xanadu-mines-asx-xam-expands-kharmagtai-resource-with-significant-increases-in-copper-and-gold-

Key Highlights:

- Xanadu Mines (ASX: XAM) reports a 14% increase in contained copper and a 9% increase in contained gold at its flagship Kharmagtai project.

- The updated Mineral Resource Estimate (MRE) is driven by new drilling results and refined pit-shell models.

- The Kharmagtai resource now stands at 3.8Mt of copper and 9.3Moz of gold, further solidifying its potential as a major copper-gold asset in Mongolia.

Xanadu Mines Ltd (ASX: XAM) has announced a substantial upgrade to the Mineral Resource Estimate (MRE) for its flagship Kharmagtai copper-gold project in Mongolia. The updated resource, which includes a 14% increase in contained copper and a 9% increase in contained gold, reflects the ongoing success of Xanadu’s exploration and development strategy.

The updated MRE, now totaling 3.8 million tonnes (Mt) of contained copper and 9.3 million ounces (Moz) of contained gold, represents a significant milestone for Xanadu Mines. This growth is largely attributed to the inclusion of 7,300 meters of new drilling across 11 holes at the White Hill and Golden Eagle deposits. The new data, combined with optimized pit-shell models from the ongoing pre-feasibility study (PFS), has led to a more robust resource estimate that better reflects the project's potential.

Xanadu’s Executive Chairman and Managing Director, Colin Moorhead, expressed confidence in the company’s ability to continue adding value at Kharmagtai. “This update reflects and is consistent with the final model informing The Kharmagtai PFS, which is on track for delivery in the current quarter. The discovery of higher-grade copper and gold mineralization at White Hill, which remains open at depth, supports our exploration model targeting underground opportunities beyond the scope of the PFS,” Moorhead said.

(Source: $XAM ASX Announcement)

The latest update also involved a re-estimation of the underlying models to include the recent drilling results, leading to a minor increase in the classification of resources. The total resource now includes approximately 1.5 billion tonnes of ore, with a copper equivalent (CuEq) grade of 0.36%, comprising 3.8Mt of copper and 9.3Moz of gold. This represents a significant upgrade from the previous estimate of 3.4Mt of copper and 8.5Moz of gold.

As of 3:00PM AEST, 21st August 2024, Xanadu Mines Ltd (ASX: XAM) is trading at A$ 0.058

Xanadu Mines continues to make significant strides in unlocking the potential of the Kharmagtai project. The latest resource upgrade underscores the project's scale and quality, positioning Xanadu as a key player in Mongolia's copper-gold sector. With further exploration and the upcoming PFS, Xanadu Mines remains a company to watch for investors seeking exposure to high-quality copper and gold assets.