78 0.15 0.28 0.36 0.70
including 465 524 59 0.22 0.37 0.49 0.95
including 478 495.2 17.2 0.30 0.57 0.73 1.43
including 482 490 8 0.41 0.70 0.91 1.78
including 540 558.2 18.2 0.12 0.42 0.49 0.95
including 554 558.2 4.2 0.18 0.63 0.72 1.41
and 570 895 325 0.11 0.33 0.38 0.74
including 574.1 616 41.9 0.19 0.49 0.59 1.16
including 576 608 32 0.22 0.55 0.66 1.29
including 631.5 640 8.5 0.12 0.33 0.39 0.76
including 654 658 4 0.10 0.31 0.36 0.71
including 700.8 847 146.2 0.13 0.43 0.50 0.97
including 757 763 6 0.28 0.65 0.79 1.55
including 792.3 816 23.7 0.20 0.74 0.84 1.65
including 794 806 12 0.26 0.87 1.00 1.96
including 830 840 10 0.12 0.85 0.92 1.79
including 834 838 4 0.16 1.20 1.28 2.50
KHDDH662 White Hill 196 206 10 0.06 0.06 0.10 0.19
KHDDH663 White Hill 0 171 171 0.13 0.21 0.27 0.53
including 0 30 30 0.35 0.38 0.56 1.09
including 1 9 8 0.68 0.60 0.95 1.85
including 1 5.8 4.8 0.91 0.64 1.10 2.16
including 40 60 20 0.12 0.24 0.30 0.58
including 96 102 6 0.10 0.28 0.34 0.66
and 183 187 4 0.05 0.10 0.12 0.24
and 199 241 42 0.05 0.10 0.13 0.25
and 284 292 8 0.08 0.06 0.10 0.20
KHDDH664 White Hill 167 182.7 15.7 0.03 0.07 0.09 0.17
and 243 305 62 0.04 0.11 0.13 0.26
and 315 350 35 0.05 0.13 0.16 0.31
KHDDH665 White Hill 48 52 4 0.04 0.10 0.12 0.23
and 66 70 4 0.05 0.14 0.16 0.32
and 80 813 733 0.15 0.31 0.39 0.77
including 114 120 6 0.11 0.33 0.38 0.75
including 218 228 10 0.12 0.22 0.28 0.54
including 240.5 400.5 160 0.22 0.30 0.41 0.80
including 353 361 8 0.30 0.55 0.70 1.37
including 411.3 622 210.7 0.23 0.43 0.55 1.07
including 462.8 474 11.2 0.27 0.48 0.62 1.21
including 490 546 56 0.37 0.66 0.85 1.67
including 521 544 23 0.46 0.92 1.16 2.26
including 564 572 8 0.28 0.71 0.85 1.67
including 582 604 22 0.23 0.55 0.67 1.32
including 632 646.2 14.2 0.09 0.31 0.35 0.69
including 662.95 797 134.05 0.09 0.40 0.44 0.87
including 682 696 14 0.16 0.53 0.61 1.20
including 741 746.76 5.76 0.13 0.99 1.05 2.06
including 741 745 4 0.14 1.09 1.16 2.28
KHDDH666 White Hill 87.35 98.1 10.75 0.03 0.08 0.09 0.18
and 166 323.2 157.2 0.09 0.19 0.23 0.45
including 233 239 6 0.12 0.33 0.39 0.76
including 252 258 6 0.12 0.31 0.37 0.72
including 268 318.05 50.05 0.16 0.27 0.36 0.70
including 283.15 301 17.85 0.20 0.34 0.45 0.87
and 332.25 444.3 112.05 0.15 0.30 0.38 0.74
including 336 366.6 30.6 0.17 0.36 0.45 0.87
including 378 416.5 38.5 0.21 0.37 0.48 0.94
including 430 443 13 0.12 0.32 0.38 0.74
KHDDH667 White Hill 12 218.7 206.7 0.09 0.23 0.27 0.53
including 30 34 4 0.21 0.22 0.33 0.65
including 72 94 22 0.20 0.71 0.81 1.58
including 82 94 12 0.32 1.12 1.29 2.52
including 82 92 10 0.35 1.23 1.41 2.75
including 104 121 17 0.09 0.22 0.27 0.52
KHDDH668 White Hill 1 494.1 493.1 0.08 0.17 0.21 0.42
including 132 144 12 0.16 0.23 0.31 0.61
including 212 219 7 0.12 0.21 0.27 0.54
including 231 241 10 0.11 0.24 0.30 0.58
including 298 328 30 0.13 0.30 0.36 0.70
including 356 360 4 0.13 0.26 0.32 0.63
including 389 460 71 0.11 0.26 0.32 0.63
KHDDH669 White Hill 2.8 600.5 597.7 0.22 0.32 0.43 0.84
and 19 38 19 0.20 0.17 0.27 0.53
and 48 538 490 0.25 0.34 0.47 0.92
including 95.6 138 42.4 0.33 0.41 0.58 1.14
including 148 160 12 0.34 0.40 0.58 1.13
including 198 209 11 0.35 0.43 0.61 1.18
including 308 347.6 39.6 0.49 0.45 0.70 1.37
including 312 316 4 1.03 0.66 1.19 2.32
including 376.1 437 60.9 0.30 0.41 0.56 1.10
including 506 514 8 0.29 0.53 0.68 1.32
and 548 598 50 0.08 0.23 0.27 0.54
KHDDH670 White Hill 0.3 763 762.7 0.21 0.32 0.42 0.83
including 16 20 4 0.13 0.27 0.33 0.65
including 67 202 135 0.24 0.34 0.46 0.90
including 71 96.6 25.6 0.38 0.44 0.63 1.23
including 217 336.7 119.7 0.26 0.31 0.45 0.87
including 265 287 22 0.41 0.34 0.56 1.09
including 346 634 288 0.23 0.38 0.49 0.97
including 354 369.3 15.3 0.28 0.39 0.53 1.03
including 434 455 21 0.25 0.41 0.54 1.06
including 511.3 523 11.7 0.33 0.53 0.70 1.38
including 564 622 58 0.33 0.55 0.72 1.41
including 608 614 6 0.41 0.70 0.91 1.78
including 656 684 28 0.11 0.45 0.51 0.99
including 672 682 10 0.18 0.76 0.85 1.66
including 672 680 8 0.19 0.76 0.86 1.68
including 713 745 32 0.62 0.45 0.76 1.49
including 731 741 10 0.12 0.70 0.76 1.49
KHDDH671 White Hill 66 248 182 0.05 0.13 0.15 0.30
KHDDH673 White Hill 1 42.5 41.5 0.11 0.18 0.23 0.46
including 1 13.2 12.2 0.20 0.35 0.45 0.88
and 61.9 197 135.1 0.04 0.12 0.14 0.27
and 207 268 61 0.05 0.10 0.12 0.23
KHDDH674 White Hill 1.6 95.4 93.8 0.13 0.25 0.31 0.61
including 3 47 44 0.15 0.26 0.33 0.65
including 72 95.4 23.4 0.13 0.28 0.34 0.67
and 104.68 117.92 13.24 0.19 0.35 0.44 0.87
and 174 194.4 20.4 0.09 0.16 0.21 0.40
including 176.4 194.4 18 0.09 0.17 0.22 0.42
and 209.6 454 244.4 0.08 0.16 0.20 0.40
including 209.6 225 15.4 0.16 0.25 0.33 0.64
including 365 375 10 0.09 0.19 0.23 0.45
including 415 431 16 0.14 0.20 0.27 0.52
and 465.4 476 10.6 0.06 0.11 0.14 0.28
and 486 501.6 15.6 0.30 0.22 0.37 0.72
KHDDH676 White Hill 0 56.15 56.15 0.17 0.28 0.36 0.71
KHDDH677 White Hill 3.2 119 115.8 0.17 0.30 0.39 0.76
including 9.3 15.7 6.4 0.09 0.39 0.43 0.84
including 28 44 16 0.18 0.33 0.42 0.83
including 40 44 4 0.29 0.59 0.74 1.44
including 62 117 55 0.24 0.37 0.49 0.96
including 84 105 21 0.29 0.46 0.61 1.19
KHDDH679 White Hill 5 167 162 0.05 0.15 0.18 0.34
including 54.2 62.6 8.4 0.14 0.31 0.38 0.75
KHDDH739 White Hill Assays pending
KHDDH741 White Hill Assays pending
KHDDH742 White Hill Assays pending
KHDDH743 White Hill Assays pending
KHDDH744 White Hill Assays pending
KHDDH746 White Hill Assays pending
KHDDH747 White Hill Assays pending
KHDDH748 White Hill Assays pending
KHDDH749 White Hill Assays pending
KHDDH750 White Hill Assays pending
KHDDH751 White Hill Assays pending
KHDDH756 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 3: 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 8 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 7 June 2023 - New Higher-Grade Zones Found in Kharmagtai Infill Drilling
2 ASX/TSX Announcement 6 April 2022 - Scoping Study - Kharmagtai Copper-Gold Project
3 ASX/TSX Announcement 8 December 2021 - Kharmagtai Resource Grows to 1.1 billion Tonnes
4 ASX/TSX Announcement 6 April 2022 - Scoping Study - Kharmagtai Copper-Gold Project
5 ASX/TSX Announcement 9 August 2023 - Further Higher-Grade Infill Drilling Results at Stockwork Hill
6 ASX/TSX Announcement 13 March 2023 - Zijin & Xanadu Transaction Completed & Kharmagtai PFS underway
7 ASX/TSX Announcement 8 December 2021 - Kharmagtai Resource Grows to 1.1 billion Tonnes
8 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/13963781-e5b0-4956-b483-39fd86f0b20a

https://www.globenewswire.com/NewsRoom/AttachmentNg/66598f3c-2796-4008-849b-dae930011e75

https://www.globenewswire.com/NewsRoom/AttachmentNg/1fa83460-8471-4cee-b22f-4b06d16cc9c5

https://www.globenewswire.com/NewsRoom/AttachmentNg/f63a1e17-4bad-4159-bda4-f01d18c216aa



Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!



Mineninfo

Xanadu Mines Ltd.

Xanadu Mines Ltd.
Bergbau
Australien
A1CWK8
AU000000XAM0
www.xanadumines.com
Copyright © Minenportal.de 2006-2024 | MinenPortal.de ist eine Marke von GoldSeiten.de und Mitglied der GoldSeiten Mediengruppe
Alle Angaben ohne Gewähr! Es wird keinerlei Haftung für die Richtigkeit der Angaben und der Kurse übernommen!
Informationen zur Zeitverzögerung der Kursdaten und Börsenbedingungen. Kursdaten: Data Supplied by BSB-Software.
AGB | Datenschutz | Impressum | Kontakt | RSS-Feed | Sitemap