PERTH (miningweekly.com) – ASX-listed Xanadu Mines has reported a maiden Joint Ore Reserves Committee-compliant resource of 230-million tonnes at the Kharmagtai copper/gold project, in Mongolia.
Grading 0.34% copper and 0.33 g/t gold, the project is estimated to host about 1.5-billion pounds of copper and 2.2-million ounces of gold.
Xanadu noted that the resource also contained a high-grade core estimated at some 56-million tonnes, grading 0.47% copper and 0.59 g/t gold, for 580-million pounds of copper and 1.1-million ounces of gold.
“Xanadu is very proud to be delivering a maiden mineral resource estimate within a year of its acquisition. The Kharmagtai copper/gold project is progressing towards economically viable sized porphyry tonnage with relatively high gold to copper ratios and discoveries of such gold-rich porphyry copper deposits are rare,” said Xanadu CEO Andrew Stewart.
He noted that the company would continue with its efforts to grow the mineral resource at Kharmagtai to find additional resource within the Intrusive Complex, and to test other targets within the district, which have the same geological response and geometry as the existing resource.
The Kharmagtai project is a joint venture between Xanadu and Mongol Metals, under which Xanadu has the right to earn an 85% interest by funding acquisition and exploration costs.
The project is about 120 km north of the Oyu Tolgoi operation.