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TORONTO, June 03, 2021 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Firm”) is happy to replace the market on its on-going exploration program for porphyry copper and gold deposits on the Kharmagtai District within the South Gobi area of Mongolia.
Highlights
- 23,000 metres of diamond drilling deliberate for completion by This autumn of CY2021, utilising three drill rigs
- Funded Exploration Program with three key parts:
- Excessive-Grade Definition Program – outline scale and tenor of gold-rich, bornite zones beneath present Stockwork Hill, White Hill and Copper Hill assets
- Discovery Drilling Program – drilling of precedence targets to determine new discoveries throughout the Kharmagtai District; and
- Useful resource Improve Program – concentrating on a useful resource improve beneath the present useful resource and together with large-scale mineralisation at Zaraa
- Focusing on method will utilise information from latest drilling, geophysics, and multispectral core scanning know-how on web site
- Useful resource modelling to start in This autumn of CY2021, on completion of the drill program
- At present testing deeper extensions at White Hill and Stockwork Hill utilizing 3 drill rigs
Xanadu’s Chief Govt Officer, Dr Andrew Stewart, stated “Xanadu is properly capitalised to pursue its exploration program for 2021, aiming to create materials worth and progress throughout the Kharmagtai District. Current exploration successes have confirmed an thrilling potential to develop the higher-grade useful resource and unlock the following stage of growth on this district. Our 23,000 metres drilling program will take a look at this potential, and we look ahead to updating the market as our program develops.”
Exploration Program
Xanadu has set a objective concentrating on a rise of the mixed Kharmagtai useful resource to >1 billion tonnes @ ≥0.5% copper equal (CuEq) together with >100 million tonnes @ ≥0.8% CuEq, with the purpose of enabling future growth of the Kharmagtai District.
The 23,000-metre drilling program at Kharmagtai is designed round supply of this objective, with detailed goals together with:
- Excessive-Grade Definition Program – outline scale and tenor of gold-rich, bornite zones recognized beneath present Stockwork Hill, White Hill and Copper Hill assets;
- Discovery Drilling Program – drilling of precedence targets to determine new discoveries on the Kharmagtai District; and
- Useful resource Improve Program – concentrating on a useful resource improve useful resource to >1 billion tonnes @ ≥0.5% CuEq together with >100 million tonnes @ ≥0.8% CuEq. Outline to Indicated standing beneath the present useful resource and large-scale mineralisation at Zaraa.
Determine 1. Kharmagtai District Lengthy Part – Identified Mineralisation is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/b44048ce-72ea-462c-ace7-a3d1f5923237
Present Drilling
The Exploration Program is at present underway with three energetic diamond drills – KHDDH569, KHDDH570 and KHDDH571 (Determine 2).
Present drill gap KHDDH571 goals to check the western extension of the gold-rich, bornite zone beneath Stockwork hill.
Deeper extension of mineralisation beneath White Hill can be examined by present drill gap KHDDH569.
Present drill gap KHDDH570 will take a look at the japanese extent of Zaraa mineralisation.
Drill holes KHDDH567 and KHDDH568 are each accomplished and pending assay outcomes.
Determine 2. Present and Current Drilling Lengthy Part is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/4474b06e-9376-4ed6-9e4e-a14620112059
Excessive Grade Definition Program
The drilling program beneath the prevailing useful resource focuses straight on delivering the objective of >100Mt at 0.8% CuEq. Drilling will give attention to deeper, gold-rich, excessive grade zones beneath Stockwork Hill, White Hill and Copper Hill (see purple mineralisation in Determine 3), that are key to attaining this objective.
Outcomes up to now beneath the prevailing Stockwork Hill useful resource point out a zone of mineralisation at >1% CuEq, which is comparatively lengthy and slim, formed much like a flattened cigar laying at an angle. Assay outcomes from latest drill gap KHDDH565 have greater than doubled the potential size of this mineralisation.
Determine 3. Stockwork Hill Lengthy Part – Present and Current Drilling is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/03359331-35f2-418a-8d6e-5e5531b91d19
(see ASX Announcement Dated 28 Might 2021 for KHDDH565 and 566 assay outcomes)
Additional drilling will outline the complete extent and tenure of the identified zones and probe for related high-grade shapes close by (Determine 4).
Determine 4. Current Useful resource Plan View – Present Drilling Places is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6fdc47b-e6c2-41f8-923d-0068363a4bdb
Xanadu will methodically take a look at these gold-rich, bornite zones in 2021. To focus on its drilling, Xanadu will utilise information from the drilling it accomplished in 2020 and early 2021 and improved information from the core scanning know-how now in place at Kharmagtai.
Discovery Drilling Program
Discoveries up to now present that Kharmagtai is a district that hosts a fancy system of copper-gold porphyries intrusions. Because of this, Kharmagtai can’t be handled as a single deposit, and it stays potential for brand spanking new discovery throughout its 70 sq. kilometre license space.
Xanadu has recognized a number of precedence targets for brand spanking new discovery to be drilled in the course of the CY2021 program (Determine 5). Following completion of present drill holes at Stockwork Hill and Zaraa, Xanadu’s intention is for one drill rig to be targeted on discovery drilling.
Determine 5. Kharmagtai District Plan View – Goal Areas and Present Drilling is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9e6bdd3-2408-4247-a40f-13882246b707
Timeline
The 2021 Exploration Program for the Kharmagtai District can be largely accomplished by early This autumn, CY2021. Drill outcomes can be printed repeatedly throughout this system, with 5 month-to-month bulletins anticipated between June and October 2021. The drill program will initially give attention to excessive grade zones beneath Stockwork Hill, White Hill and Zaraa deposits.
Xanadu will design twin function drilling the place doable to ship particular intercepts and to offer the mandatory information to outline assets to Indicated standing. Modelling to replace the 2018 Mineral Useful resource Estimate (please confer with ASX Announcement dated 31 October 2018) will start in This autumn, CY2021.
About Xanadu Mines
Xanadu is an ASX and TSX listed Exploration firm working in Mongolia. We give traders publicity to globally vital, giant scale copper-gold discoveries and low-cost stock progress. Xanadu maintains a portfolio of exploration tasks and stays one of many few junior explorers on the ASX or TSX who management an rising Tier 1 copper-gold deposit in our flagship Kharmagtai undertaking. For info on Xanadu go to: www.xanadumines.com.
Andrew Stewart
CEO
Xanadu Mines Ltd
Andrew.stewart@xanadumines.com
+61 409 819 922
This Announcement was authorised for launch by Xanadu’s Board of Administrators.
Appendix 2: Statements and Disclaimers
Mineral Assets and Ore Reserves Reporting Necessities
The 2012 Version of the Australasian Code for Reporting of Exploration Outcomes, Mineral Assets and Ore Reserves (the JORC Code 2012) units out minimal requirements, suggestions and tips for Public Reporting in Australasia of Exploration Outcomes, Mineral Assets and Ore Reserves. The Info contained on this Announcement has been offered in accordance with the JORC Code 2012.
Competent Particular person Assertion
The knowledge on this announcement that pertains to exploration outcomes relies on info compiled by Dr Andrew Stewart, who’s liable for the exploration information, feedback on exploration goal sizes, QA/QC and geological interpretation and data. Dr Stewart, who’s an worker of Xanadu and is a Member of the Australasian Institute of Geoscientists, has adequate expertise related to the fashion of mineralisation and sort of deposit into consideration and to the exercise he’s enterprise to qualify because the “Competent Particular person” as outlined within the 2012 Version of the Australasian Code for Reporting Exploration Outcomes, Mineral Assets and Ore Reserves and the Nationwide Instrument 43-101. Dr Stewart consents to the inclusion within the report of the issues based mostly on this info within the kind and context wherein it seems.
Copper Equal Calculations
The copper equal (CuEq or eCu) calculation represents the entire metallic worth for every metallic, multiplied by the conversion issue, summed, and expressed in equal copper share with a metallurgical restoration issue utilized. The copper equal calculation used relies off the eCu calculation outlined by CSA within the 2018 Mineral Useful resource Improve.
Copper equal (CuEq or eCu) grade values had been calculated utilizing the next system:
eCu = Cu + Au * 0.62097 * 0.8235,
The place Cu = copper grade (%); Au = gold grade (gold per tonne (g/t)); 0.62097 = conversion issue (gold to copper); and 0.8235 = relative restoration of gold to copper (82.35%).
The copper equal system was based mostly on the next parameters (costs are in USD): Copper worth = 3.1 $/lb (or 6,834 $ per tonne ($/t)); Gold worth = 1,320 $ per ounce ($/oz); Copper restoration = 85%; Gold restoration = 70%; and Relative restoration of gold to copper = 70% / 85% = 82.35%.
Ahead-Wanting Statements
Sure statements contained on this Announcement, together with info as to the longer term monetary or working efficiency of Xanadu and its tasks may additionally embody statements that are ‘ahead‐trying statements’ which will embody, amongst different issues, statements relating to targets, estimates and assumptions in respect of mineral reserves and mineral assets and anticipated grades and restoration charges, manufacturing and costs, restoration prices and outcomes, capital expenditures and are or could also be based mostly on assumptions and estimates associated to future technical, financial, market, political, social and different situations. These ‘forward-looking statements’ are essentially based mostly upon a lot of estimates and assumptions that, whereas thought-about affordable by Xanadu, are inherently topic to vital technical, enterprise, financial, aggressive, political and social uncertainties and contingencies and contain identified and unknown dangers and uncertainties that would trigger precise occasions or outcomes to vary materially from estimated or anticipated occasions or outcomes mirrored in such ahead‐trying statements.
Xanadu disclaims any intent or obligation to replace publicly or launch any revisions to any ahead‐trying statements, whether or not on account of new info, future occasions, circumstances or outcomes or in any other case after the date of this Announcement or to replicate the incidence of unanticipated occasions, aside from required by the Companies Act 2001 (Cth) and the Itemizing Guidelines of the Australian Securities Alternate (ASX) and Toronto Inventory Alternate (TSX). The phrases ‘imagine’, ‘anticipate’, ‘anticipate’, ‘point out’, ‘ponder’, ‘goal’, ‘plan’, ‘intends’, ‘proceed’, ‘funds’, ‘estimate’, ‘might’, ‘will’, ‘schedule’ and related expressions determine ahead‐trying statements.
All ‘ahead‐trying statements’ made on this Announcement are certified by the foregoing cautionary statements. Buyers are cautioned that ‘ahead‐trying statements’ should not assure of future efficiency and accordingly traders are cautioned to not put undue reliance on ‘ahead‐trying statements’ as a result of inherent uncertainty therein.
For additional info please go to the Xanadu Mines’ Web site at www.xanadumines.com.
Appendix 3: Kharmagtai Desk 1 (JORC 2012)
Set out under is Part 1 and Part 2 of Desk 1 beneath the JORC Code, 2012 Version for the Kharmagtai undertaking. Knowledge offered by Xanadu. This Desk 1 updates the JORC Desk 1 disclosure dated 11 April 2019.
JORC TABLE 1 – SECTION 1 – SAMPLING TECHNIQUES AND DATA
(Standards on this part apply to all succeeding sections).
Standards | JORC Code rationalization | Commentary |
Sampling strategies |
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Drilling strategies |
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Drill pattern restoration |
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Logging |
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Sub-sampling strategies and pattern preparation |
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High quality of assay information and laboratory exams |
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Verification of sampling and assaying |
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Location of information factors |
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Knowledge spacing and distribution |
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Orientation of information in relation to geological construction |
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Pattern safety |
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Audits or evaluations |
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JORC TABLE 1 – SECTION 2 – REPORTING OF EXPLORATION RESULTS
(Standards on this part apply to all succeeding sections).
Standards | Commentary |
Mineral tenement and land tenure standing |
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Exploration performed by different events |
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Geology |
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Drill gap Info |
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Knowledge Aggregation strategies |
The copper equal (eCu) calculation represents the entire metallic worth for every metallic, multiplied by the conversion issue, summed, and expressed in equal copper share with a metallurgical restoration issue utilized. The copper equal calculation used relies off the eCu calculation outlined by CSA within the 2018 Mineral Useful resource Improve. Copper equal (CuEq or eCu) grade values had been calculated utilizing the next system: eCu or CuEq = Cu + Au * 0.62097 * 0.8235, Gold Equal (eAu) grade values had been calculated utilizing the next system: eAu = Au + Cu / 0.62097 * 0.8235. The place: Cu – copper grade (%) Au – gold grade (g/t) 0.62097 – conversion issue (gold to copper) 0.8235 – relative restoration of gold to copper (82.35%) The copper equal system was based mostly on the next parameters (costs are in USD):
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Relationship between mineralisation on widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Different substantive exploration information |
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Additional Work |
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JORC TABLE 1 – SECTION 3 – ESTIMATION AND REPORTING OF MINERAL RESOURCES
Mineral Assets should not reported so this isn’t relevant to this announcement. Please confer with ASX Announcement dated 31 October 2018 for Xanadu’s most up-to-date reported Mineral Useful resource Estimate and relevant Desk 1, Part 3.
JORC TABLE 1 – SECTION 4 – ESTIMATION AND REPORTING OF ORE RESERVES
Ore Reserves should not reported so this isn’t relevant to this announcement.