Xanadu Mines forms joint venture company for copper exploration in Mongolia
Xanadu Mines (ASX: XAM) has established a joint venture company, Mongol Metals to execute Xanadu’s business and copper exploration strategies, and recognise the importance of Mongolian partners with aligned interests.
The joint venture partner is Ganbayar Lkhagvasuren, director and substantial shareholder of Xanadu.
Ratification concerning the joint venture to satisfy related party provisions will be sought from shareholders in due course
Xanadu recently returned broad copper and gold values from a 780 metre trenching program to test coincident geophysical and geochemical anomalies at its Oyut Ulaan copper-gold porphyry project in Mongolia.
The program has defined three near-surface mineralised porphyry centres with results up to 85 metres at 0.75% copper with 0.54 grams per tonne gold, including 36 metres at 1.49% copper and 1.02 grams per tonne gold.
The trenching was performed concurrently with the recent drilling at the Diorite Hill prospect, and drill testing of the new targets is scheduled within the next phase of drilling.