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Xanadu Mines (ASX:XAM) - Non Executive Chairman, Colin Moorhead
Non Executive Chairman, Colin Moorhead
Source: International Mining And Resources Conference / YouTube
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  • Xanadu Mines (XAM) provides an exploration update for the Red Mountain copper-gold porphyry district in Mongolia
  • A 3000-metre diamond drilling program has been completed at Red Mountain with a focus on near-surface high-grade bornite mineralisation
  • Assays have been returned for 1865 metres of drilling with grades peaking at 28.9 per cent copper and 114g/t silver
  • Xanadu and its joint venture partner JOGMEC will develop the next stage of exploration once all assays are received
  • Xanadu ends the day 3.23 per cent in the green with shares trading at 3.2 cents

Xanadu Mines (XAM) has provided an exploration update for the Red Mountain copper-gold porphyry district.

Red Mountain lies within the Dornogovi Province of southern Mongolia and is situated roughly 420 kilometres southeast of Ulaanbaatar.

A 3000-metre diamond drilling program has been completed at Red Mountain with a focus on near-surface high-grade bornite mineralisation.

Roughly 1600 metres was designed to obtain geological data while the remaining 1400 metres was designed to target large-scale porphyry induced polarisation (IP) targets.

Assays have been returned for 1865 metres of drilling with silver-rich high-grade copper intersected in multiple holes.

Best results include four metres at 7.34 per cent copper and 29.3 grams of silver per tonne (g/t) from 60 metres including one metre at 28.9 per cent copper and 114g/t silver from 62 metres.

CEO Andrew Stewart is excited by the grades intersected.

“We are very excited to see shallow, high-grade bornite mineralisation that is comparable to our Stairy drilling results from earlier this year,” Dr Stewart said.

“This confirms the presence of sub-vertical mineralised structures up to twenty-four metres wide that potentially extend beyond a kilometre.

“Importantly, our latest geological interpretation suggests these may be linked to a large-scale porphyry system at depth.”

Xanadu and its joint venture partner Japan Oil, Gas and Metals National Corporation (JOGMEC) will develop the next stage of exploration once all assays are received.

More results regarding this program will be announced in due course.

Xanadu has ended the day 3.23 per cent in the green with shares trading at 3.2 cents in a $39.03 million market cap.

XAM by the numbers
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