Xanadu Mines confirms higher-grade mineralisation across porphyry at Kharmagtai
The latest highlight delivered: 264 metres at 0.56% copper and 1.46g/t gold for a 1.49% copper equivalent from surface, including 148 metres at 0.81% copper and 2.41g/t gold for a 2.41% copper equivalent.
Dr Andrew Stewart, managing director, commented:
“We continue to be encouraged by the results of our ongoing extensional drilling program around the current resources at Kharmagtai.
“Hole KHDDH415 successfully confirmed our interpretation of consistent higher-grade mineralisation across the mineralised width of the porphyry and increasing gold to copper ratios associated with north-northeast controlling structures.
“These high-grade extensions we have identified now offer us the opportunity to assess Stockwork Hill as a potential large-scale resource which we will be assessing during the remainder of 2017.”
Xanadu has been attracting broker attention recently.
The company’s shares last traded at $0.22, with Bell Potter seeing a strong upside after applying a Buy Recommendation and a $0.52 valuation.
Argonaut recently made a site visit in Mongolia and rates the stock a Speculative Buy.