Xanadu reports 50%+ increase in copper and 80%+ increase in gold resources for Kharmagtai
(Kitco News) - Xanadu Mines (ASX: XAM, TSX: XAM) today reported a significant increase in Kharmagtai resource to 1.1Bt, containing 3Mt copper and 8Moz gold, representing a >50% increase in contained copper and >80% increase in contained gold metal.
The company said it has successfully delivered its stated aspirational target to grow resources of the Kharmagtai project in Mongolia to >1.0Bt, including a higher-grade component of >100Mt.
“This updated resource positions Kharmagtai as one of the largest undeveloped copper assets held by a listed junior globally,” the company said in a statement.
Importantly, the company added that all six deposits within the updated mineral resource estimate for Kharmagtai are open and require additional drilling to determine the boundaries of each deposit.
Moreover, only a small portion of the potentially mineralized Kharmagtai Intrusive Complex has been drill tested, the company said, with more than 20 exploration targets identified across the lease, which have been ranked and will be tested by drilling in the coming 12 months.
Xanadu also said it has commenced a Scoping Study to evaluate development options for the Kharmagtai District and compare to previous studies. A positive outcome of this Scoping Study in 2022 would lead to a gating decision and potential commencement of a Pre-Feasibility Study, the company noted.
Recognizing that Kharmagtai still has significant exploration upside, Xanadu pointed out it plans to continue exploration in parallel with the Scoping Study, including discovery drilling across several identified targets.