Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (Xanadu, XAM or the
Company) and its joint venture partner
Zijin
Mining Group Co., Ltd. (Zijin) are pleased to announce
delivery of further higher-grade drill results during Phase One
infill drilling at the Kharmagtai Copper and Gold Project, in
preparation for the Prefeasibility Study (
PFS).
Highlights
-
New infill drilling conducted in preparation for the PFS has
returned strong higher-grade results from the Stockwork Hill
deposit. Best downhole intersects include:
-
KHDDH649 – 424m @ 0.36% eCu (0.26% Cu & 0.21g/t Au) from
126mIncluding 72.2m @ 0.72% eCu (0.41% Cu & 0.60g/t Au) from
126m& 30.2m @ 0.89% eCu (0.50% Cu & 0.76g/t Au)
from 168m& 6m @ 0.96% eCu (0.86% Cu and
0.19g/t Au) from 348m& 18m @ 0.66% eCu (0.54%
Cu and 0.23g/t Au) from 466m
-
KHDDH650 – 131m @ 0.70% eCu (0.35% Cu & 0.67g/t Au) from
6mIncluding 76m @ 0.96% eCu (0.45% Cu & 1.00g/t Au)
from 26mIncluding 38.5m @ 1.24% Cu (0.51% Cu &
1.44g/t Au) from 58m& 29m @ 1.00% eCu (0.92%
Cu & 0.14g/t Au) from 185m& 41.7m @ 0.94% eCu
(0.53% Cu & 0.81g/t Au) from 347m
-
KHDDH660 – 421.25m @ 0.48% eCu (0.33% Cu & 0.28 Au) from
152.75mIncluding 105m @ 0.84% eCu (0.47% Cu & 0.72g/t
Au) from 168mIncluding 62m @ 1.05% eCu (0.56% Cu &
0.97g/t Au) from 196.75m
-
KHDDH653 – 6.2m @ 2.08% eCu (1.42% Cu & 1.31g/t Au)
from 183.8mAnd 14m @ 0.83% eCu (0.15% Cu
& 1.32g/t Au) from 202m
-
KHDDH655 – 370m @ 0.55% eCu (0.41% Cu & 0.28g/t Au ) from
236mIncluding 106m @ 0.80% eCu (0.56% Cu & 0.48g/t Au)
from 386m& 46m @ 0.85% eCu (0.69% Cu &
0.32g/t Au) from 544mIncluding 12m @ 1.35% eCu (1.00% Cu
& 0.69g/t Au) from 578m
-
Completed Phase 1 drilling has defined and expanded the volume of
higher-grade mineralisation within the Stockwork pit, indicating
both grade uplift and resource expansion potential.
-
Building on recent infill drilling success1,2, these newly
identified higher-grade zones are expected to enhance the 2021
Mineral Resource Estimate (MRE), currently an
Inferred and Indicated Resource of 1.1Bt containing 3Mt Cu and 8Moz
Au (1.98Mt eCu Indicated, 2.33Mt eCu Inferred)3.
-
Interim MRE update to be completed early 4Q
CY2023, in preparation for Final PFS MRE during 4Q
CY2023, which will include results from Phase 2 (now
underway).
-
Growth-focused discovery exploration drilling at Kharmagtai also
continues with 2 diamond rigs; we expect to provide further shallow
results, plus first ever deep drilling results during 3Q
CY2023.
Xanadu’s Executive Chairman and Managing
Director, Mr Colin Moorhead, said “Our infill drilling
program to support the PFS has progressed safely and efficiently
and is continuing to demonstrate results in line with or materially
better than the 2021 MRE. Results from this Phase One have
continued to show upside to the existing Resource that formed the
basis for the 2022 PEA and Scoping Study4. Pleasingly, we’ve
intersected new higher grade zones at Stockwork Hill within the
existing Resource boundary, which supports the potential to expand
and increase the near-surface high-grade tonnes; a significant
value-driver for the open-pit project going forward. Hole KHDDH649
is extremely encouraging, intersecting a high-grade steeply dipping
tourmaline breccia, adding at least 120 m vertical extension of
known higher grade zones. Not only does it highlight potential for
significant grade boosts relative to the existing MRE, but also has
dragged high-grade mineralisation closer to surface.
Phase Two drilling, currently underway, is
focussed on Golden Eagle, Zephyr and West White Hill, and will also
address any outstanding issues arising from Phase One. Phase 2
results will then be combined with the Interim MRE to produce a
final PFS Mineral Resource update in Q4 CY2023.
Infill Drilling Results to
Date
The Phase One infill drilling program for
Stockwork Hill, White Hill and Copper Hill is complete. All infill
drilling assay results have now been returned for Stockwork Hill.
These results demonstrate that the high-grade tourmaline breccia
body within the Resource is larger than previous modelling
predicted (Figures 1; Appendix 1). Several holes
encountered materially better grade relative to Resource grade.
Significant drill intersections from Stockwork Hill, include:
KHDDH649 was drilled to expand
upon the recently identified extensions of the tourmaline breccia
zone (see ASX/TSX News Release dated 7th June
2023). KHDDH649 intersected a significant interval of 424m
@ 0.36% eCu (0.26% Cu & 0.21g/t Au) from 126m,
which:
-
broadened the shallow, gold-rich Southern Stockwork Zone relative
to the 2021 MRE, with 72.2m @ 0.72% eCu (0.41% Cu
and 0.60g/t Au) from 126m, and
-
expanded the higher-grade tourmaline breccia zone, with 6m
@ 0.96% eCu (0.86% Cu and 0.19g/t Au) from 348m and
18m @ 0.66% eCu (0.54% Cu and 0.23g/t Au) from
466m (Figure 2).
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH649 |
Stockwork Hill |
26 |
38 |
12 |
0.07 |
0.08 |
0.11 |
0.22 |
and |
|
50 |
60 |
10 |
0.08 |
0.09 |
0.13 |
0.26 |
and |
|
108 |
112 |
4 |
0.14 |
0.11 |
0.18 |
0.36 |
and |
|
126 |
550 |
424 |
0.21 |
0.26 |
0.36 |
0.71 |
including |
|
126 |
198.2 |
72.2 |
0.60 |
0.41 |
0.72 |
1.40 |
including |
|
134.3 |
154 |
19.7 |
0.83 |
0.51 |
0.93 |
1.82 |
including |
|
168 |
198.2 |
30.2 |
0.76 |
0.50 |
0.89 |
1.73 |
including |
|
186 |
198.2 |
12.2 |
1.10 |
0.69 |
1.25 |
2.44 |
including |
|
220 |
226 |
6 |
0.61 |
0.31 |
0.62 |
1.22 |
including |
|
276 |
296 |
20 |
0.28 |
0.30 |
0.45 |
0.88 |
including |
|
318 |
382 |
64 |
0.15 |
0.41 |
0.48 |
0.94 |
including |
|
348 |
378 |
30 |
0.16 |
0.51 |
0.59 |
1.16 |
including |
|
348 |
354 |
6 |
0.19 |
0.86 |
0.96 |
1.88 |
including |
|
396 |
452 |
56 |
0.12 |
0.27 |
0.33 |
0.64 |
including |
|
400 |
404 |
4 |
0.16 |
0.62 |
0.70 |
1.37 |
including |
|
466 |
484 |
18 |
0.23 |
0.54 |
0.66 |
1.29 |
including |
|
470 |
484 |
14 |
0.25 |
0.60 |
0.73 |
1.42 |
including |
|
504 |
514 |
10 |
0.13 |
0.18 |
0.24 |
0.47 |
KHDDH650 was also drilled to
expand upon the recently identified extensions of the tourmaline
breccia zone. The results from KHDDH650 have broadened the shallow,
gold-rich Southern Stockwork Zone, delineating:
-
An area of high-grade tourmaline breccia with 29m @ 1.00%
eCu (0.92% Cu and 0.14g/t Au) from 185m, where the
previous MRE reported 0.1% eCu, and
-
A deeper zone of gold-rich stockwork mineralisation with
41.7m @ 0.94% eCu (0.53% Cu and 0.81g/t Au) from
347m, where the previous MRE estimated 0.2 to 0.3% eCu
(Figure 3).
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH650 |
Stockwork Hill |
6 |
282 |
276 |
0.36 |
0.33 |
0.52 |
1.01 |
including |
|
6 |
137 |
131 |
0.67 |
0.35 |
0.70 |
1.36 |
including |
|
26 |
102 |
76 |
1.00 |
0.45 |
0.96 |
1.88 |
including |
|
58 |
96.5 |
38.5 |
1.44 |
0.51 |
1.24 |
2.43 |
including |
|
161 |
169 |
8 |
0.11 |
0.29 |
0.35 |
0.68 |
including |
|
185 |
214 |
29 |
0.14 |
0.92 |
1.00 |
1.95 |
including |
|
187 |
207.3 |
20.3 |
0.16 |
1.16 |
1.24 |
2.43 |
including |
|
187 |
205 |
18 |
0.17 |
1.23 |
1.31 |
2.57 |
including |
|
264 |
282 |
18 |
0.04 |
0.36 |
0.38 |
0.74 |
and |
|
292 |
419 |
127 |
0.33 |
0.28 |
0.46 |
0.89 |
including |
|
297 |
320.65 |
23.65 |
0.16 |
0.33 |
0.41 |
0.80 |
including |
|
315 |
319 |
4 |
0.36 |
0.72 |
0.90 |
1.76 |
including |
|
347 |
388.7 |
41.7 |
0.81 |
0.53 |
0.94 |
1.85 |
including |
|
349 |
388.7 |
39.7 |
0.84 |
0.54 |
0.97 |
1.91 |
including |
|
353 |
386 |
33 |
0.89 |
0.55 |
1.01 |
1.97 |
and |
|
437 |
446.29 |
9.29 |
0.10 |
0.06 |
0.12 |
0.23 |
KHDDH660 was also drilled to
expand upon the recently identified extensions of the tourmaline
breccia zone. The results from KHDDH660 have broadened the shallow,
gold-rich Southern Stockwork Zone, delineating an area of
high-grade tourmaline breccia with 62.25m @ 1.05%
eCu (0.56% Cu & 0.97g/t Au) from 196.75m, where the
previous MRE reported 0.2 to 0.3% eCu (Figure
3).
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH660 |
Stockwork Hill |
9 |
15 |
6 |
0.21 |
0.11 |
0.22 |
0.43 |
and |
|
76 |
111 |
35 |
0.10 |
0.08 |
0.14 |
0.27 |
and |
|
152.75 |
574 |
421.25 |
0.28 |
0.33 |
0.48 |
0.93 |
including |
|
168 |
273 |
105 |
0.72 |
0.47 |
0.84 |
1.63 |
including |
|
172 |
185 |
13 |
0.51 |
0.50 |
0.76 |
1.48 |
including |
|
196.75 |
259 |
62.25 |
0.97 |
0.56 |
1.05 |
2.06 |
including |
|
211 |
249 |
38 |
1.17 |
0.64 |
1.24 |
2.43 |
including |
|
285 |
527 |
242 |
0.16 |
0.36 |
0.44 |
0.87 |
including |
|
295 |
299 |
4 |
0.30 |
0.62 |
0.77 |
1.50 |
including |
|
315 |
327 |
12 |
0.13 |
0.27 |
0.33 |
0.65 |
including |
|
349 |
393 |
44 |
0.13 |
0.72 |
0.79 |
1.54 |
including |
|
387 |
391 |
4 |
0.16 |
2.64 |
2.72 |
5.31 |
including |
|
403 |
411 |
8 |
0.15 |
0.87 |
0.95 |
1.85 |
including |
|
447 |
472 |
25 |
0.31 |
0.33 |
0.49 |
0.96 |
including |
|
491 |
497 |
6 |
0.45 |
0.50 |
0.73 |
1.44 |
and |
|
559 |
563 |
4 |
0.14 |
0.07 |
0.14 |
0.27 |
KHDDH653 was drilled on the far
eastern edge of the 2022 PEA designed open pit. This hole returned
a series of narrow high-grade gold and copper intercepts showing
mineralisation remains open along from the current MRE:
-
6.2m @ 2.08% eCu (1.42% Cu and 1.31g/t Au) from
183.8m, and
-
14m @ 0.83% eCu (0.15% Cu and 1.32g/t Au) from
202m (Figure 4).
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH653 |
Stockwork Hill |
134 |
142 |
8 |
0.12 |
0.06 |
0.12 |
0.23 |
and |
|
156 |
160 |
4 |
0.04 |
0.09 |
0.11 |
0.22 |
and |
|
183.8 |
190 |
6.2 |
1.31 |
1.42 |
2.08 |
4.08 |
including |
|
183.8 |
186.3 |
2.5 |
2.62 |
3.11 |
4.45 |
8.70 |
and |
|
202 |
216 |
14 |
1.32 |
0.15 |
0.83 |
1.62 |
including |
|
210.3 |
214.8 |
4.5 |
3.91 |
0.36 |
2.36 |
4.61 |
and |
|
269 |
275 |
6 |
0.23 |
0.02 |
0.14 |
0.27 |
KHDDH655 was drilled to the
east of the tourmaline breccia zone, and successfully extended this
zone, delivering:
-
broad intercept of high-grade tourmaline breccia with 106m
@ 0.80% eCu (0.56% Cu and 0.48g/t Au) from 386m, and
-
importantly a much deeper zone of high-grade tourmaline breccia
extending directly below the planned pit, with 46m @ 0.85%
eCu (0.69% Cu and 0.32g/t Au) from 544m, including
12m @ 1.35% eCu (1% Cu and 0.69g/t Au) from 578m
(Figure 5).
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH655 |
Stockwork Hill |
72 |
78 |
6 |
0.13 |
0.06 |
0.13 |
0.25 |
and |
|
178 |
210 |
32 |
0.04 |
0.08 |
0.11 |
0.21 |
and |
|
236 |
606 |
370 |
0.28 |
0.41 |
0.55 |
1.08 |
including |
|
242 |
590 |
348 |
0.29 |
0.43 |
0.58 |
1.13 |
including |
|
250 |
254 |
4 |
0.70 |
0.30 |
0.66 |
1.29 |
including |
|
296 |
300 |
4 |
0.16 |
0.63 |
0.71 |
1.38 |
including |
|
346 |
350 |
4 |
0.41 |
0.44 |
0.65 |
1.27 |
including |
|
364 |
376 |
12 |
0.65 |
0.52 |
0.85 |
1.66 |
including |
|
386 |
492 |
106 |
0.48 |
0.56 |
0.80 |
1.57 |
including |
|
392 |
396 |
4 |
0.58 |
1.15 |
1.44 |
2.82 |
including |
|
426 |
450 |
24 |
0.71 |
0.80 |
1.16 |
2.27 |
including |
|
522 |
534 |
12 |
0.10 |
0.45 |
0.50 |
0.97 |
including |
|
544 |
590 |
46 |
0.32 |
0.69 |
0.85 |
1.66 |
including |
|
548 |
554 |
6 |
0.23 |
1.09 |
1.21 |
2.36 |
including |
|
578 |
590 |
12 |
0.69 |
1.00 |
1.35 |
2.63 |
and |
|
616 |
650 |
34 |
0.10 |
0.16 |
0.21 |
0.41 |
including |
|
642 |
648 |
6 |
0.24 |
0.34 |
0.46 |
0.91 |
and |
|
672 |
696 |
24 |
0.14 |
0.13 |
0.21 |
0.41 |
including |
|
678 |
682 |
4 |
0.17 |
0.26 |
0.35 |
0.68 |
Figure 1: Kharmagtai copper-gold
district showing currently defined mineral deposits and planned
Phase One Resource infill drill holes.
Figure 2: Cross section through
the Stockwork Hill deposit showing drill hole KHDDH649.
Figure 3: Cross section through
the Stockwork Hill deposit showing drill hole KHDDH650 and
KHDDH660.
Figure 4: Cross section through
the Stockwork Hill deposit showing drill hole KHDDH653.
Figure 5: Cross section through
the Stockwork Hill deposit showing drill hole KHDDH655.
Extension of Higher Grade Zones at
Stockwork Hill Continues
Significantly, drill hole
KHDDH649, drilled into the central portion of
Stockwork Hill, has encountered higher-grade zones of tourmaline
breccia mineralisation (Figure 2), adding vertical
extension to known higher grade zones. Principally, drilling
intercepted a highly encouraging zone grading 30.2m @ 0.50%
Cu and 0.76g/t Au (0.89% eCu) from 168m, significantly
exceeding the 2021 MRE block model prediction for 0.3% eCu
mineralisation. This intercept is approximately 120m above the
closest high-grade tourmaline breccia drilled in this area,
highlighting potential for significant grade boosts relative to the
existing MRE. Additional drilling is now planned to test for
further extensions of these higher-grade zones and aimed for
inclusion in the upcoming MRE update.
Next steps
Four diamond drill rigs are currently focussed
on Kharmagtai infill drilling, with overarching objective to target
areas with potential for future Mineral Resource to Ore Reserve
conversion.
The Phase One infill drilling program for
Stockwork Hill, White Hill and Copper Hill is complete, with 80
holes completed for a total 33,212m. All results from infill
drilling have now been returned for Stockwork Hill. Remaining assay
results from White Hill and Copper Hill are expected late August.
These results are being interpreted and detailed 3D geological
models being updated to provide the basis of an Interim Mineral
Resource update. Objective of the Interim MRE is to identify any
additional drilling requirements, with the aim of maximising
conversion of Inferred to Indicated Resource category, and
subsequently maximising conversion to a maiden Ore Reserve, to
underpin the PFS.
Phase Two infill drilling is currently underway
at Golden Eagle, Zephyr and White Hill West; it is expected to
complete mid-August 2023. These results will then be combined with
the Interim MRE, with a final PFS Mineral Resource update reported
Q4 CY2023.
About the Infill Drilling
Program
Kharmagtai currently has an Inferred and
Indicated Resource of 1.1Bt containing 3Mt Cu and 8Moz Au . As part
of the Kharmagtai PFS, the aim of the infill drilling is to target
an upgrade off all currently Inferred material to Indicated
Resource classification, enabling a maiden, JORC compliant Ore
Reserve to be reported. Additionaly, 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 1), 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 MoorheadExecutive Chairman & Managing
DirectorE: 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) |
KHDDH607 |
Stockwork Hill |
592376 |
4877578 |
1292 |
0 |
-60 |
600.1 |
KHDDH608 |
Stockwork Hill |
592310 |
4877840 |
1291 |
0 |
-55 |
400.0 |
KHDDH609 |
Stockwork Hill |
592270 |
4877913 |
1293 |
270 |
-60 |
410.0 |
KHDDH610 |
Stockwork Hill |
592250 |
4877654 |
1292 |
0 |
-60 |
325.0 |
KHDDH611 |
Stockwork Hill |
592189 |
4877919 |
1291 |
180 |
-70 |
275.0 |
KHDDH612 |
Stockwork Hill |
592126 |
4878051 |
1291 |
0 |
-60 |
100.0 |
KHDDH613 |
Stockwork Hill |
592800 |
4877742 |
1283 |
0 |
-90 |
573.6 |
KHDDH614 |
Stockwork Hill |
592126 |
4877846 |
1295 |
0 |
-60 |
175.0 |
KHDDH615 |
Stockwork Hill |
592126 |
4877755 |
1295 |
0 |
-60 |
200.0 |
KHDDH621 |
Stockwork Hill |
592900 |
4877901 |
1282 |
0 |
-70 |
420.7 |
KHDDH628 |
Stockwork Hill |
592250 |
4878102 |
1289 |
0 |
-60 |
125.0 |
KHDDH629 |
Stockwork Hill |
592126 |
4877950 |
1291 |
0 |
-60 |
125.0 |
KHDDH647 |
Stockwork Hill |
592432 |
4877696 |
1289 |
0 |
-60 |
564.5 |
KHDDH649 |
Stockwork Hill |
592535 |
4877686 |
1287 |
0 |
-60 |
560.0 |
KHDDH650 |
Stockwork Hill |
592533 |
4877777 |
1287 |
0 |
-60 |
460.1 |
KHDDH652 |
Stockwork Hill |
593000 |
4877670 |
1284 |
0 |
-60 |
350.0 |
KHDDH653 |
Stockwork Hill |
593063 |
4877630 |
1284 |
0 |
-60 |
275.0 |
KHDDH654 |
Stockwork Hill |
592854 |
4877599 |
1285 |
0 |
-60 |
522.5 |
KHDDH655 |
Stockwork Hill |
592647 |
4877603 |
1288 |
0 |
-60 |
735.0 |
KHDDH660 |
Stockwork Hill |
592535 |
4877686 |
1287 |
357 |
-60 |
576.6 |
Table 2: Significant drill
results
Hole ID |
Prospect |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
eCu (%) |
eAu (g/t) |
KHDDH607 |
Stockwork Hill |
9 |
19 |
10 |
0.03 |
0.13 |
0.15 |
0.30 |
and |
|
106 |
112 |
6 |
0.06 |
0.10 |
0.13 |
0.26 |
and |
|
121.7 |
149 |
27.3 |
0.07 |
0.10 |
0.14 |
0.27 |
and |
|
159 |
193 |
34 |
0.04 |
0.09 |
0.11 |
0.22 |
and |
|
214.2 |
222 |
7.8 |
0.10 |
0.06 |
0.12 |
0.23 |
and |
|
234 |
238 |
4 |
0.09 |
0.07 |
0.11 |
0.22 |
and |
|
252 |
284 |
32 |
0.07 |
0.07 |
0.10 |
0.20 |
and |
|
296 |
307 |
11 |
0.06 |
0.09 |
0.12 |
0.23 |
and |
|
330.85 |
434.9 |
104.05 |
0.08 |
0.27 |
0.31 |
0.61 |
including |
|
411 |
433 |
22 |
0.12 |
0.95 |
1.01 |
1.98 |
including |
|
426.9 |
431 |
4.1 |
0.24 |
3.82 |
3.94 |
7.71 |
and |
|
445 |
449 |
4 |
0.14 |
0.08 |
0.14 |
0.28 |
and |
|
492.9 |
501.3 |
8.4 |
0.35 |
0.18 |
0.35 |
0.69 |
including |
|
492.9 |
497 |
4.1 |
0.53 |
0.26 |
0.53 |
1.04 |
and |
|
512 |
568 |
56 |
0.11 |
0.18 |
0.23 |
0.46 |
including |
|
524 |
542 |
18 |
0.11 |
0.25 |
0.30 |
0.59 |
and |
|
578 |
586.2 |
8.2 |
0.04 |
0.14 |
0.16 |
0.32 |
KHDDH608 |
Stockwork Hill |
0.35 |
112.5 |
112.15 |
0.27 |
0.21 |
0.35 |
0.68 |
including |
|
59 |
112.5 |
53.5 |
0.49 |
0.31 |
0.56 |
1.09 |
including |
|
99 |
110.2 |
11.2 |
1.26 |
0.56 |
1.21 |
2.36 |
and |
|
129.7 |
148 |
18.3 |
0.13 |
0.17 |
0.23 |
0.46 |
including |
|
129.7 |
135.87 |
6.17 |
0.29 |
0.31 |
0.46 |
0.89 |
and |
|
166 |
270 |
104 |
0.12 |
0.13 |
0.19 |
0.38 |
including |
|
224 |
230 |
6 |
0.28 |
0.30 |
0.44 |
0.86 |
and |
|
282 |
400 |
118 |
0.07 |
0.13 |
0.16 |
0.32 |
including |
|
318 |
322 |
4 |
0.11 |
0.27 |
0.32 |
0.62 |
KHDDH609 |
Stockwork Hill |
10 |
18 |
8 |
0.07 |
0.07 |
0.11 |
0.21 |
and |
|
28 |
322 |
294 |
0.08 |
0.10 |
0.14 |
0.27 |
including |
|
81 |
89 |
8 |
0.06 |
0.21 |
0.24 |
0.46 |
including |
|
207 |
237 |
30 |
0.18 |
0.15 |
0.24 |
0.46 |
and |
|
334 |
350 |
16 |
0.32 |
0.08 |
0.24 |
0.48 |
including |
|
336 |
348 |
12 |
0.39 |
0.08 |
0.28 |
0.54 |
and |
|
378 |
394 |
16 |
0.05 |
0.05 |
0.08 |
0.16 |
KHDDH610 |
Stockwork Hill |
3.5 |
46 |
42.5 |
0.06 |
0.10 |
0.13 |
0.25 |
and |
|
55 |
88 |
33 |
0.08 |
0.11 |
0.15 |
0.29 |
and |
|
204 |
212 |
8 |
0.07 |
0.07 |
0.10 |
0.20 |
and |
|
294 |
325 |
31 |
0.08 |
0.10 |
0.13 |
0.26 |
KHDDH611 |
Stockwork Hill |
3 |
115 |
112 |
0.10 |
0.09 |
0.14 |
0.28 |
and |
|
125 |
137 |
12 |
0.13 |
0.06 |
0.12 |
0.24 |
and |
|
171.85 |
214 |
42.15 |
0.07 |
0.09 |
0.12 |
0.23 |
and |
|
255 |
275 |
20 |
0.04 |
0.11 |
0.13 |
0.26 |
KHDDH612 |
Stockwork Hill |
8 |
98 |
90 |
0.10 |
0.13 |
0.18 |
0.36 |
including |
|
58 |
68 |
10 |
0.14 |
0.30 |
0.37 |
0.73 |
KHDDH613 |
Stockwork Hill |
17 |
25 |
8 |
0.19 |
0.12 |
0.22 |
0.43 |
and |
|
39 |
111.35 |
72.35 |
0.08 |
0.13 |
0.17 |
0.34 |
including |
|
70.9 |
87.8 |
16.9 |
0.18 |
0.20 |
0.29 |
0.57 |
including |
|
97.6 |
106 |
8.4 |
0.14 |
0.26 |
0.33 |
0.64 |
and |
|
121 |
495.6 |
374.6 |
0.25 |
0.26 |
0.40 |
0.77 |
including |
|
141 |
149 |
8 |
0.14 |
0.18 |
0.25 |
0.49 |
including |
|
159 |
180.6 |
21.6 |
0.25 |
0.31 |
0.44 |
0.86 |
including |
|
199 |
471 |
272 |
0.30 |
0.31 |
0.46 |
0.90 |
including |
|
237 |
285 |
48 |
0.47 |
0.45 |
0.69 |
1.36 |
including |
|
409 |
419 |
10 |
0.57 |
0.56 |
0.85 |
1.66 |
including |
|
409 |
413 |
4 |
0.80 |
0.80 |
1.21 |
2.37 |
including |
|
441 |
451 |
10 |
1.14 |
0.37 |
0.96 |
1.87 |
including |
|
443 |
451 |
8 |
1.25 |
0.38 |
1.02 |
1.99 |
and |
|
506 |
548 |
42 |
0.47 |
0.41 |
0.66 |
1.28 |
including |
|
507.6 |
548 |
40.4 |
0.48 |
0.42 |
0.67 |
1.31 |
including |
|
510 |
544 |
34 |
0.53 |
0.45 |
0.72 |
1.41 |
including |
|
540 |
544 |
4 |
1.42 |
1.29 |
2.01 |
3.94 |
KHDDH614 |
Stockwork Hill |
2.85 |
39 |
36.15 |
0.09 |
0.09 |
0.14 |
0.27 |
and |
|
138 |
174 |
36 |
0.08 |
0.10 |
0.14 |
0.28 |
KHDDH615 |
Stockwork Hill |
2.4 |
16 |
13.6 |
0.08 |
0.06 |
0.10 |
0.20 |
and |
|
28 |
173.8 |
145.8 |
0.15 |
0.13 |
0.21 |
0.40 |
including |
|
46 |
68 |
22 |
0.30 |
0.18 |
0.33 |
0.65 |
including |
|
84.1 |
102 |
17.9 |
0.22 |
0.21 |
0.32 |
0.63 |
KHDDH621 |
Stockwork Hill |
202 |
214 |
12 |
0.07 |
0.03 |
0.07 |
0.13 |
KHDDH628 |
Stockwork Hill |
10 |
22 |
12 |
0.67 |
0.06 |
0.40 |
0.79 |
including |
|
10 |
18 |
8 |
0.93 |
0.07 |
0.55 |
1.07 |
and |
|
32 |
50 |
18 |
0.15 |
0.03 |
0.10 |
0.20 |
KHDDH629 |
Stockwork Hill |
3.3 |
125 |
121.7 |
0.07 |
0.14 |
0.17 |
0.34 |
including |
|
3.3 |
13 |
9.7 |
0.18 |
0.14 |
0.24 |
0.47 |
including |
|
49 |
53 |
4 |
0.16 |
0.44 |
0.51 |
1.01 |
including |
|
111 |
121 |
10 |
0.09 |
0.29 |
0.34 |
0.66 |
KHDDH647 |
Stockwork Hill |
5 |
21 |
16 |
0.18 |
0.05 |
0.15 |
0.28 |
and |
|
94 |
104 |
10 |
0.11 |
0.07 |
0.13 |
0.25 |
and |
|
142 |
164 |
22 |
0.08 |
0.07 |
0.11 |
0.22 |
and |
|
174 |
211 |
37 |
0.18 |
0.15 |
0.24 |
0.46 |
including |
|
184 |
211 |
27 |
0.20 |
0.16 |
0.26 |
0.52 |
and |
|
258 |
367 |
109 |
0.12 |
0.25 |
0.31 |
0.61 |
including |
|
258 |
278 |
20 |
0.23 |
0.43 |
0.55 |
1.07 |
including |
|
258 |
274 |
16 |
0.24 |
0.47 |
0.59 |
1.16 |
including |
|
290 |
304 |
14 |
0.12 |
0.21 |
0.28 |
0.54 |
including |
|
317 |
332 |
15 |
0.12 |
0.33 |
0.39 |
0.76 |
including |
|
349 |
363 |
14 |
0.15 |
0.25 |
0.33 |
0.65 |
and |
|
381 |
389 |
8 |
0.04 |
0.20 |
0.22 |
0.44 |
and |
|
403 |
409 |
6 |
0.07 |
0.16 |
0.20 |
0.38 |
and |
|
423 |
435 |
12 |
0.09 |
0.12 |
0.17 |
0.33 |
and |
|
467 |
560 |
93 |
0.23 |
0.12 |
0.23 |
0.46 |
including |
|
471 |
485.7 |
14.7 |
0.19 |
0.18 |
0.28 |
0.55 |
including |
|
534 |
546 |
12 |
1.04 |
0.17 |
0.70 |
1.38 |
KHDDH649 |
Stockwork Hill |
26 |
38 |
12 |
0.07 |
0.08 |
0.11 |
0.22 |
and |
|
50 |
60 |
10 |
0.08 |
0.09 |
0.13 |
0.26 |
and |
|
108 |
112 |
4 |
0.14 |
0.11 |
0.18 |
0.36 |
and |
|
126 |
550 |
424 |
0.21 |
0.26 |
0.36 |
0.71 |
including |
|
126 |
198.2 |
72.2 |
0.60 |
0.41 |
0.72 |
1.40 |
including |
|
134.3 |
154 |
19.7 |
0.83 |
0.51 |
0.93 |
1.82 |
including |
|
168 |
198.2 |
30.2 |
0.76 |
0.50 |
0.89 |
1.73 |
including |
|
186 |
198.2 |
12.2 |
1.10 |
0.69 |
1.25 |
2.44 |
including |
|
220 |
226 |
6 |
0.61 |
0.31 |
0.62 |
1.22 |
including |
|
276 |
296 |
20 |
0.28 |
0.30 |
0.45 |
0.88 |
including |
|
318 |
382 |
64 |
0.15 |
0.41 |
0.48 |
0.94 |
including |
|
348 |
378 |
30 |
0.16 |
0.51 |
0.59 |
1.16 |
including |
|
348 |
354 |
6 |
0.19 |
0.86 |
0.96 |
1.88 |
including |
|
396 |
452 |
56 |
0.12 |
0.27 |
0.33 |
0.64 |
including |
|
400 |
404 |
4 |
0.16 |
0.62 |
0.70 |
1.37 |
including |
|
466 |
484 |
18 |
0.23 |
0.54 |
0.66 |
1.29 |
including |
|
470 |
484 |
14 |
0.25 |
0.60 |
0.73 |
1.42 |
including |
|
504 |
514 |
10 |
0.13 |
0.18 |
0.24 |
0.47 |
KHDDH650 |
Stockwork Hill |
6 |
282 |
276 |
0.36 |
0.33 |
0.52 |
1.01 |
including |
|
6 |
137 |
131 |
0.67 |
0.35 |
0.70 |
1.36 |
including |
|
26 |
102 |
76 |
1.00 |
0.45 |
0.96 |
1.88 |
including |
|
58 |
96.5 |
38.5 |
1.44 |
0.51 |
1.24 |
2.43 |
including |
|
161 |
169 |
8 |
0.11 |
0.29 |
0.35 |
0.68 |
including |
|
185 |
214 |
29 |
0.14 |
0.92 |
1.00 |
1.95 |
including |
|
187 |
207.3 |
20.3 |
0.16 |
1.16 |
1.24 |
2.43 |
including |
|
187 |
205 |
18 |
0.17 |
1.23 |
1.31 |
2.57 |
including |
|
264 |
282 |
18 |
0.04 |
0.36 |
0.38 |
0.74 |
and |
|
292 |
419 |
127 |
0.33 |
0.28 |
0.46 |
0.89 |
including |
|
297 |
320.65 |
23.65 |
0.16 |
0.33 |
0.41 |
0.80 |
including |
|
315 |
319 |
4 |
0.36 |
0.72 |
0.90 |
1.76 |
including |
|
347 |
388.7 |
41.7 |
0.81 |
0.53 |
0.94 |
1.85 |
including |
|
349 |
388.7 |
39.7 |
0.84 |
0.54 |
0.97 |
1.91 |
including |
|
353 |
386 |
33 |
0.89 |
0.55 |
1.01 |
1.97 |
and |
|
437 |
446.29 |
9.29 |
0.10 |
0.06 |
0.12 |
0.23 |
KHDDH652 |
Stockwork Hill |
127.4 |
132 |
4.6 |
0.64 |
0.13 |
0.46 |
0.89 |
and |
|
194 |
230 |
36 |
0.13 |
0.10 |
0.16 |
0.32 |
including |
|
194 |
202 |
8 |
0.26 |
0.11 |
0.25 |
0.48 |
and |
|
256 |
280 |
24 |
0.25 |
0.12 |
0.25 |
0.48 |
and |
|
298 |
326 |
28 |
0.29 |
0.07 |
0.21 |
0.42 |
KHDDH653 |
Stockwork Hill |
134 |
142 |
8 |
0.12 |
0.06 |
0.12 |
0.23 |
and |
|
156 |
160 |
4 |
0.04 |
0.09 |
0.11 |
0.22 |
and |
|
183.8 |
190 |
6.2 |
1.31 |
1.42 |
2.08 |
4.08 |
including |
|
183.8 |
186.3 |
2.5 |
2.62 |
3.11 |
4.45 |
8.70 |
and |
|
202 |
216 |
14 |
1.32 |
0.15 |
0.83 |
1.62 |
including |
|
210.3 |
214.8 |
4.5 |
3.91 |
0.36 |
2.36 |
4.61 |
and |
|
269 |
275 |
6 |
0.23 |
0.02 |
0.14 |
0.27 |
KHDDH654 |
Stockwork Hill |
144 |
158 |
14 |
0.11 |
0.41 |
0.47 |
0.92 |
including |
|
146 |
158 |
12 |
0.11 |
0.46 |
0.52 |
1.01 |
including |
|
154 |
158 |
4 |
0.21 |
0.92 |
1.03 |
2.01 |
and |
|
198 |
218 |
20 |
0.02 |
0.06 |
0.07 |
0.15 |
and |
|
232 |
242 |
10 |
0.04 |
0.11 |
0.13 |
0.25 |
and |
|
256 |
501.1 |
245.1 |
0.11 |
0.23 |
0.29 |
0.56 |
including |
|
272 |
279.3 |
7.3 |
0.27 |
0.14 |
0.28 |
0.56 |
including |
|
299 |
351 |
52 |
0.13 |
0.28 |
0.35 |
0.68 |
including |
|
361 |
439 |
78 |
0.10 |
0.29 |
0.34 |
0.66 |
including |
|
367 |
371 |
4 |
0.20 |
0.96 |
1.06 |
2.06 |
including |
|
455.2 |
478 |
22.8 |
0.14 |
0.18 |
0.25 |
0.48 |
including |
|
488 |
501.1 |
13.1 |
0.08 |
0.27 |
0.31 |
0.60 |
KHDDH655 |
Stockwork Hill |
72 |
78 |
6 |
0.13 |
0.06 |
0.13 |
0.25 |
and |
|
178 |
210 |
32 |
0.04 |
0.08 |
0.11 |
0.21 |
and |
|
236 |
606 |
370 |
0.28 |
0.41 |
0.55 |
1.08 |
including |
|
242 |
590 |
348 |
0.29 |
0.43 |
0.58 |
1.13 |
including |
|
250 |
254 |
4 |
0.70 |
0.30 |
0.66 |
1.29 |
including |
|
296 |
300 |
4 |
0.16 |
0.63 |
0.71 |
1.38 |
including |
|
346 |
350 |
4 |
0.41 |
0.44 |
0.65 |
1.27 |
including |
|
364 |
376 |
12 |
0.65 |
0.52 |
0.85 |
1.66 |
including |
|
386 |
492 |
106 |
0.48 |
0.56 |
0.80 |
1.57 |
including |
|
392 |
396 |
4 |
0.58 |
1.15 |
1.44 |
2.82 |
including |
|
426 |
450 |
24 |
0.71 |
0.80 |
1.16 |
2.27 |
including |
|
522 |
534 |
12 |
0.10 |
0.45 |
0.50 |
0.97 |
including |
|
544 |
590 |
46 |
0.32 |
0.69 |
0.85 |
1.66 |
including |
|
548 |
554 |
6 |
0.23 |
1.09 |
1.21 |
2.36 |
including |
|
578 |
590 |
12 |
0.69 |
1.00 |
1.35 |
2.63 |
and |
|
616 |
650 |
34 |
0.10 |
0.16 |
0.21 |
0.41 |
including |
|
642 |
648 |
6 |
0.24 |
0.34 |
0.46 |
0.91 |
and |
|
672 |
696 |
24 |
0.14 |
0.13 |
0.21 |
0.41 |
including |
|
678 |
682 |
4 |
0.17 |
0.26 |
0.35 |
0.68 |
and |
|
724 |
734 |
10 |
0.05 |
0.10 |
0.12 |
0.24 |
KHDDH660 |
Stockwork Hill |
9 |
15 |
6 |
0.21 |
0.11 |
0.22 |
0.43 |
and |
|
76 |
111 |
35 |
0.10 |
0.08 |
0.14 |
0.27 |
and |
|
152.75 |
574 |
421.25 |
0.28 |
0.33 |
0.48 |
0.93 |
including |
|
168 |
273 |
105 |
0.72 |
0.47 |
0.84 |
1.63 |
including |
|
172 |
185 |
13 |
0.51 |
0.50 |
0.76 |
1.48 |
including |
|
196.75 |
259 |
62.25 |
0.97 |
0.56 |
1.05 |
2.06 |
including |
|
211 |
249 |
38 |
1.17 |
0.64 |
1.24 |
2.43 |
including |
|
285 |
527 |
242 |
0.16 |
0.36 |
0.44 |
0.87 |
including |
|
295 |
299 |
4 |
0.30 |
0.62 |
0.77 |
1.50 |
including |
|
315 |
327 |
12 |
0.13 |
0.27 |
0.33 |
0.65 |
including |
|
349 |
393 |
44 |
0.13 |
0.72 |
0.79 |
1.54 |
including |
|
387 |
391 |
4 |
0.16 |
2.64 |
2.72 |
5.31 |
including |
|
403 |
411 |
8 |
0.15 |
0.87 |
0.95 |
1.85 |
including |
|
447 |
472 |
25 |
0.31 |
0.33 |
0.49 |
0.96 |
including |
|
491 |
497 |
6 |
0.45 |
0.50 |
0.73 |
1.44 |
and |
|
559 |
563 |
4 |
0.14 |
0.07 |
0.14 |
0.27 |
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 (eCu) 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 (eCu) grade values were
calculated using the formula: eCu = 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 andsample 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 andlaboratory 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 andassaying |
- 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 |
Mineraltenementand
landtenurestatus |
- 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.
|
Explorationdone
byotherparties |
- 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 holeInformation |
- Diamond drill holes are the
principal source of geological and grade data for the Project.
- See figures in this ASX/TSX
Announcement.
|
DataAggregation 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% eCu 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% eCu.
- 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% eCu.
- 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 (eCu) 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 eCu calculation defined by CSA
Global in the 2018 Mineral Resource Upgrade.Copper equivalent
(eCu) grade values were calculated using the
following formula:eCu = 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 betweenmineralisationon
widthsand
interceptlengths |
- 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.
|
Balancedreporting |
- 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.
|
Othersubstantiveexplorationdata |
- Extensive work in this area has
been done and is reported separately.
|
FurtherWork |
- 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 RLl) 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 Drilling2 ASX/TSX Announcement 19 July
2023 – New High-Grade Copper-Gold Zone Emerging at White Hill3
ASX/TSX Announcement 8 December 2021 – Kharmagtai Resource Grows to
1.1 billion Tonnes4 ASX/TSX Announcement 6 April 2022 – Scoping
Study – Kharmagtai Copper-Gold Project
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7053b9c7-a947-4713-b4fd-2b010af7f23e
https://www.globenewswire.com/NewsRoom/AttachmentNg/b89f0ade-a402-4f4b-ab3a-68b3cb032da8
https://www.globenewswire.com/NewsRoom/AttachmentNg/da17621c-ab67-4180-ab27-c4f8e8ea3059
https://www.globenewswire.com/NewsRoom/AttachmentNg/af5eb9c4-b15c-46bd-891c-6e92539c8e7f
https://www.globenewswire.com/NewsRoom/AttachmentNg/a32b4cee-8612-4d2f-bbd9-2cb69175dec3
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