Tuesday, August 12, 2014

Xanadu Mines intersects 665.7m of copper-gold mineralisation in Mongolia

Xanadu Mines (ASX:XAM) has now confirmed the presence of a significant mineralised tourmaline breccia system east of the high-grade Altan Tolgoi prospect at the Kharmagtai project in Mongolia.

Drill hole KHDDH344 assays are: 665.7 metres at 0.37% copper and 0.28g/t gold (0.55% CuEq) from surface; including 312 metres at 0.49% copper and 0.40g/t gold (0.74% CuEq) from 274 metres.

Xanadu said that the geophysical signature of the tourmaline breccia can be traced for at least 3.5 kilometres under shallow cover.

Drilling continues along the new discovery zone with step out drill hole KHDDH346 intersecting significant visible copper sulphide mineralisation between 140 metres and the 670 metres, the current depth.

Xanadu has now extended the strike length of the Altan Tolgoi system to over 600 metres and mineralisation remains open to the west, east and at depth.

The joint venture project is located in the under-explored South Gobi porphyry copper province which hosts Rio Tinto's (ASX:RIO) world-class Oyu Tolgoi copper-gold operation.

Joint venture

Xanadu and its joint venture partner, Mongol Metals LLC, announced the acquisition of a 90% interest in the Kharmagtai porphyry copper-gold project from Turquoise Hill Resources in February 2014.

Under the Mongol Metals LLC joint venture terms, Xanadu has the right to earn an 85% interest in Mongol Metals LLC, equivalent to a 76.5% effective project interest, by funding acquisition and exploration costs.

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