ASX Share rice
Mon 17 May 2021 - 04:26:am (Sydney)

XAM Share Price

XANADU MINES LTDXAMMaterials

XAM Company Information

Name:

Xanadu Mines Limited

Sector:

Basic Materials

Industry:

Other Precious Metals & Mining

GIC Industry:

Metals & Mining

GIC Sub Industry:

Diversified Metals & Mining

Address:

Building 9B Ulaanbaatar Mongolia 14240

Phone:

97 6 7012 0211

CEO & Exec. Director:

Dr. Andrew Lachlan Stewart B.Sc., M.A.I.C.D., BSc, Ph.D., MAIG, MSEG

Co-Founder & Exec. Director:

Mr. Ganbayar Lkhagvasuren M.IBL

Chief Financial Officer:

Mr. Spencer Cole

Chief Operating Officer:

Mr. Munkhsaikhan Dambiinyam M.Sc., MSc Fin

Chief Geologist:

Mr. Matthew Brown

Company Sec.:

Mr. Philip John Mackey

Company Overview:

Xanadu Mines Limited engages in the exploration and development of various mineral projects in Mongolia. The company primarily explores for copper and gold deposits. Its flagship project is the Kharmagtai copper-gold project located in Omnogovi province to the southeast of Ulaanbaatar. The company was incorporated in 2005 and is headquartered in Ulaanbaatar, Mongolia.

XAM Share Price Information

Shares Issued:

1.26B

Market Capitalisation:

$75.34M

Revenue (TTM):

$102K

Earnings per Share:

$-0.007

Operating Margin (TTM):

$-33.21

Return On Assets (TTM):

$-0.04

Return On Equity (TTM):

$-0.07

Quarterly Revenue Growth (YOY):

19.4

Gross Profit(TTM):

$102K

Diluted Earnings Per Share (TTM):

$-0.003

XAM CashFlow Statement

CashFlow Date:

2020-12-31

Investments:

$-4,415,000

Change To Liabilities:

$235K

Total Cashflow From Investing Activities:

$-4,415,000

Net Borrowings:

$-72,000

Net Income:

$-2,932,000

Total Cash From Operating Activities:

$-3,193,000

Depreciation:

$55K

Other Cashflow From Investing Activities:

$-3,017,000

Change To Account Receivables:

$-46,000

Sale Purchase Of Stock:

$15.71M

Capital Expenditures:

$1.40M

XAM Income Statement

Income Date:

2020-12-31

Income Before Tax:

$-3,309,000

Net Income:

$-2,932,000

Operating Income:

$-3,285,000

Other Operating Expenses:

$3.33M

Interest Expense:

$26K

Total Revenue:

$2K

XAM Balance Sheet

Balance Sheet Date:

2020-12-31

Total Liabilities:

$4.68M

Total Stockholder Equity:

$47.03M

Other Current Liabilities:

$306K

Total Assets:

$51.72M

Common Stock:

$136.01M

Retained Earnings:

$-82,197,000

Cash:

$7.69M

Total Current Liabilities:

$0.92M

Property - Plant & Equipment:

$43.68M

Net Tangible Assets:

$47.03M

Total Current Assets:

$8.03M

Net Receivables:

$145K

Short-Term Investments:

$43.68M

Accounts Payable:

$501K

Short-Term Investments:

$43.68

Non Current Liabilities Total:

$88K

XAM Share Price History

XAM News

23 Apr, 2021
11:54
Yahoo! Finance
Trading resumes in:
Not for release to US wire services or distribution in the United States TORONTO, April 23, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu or the Company) is pleased to announce the Company has received firm commitments for a placement to eligible professional and sophisticated investors of approximately 163.8 million fully-paid ordinary shares in Xanadu (New Shares) at an issue price of $0.062 each to raise approximately $10.2 million (before costs) (Placement). Highlights Firm commitments received for a Placement to raise approximately $10.2 million (before costs)Well supported by both domestic and international institutionsStrong financial position to deliver Kharmagtai exploration strategy, targeting resource growth and definition of high-grade bornite-rich zones at depthConcurrent with the Placement, firm commitments from certain institutional investors have been received to facilitate a $1.4 million sell down with an existing shareholder Key shareholder SSI Asset Management AG maintains existing pro rata shareholding The proceeds of the Placement, together with the Company’s existing cash resources, will be applied towards the Kharmagtai Phase 2 exploration program in accordance with its strategy to target higher grade, bornite rich zones at depth and for general working capital purposes. The issue price of $0.062 per New Share represents a 15.1% discount to Xanadu’s last close (20 April 2021) of $0.073 per share, a discount of 13.2% to the 5-day VWAP of $0.071 per share; and a discount of 14.1% to the 30-day VWAP of $0.072 per share. New Shares under the Placement will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 and will rank pari-passu with the existing fully paid ordinary shares currently on issue. In conjunction with the Placement, Xanadu and the Joint Lead Managers have entered into a binding commitment letter with an existing shareholder to offer all of its shares for sale (Sell Down Shares) contemporaneously with the offer of shares under the Placement, at the offer price, totaling approximately $1.4 million. The Joint Lead Managers have received commitments from certain institutional investors to purchase the Sell Down Shares. The Placement is scheduled to settle on Friday, 30 April 2021 with allotment and trading to occur on Monday, 3 May 2021. The Sell Down is scheduled to settle on or around 6 May 2021. Argonaut Securities Pty Limited and CLSA Australia Pty Ltd acted as Joint Lead Managers to the Placement. Non-Executive Chairman, Colin Moorhead, said, “We are pleased with the strong support received from both existing shareholders and new institutional investors. This Placement continues to strengthen our share register and fully funds Xanadu to execute its exploration strategy at Kharmagtai. Investors can look forward to a period of strong exploration news flow as we embark on an aggressive drilling program to define the higher grade, gold-rich bornite zones at depth and unlock the next stage of development in this globally significant copper-gold project.” For further information, please contact: Andrew StewartSpencer Cole Chief Executive Officer Chief Financial OfficerM: +61 409 819 922M: +61 434 047 987E: Andrew.stewart@xanadumines.comE: spencer.cole@xanadumines.comW: www.xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors. All dollar amounts are in Australian dollars unless otherwise indicated. Not an offer in the United StatesThis announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.
22 Apr, 2021
TORONTO, April 22, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) advises that the date of the 2021 Annual General Meeting has been deferred from the previously notified date of Wednesday, 26 May 2021 to Thursday, 17 June 2021. In accordance with ASX Listing Rule 3.13.1, Xanadu will now hold its 2021 Annual General Meeting on: Date: Thursday, 17 June 2021Time: 12:00pm (Sydney time)Location: In the offices of Computershare Investor Services Pty Limited, Level 3, 60 Carrington Street, Sydney NSW and Online In addition, the closing date for the receipt of nominations from persons wishing to be considered for election as a director is Thursday, 29 April 2021. Shareholders will be advised of further details regarding the 2021 Annual General Meeting in a separate Notice of Meeting, which will be provided to shareholders in mid-May 2021. The Notice of Meeting will also be available on the ASX Company Announcements Platform and Xanadu’s website at www.xanadumines.com. For further information, please contact: Andrew StewartChief Executive OfficerXanadu Mines LtdM: +61 409 819 922E: Andrew.stewart@xanadumines.com W: www.xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors.
12:45
Yahoo! Finance
The following issues have been halted by IIROC:
20 Apr, 2021
Figure 1. Location of reported drilling in plan view on Kharmagtai Mining Lease. Figure 2. Cross section showing drill hole KHDDH564. Figure 3. 3D plan view of Stockwork Hill showing the main high-grade zones and currently reported drill holes. Figure 4. 3D oblique view of Stockwork Hill showing the main high-grade zones and currently reported drill holes and 2021 drilling. Figure 5. Slab images from KHDDH565, each slab is halved HQ core and 4.36cm tall. Figure 6. Slab images from KHDDH565, each slab is halved HQ core and 4.36cm tall. TORONTO, April 20, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to provide an update of on-going drilling at the Stockwork Hill deposit on the Company’s Kharmagtai porphyry copper and gold project in the South Gobi region of Mongolia. Highlights Partial results and visual logs reported from two diamond drill holes (KHDDH564 & KHDDH565) due to delays in Ulaanbaatar assay lab related to COVID-19 restrictions.Visual logs of copper in two drill holes highlight the potential for significant strike and depth extension to high-grade bornite zone at Stockwork Hill.KHDDH565 expands the strike length of recently reported high-grade bornite zones, intersecting a >680 metre interval of mineralised diorite and intrusive breccia, demonstrating significant potential growth in the mineralised volume under Stockwork Hill.KHDDH564 intersects a new zone of mineralisation representing a repeat (offset block) of the high-grade bornite zoneDrilling continues uninterrupted at Xanadu’s Kharmagtai project with two diamond drill rigs. Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “While our drilling continues uninterrupted, following a temporary assay lab slowdown, we’ve decided to share some encouraging partial assays and visual copper sulphide results from Stockwork Hill. These two holes expand the recently discovered high-grade bornite zone, intersecting significant zones of visual copper sulphide mineralisation. KHDDH565, still in progress, is very significant, having intersected over 680 metres of visual copper mineralisation so far and still within mineralisation. KHDDH564 looks to have intersected the upper zone in new down thrown block of mineralisation. These show that Xanadu continues to move toward our high grade target of a >100Mt, 0.8%CuEq block, which would underpin future development at Kharmagtai. We support the Government of Mongolia in its actions to manage COVID-19 as it completes its well progressed vaccination program.” KHDDH565 In Progress Drill hole KHDDH565 was designed as a long-strike or long section drill hole to provide the following: Target offsets - information about the faults at the eastern and western ends of the high-grade bornite zone.Grade continuity - detailed information along the strike of the high-grade bornite zone.Maximise data - reduce the amount of drilling required to incorporate the high-grade bornite zone into the next mineral resource estimate update.Extend west - assist in understanding the western extensions of the high-grade bornite zone where little drilling has occurred.Evaluate shallow, eastern targets - test tourmaline breccia targets suggested by broad spaced drilling to the east of Stockwork Hill. Assays have been returned to 604m, just above where the hole entered the high-grade bornite zone. Interim assay results show that a new tourmaline breccia zone has been discovered along strike from the existing tourmaline breccia at Stockwork Hill (Figures 3, 4, 5 and 6). This new tourmaline breccia zone has returned: 159m @ 0.31% Cu and 0.21 g/t Au (0.41% eCu) from 323m Including 66m @ 0.52% Cu and 0.37g/t Au (0.7% eCu) from 361m Including 26m @ 0.77% Cu and 0.56g/t Au (1.06% eCu) from 369m Including 8m @ 1.18% Cu and 0.64g/t Au (1.51% eCu) from 369m Including 6m @ 0.83% Cu and 0.83g/t Au (1.26% eCu) from 389m Including 16m @ 0.48% Cu and 0.40g/t Au (0.68% eCu) from 409m Including 8m @ 0.83% Cu and 0.37g/t Au (1.02% eCu) from 445m KHDDH565 remains in progress at a depth of 1,300m. Final assays for the remainder of the drill hole are expected in mid-May. KHDDH564 Partial Results Drill hole KHDDH564 was designed as a large-scale step out (400m to the south), targeting a repeat of the high-grade bornite zone at Stockwork Hill (Figure 1). The hole has been completed and assays have been returned to 1,305m (Figure 1 and 2). The visual mineralisation reported in March (please see ASX/TSX Announcement dated 23 March 2021) has returned assays showing that KHDDH564 has tagged the top of the next major discovery at Kharmagtai. KHDDH564 intersects 31m @ 0.53% Cu and 0.12 g/t Au (0.59% eCu) from 1176m Including 18m @ 0.79% Cu and 0.15g/t Au (0.86% eCu) from 1183m Including 4m @ 1.22% Cu and 0.24g/t Au (1.35% eCu) from 1183m And 3m @ 1.14g/t Au from 1052m Final assays from KHDDH564 are expected in mid-May 2021. Additional drill holes are being planned to target this new zone of mineralisation. KHDDH566 New Drilling Xanadu has recently commended drill hole KHDDH566, which has been designed as a scissor hole, like KHDDH563 (see ASX/TSX Announcement dated 23 March 2021). KHDDH566 will intersect the high-grade bornite zone 70-100m along strike from KHDDH563 and is currently at 450m (Figure 1). The high-grade bornite zone is expected around 600m. Assays for KHDDH566 are expected late-May. Zaraa Drilling Three diamond drill holes were completed at Zaraa in March, but assays were delayed as Stockwork Hill drill holes took priority at the laboratory. These holes (KHDDH560, 561, 562) were designed to fill gaps in the drill pattern at Zaraa to allow it to be added to the next Mineral Resource Upgrade. All holes returned low to medium grade porphyry mineralisation indicative of the edges of the Zaraa system. Hole details can be found in Table 1. Figure 1. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb9f47d-1d7d-4662-ace3-31b7c379661d Figure 2. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4c270c6-3098-4554-838d-b59a02cb313b Figure 3. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1265d46b-3144-457b-922a-2adc902e7ff6 Figure 4. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbf49715-779c-4f2d-8bc2-95575e224ce3 Figure 5. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c56c6953-6e60-4953-8f13-66d7cc34276e Figure 6. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/59c0c747-6c67-42e1-99f3-0fcd9c75e510 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 control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project. For information on Xanadu visit: www.xanadumines.com. Andrew StewartCEO Xanadu Mines Ltd Andrew.stewart@xanadumines.com+61 409 819 922 This Announcement was authorised for release by Xanadu’s Board of Directors. Appendix 1: Drilling Results Table 1: Drill hole collar Hole IDProspectEastNorthRLAzimuth (°)Inc (°)Depth (m)KHDDH559BStockwork Hill59286748780601163211-351120.1KHDDH560Zaraa59460048760671289315-651296.5KHDDH561Zaraa59454748774571270135-701330.7KHDDH562Zaraa59453048772991271135-701045.5KHDDH563Stockwork Hill592690487719012960-60951.0KHDDH564Stockwork Hill592668487664912990-601405.0KHDDH565Stockwork Hill59313348778881280233-551200.0 Table 2: Significant drill results Hole IDProspectFrom (m)To (m)Interval (m)Au (g/t)Cu (%)CuEq(%)AuEq(g/t)KHDDH559BStockwork Hill21822680.140.110.180.35and 236248120.090.060.100.20and 2845642800.360.460.641.26including 29029440.190.280.380.74including 3085542460.400.510.711.39including 318336180.280.670.811.58including 3464721260.500.700.961.87including 346360141.232.362.995.84including 37037440.531.111.372.69including 392414220.740.731.112.17including 51051880.970.270.761.49including 534546120.340.410.581.14and 611.8838226.21.430.681.412.75including 6157901751.830.841.783.47including 617637202.091.092.164.22including 617635182.281.152.324.53including 6497831342.040.891.933.77including 651712613.761.433.366.57including 75676371.671.071.923.76and 848908600.050.090.110.22and 928938100.050.080.110.21and 970.399423.70.130.100.160.32and 11151120.15.11.130.050.621.22KHDDH560Zaraa23924340.060.180.210.40and 25525940.060.290.320.63and 1003.2101713.80.090.050.100.19and 1105110940.030.170.190.37and 1282.61296.513.90.030.120.130.26KHDDH561Zaraa2135140.180.030.120.24and 4555100.200.040.140.28and 67137700.070.070.100.20and 147177300.200.120.220.43including 15916340.470.360.601.18and 189259700.150.120.190.38and 2695122430.210.190.300.59including 29729920.120.280.340.67including 315358430.240.250.370.72including 371401300.360.230.410.81including 411421100.270.200.330.65including 453.5504.250.70.320.290.450.88including 463475120.390.330.531.04and 53212567240.070.150.190.37including 532548160.190.140.240.46including 562572100.350.170.350.69including 582594120.140.230.300.58including 68068660.140.230.300.59including 778795170.130.220.290.56including 934952180.090.240.290.57including 10281045170.110.310.370.72including 10571079220.110.230.280.55including 11851195100.100.310.360.71and 12811325440.100.110.160.32including 1289129780.300.160.310.61KHDDH562Zaraa3254220.180.040.130.26and 7286140.120.040.100.20and 120138181.210.050.671.31including 12012441.420.050.781.52including 13413843.550.121.933.78and 148204560.170.050.130.26and 219772.4553.40.190.220.320.62including 44144760.260.240.370.73including 467491240.160.200.280.55including 507550430.240.240.360.70including 566772.4206.40.310.360.521.02including 572.762350.30.500.450.701.37including 65966340.340.570.741.45including 720755350.370.420.611.18and 7821045.5263.50.170.220.310.60including 784842580.240.340.460.90including 784810.626.60.330.410.581.13including 86586940.320.490.661.28including 888922340.320.380.541.06including 888902140.470.530.771.51including 969982.413.40.100.200.250.48including 1002100640.750.180.571.11KHDDH563Stockwork Hill322332100.060.120.150.29and 648.6830181.41.780.681.593.11including 6518201691.910.721.703.32including 66466840.400.520.721.41including 680785.6105.62.890.992.464.82including 686778923.231.062.715.30and 860937.177.10.100.190.240.47including 88889240.070.300.340.66including 906936300.160.270.350.69including 92893460.380.420.621.20and 947.59513.50.050.350.380.74KHDDH564Stockwork Hill4595500.050.130.160.31and 129286.2157.20.050.170.200.39including 12913670.060.260.290.57including 24224640.090.310.350.69including 25726580.080.260.300.59and 96597160.040.140.160.32and 1052105531.140.030.611.19and 11761207310.120.530.591.15including 11831201180.150.790.861.68including 1183118740.241.221.352.63Assays pendingKHDDH565Stockwork Hill6979100.120.050.120.23and 183215320.190.120.220.43including 197211140.320.170.330.65and 247263160.050.070.100.19and 3234821590.210.310.410.81including 361427660.370.520.701.38including 369395260.560.771.062.07including 36937780.641.181.512.94including 38939560.830.831.262.46including 409425160.400.480.681.33including 44545380.370.831.022.00including 44545160.400.971.172.30and 522538160.330.230.400.78including 526538120.410.290.500.99and 558604460.030.100.110.22Assays pending Appendix 2: Statements and Disclaimers 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. Competent Person Statement 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. 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. The copper equivalent calculation used is based off the eCu calculation defined by CSA in the 2018 Mineral Resource Upgrade. Copper equivalent (eCu) grade values were calculated using the following formula: eCu = Cu + Au * 0.62097 * 0.8235, Where Cu = copper grade (%); Au = gold grade (gold per tonne (g/t)); 0.62097 = conversion factor (gold to copper); and 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 6,834 $ per tonne ($/t)); Gold price = 1,320 $ per ounce ($/oz); Copper recovery = 85%; Gold recovery = 70%; and Relative recovery of gold to copper = 70% / 85% = 82.35%. 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 11 April 2019. JORC TABLE 1 - SECTION 1 - SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections). CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. 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.RC chip samples are ¼ splits from one meter intervals using a 75%:25% riffle splitter to obtain a 3kg sampleRC samples are uniform 2m samples formed from the combination of two ¼ split 1m samples. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). 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 Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. 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 mineralization.Overall, core quality is good, with minimal core loss. Where there is localized faulting and or fracturing core recoveries decrease, however, this is a very small percentage of the mineralized intersections.RC recoveries are measured using whole weight of each 1m intercept measured before splittingAnalysis of recovery results vs grade shows no significant trends that might indicate sampling bias introduced by variable recovery in fault/fracture zones. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. 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 and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. 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 are 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 and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. All samples were routinely assayed by ALS Mongolia for goldAu 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 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 and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. All assay data QAQC 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 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. 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 48NHistorically, 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 DTM is based on 1 m contours from satellite imagery with an accuracy of ±0.1 m. Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. Holes spacings range from
09 Apr, 2021
22:25
Yahoo! Finance
TORONTO, April 09, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (Xanadu or the Company) wishes to advise the appointment of Tony Pearson as a Non-Executive Director of the Company, effective 3 May 2021. Mr Pearson is an experienced industry executive and company director who has lived and worked in Mongolia, China, Hong Kong, the Philippines and Indonesia. He has a strong understanding of emerging jurisdictions, balanced with the need for western governance practices. He has experience raising capital across equities, hybrids, bonds, convertibles and project finance in numerous jurisdictions. Tony is currently Chair of Peak Resources Limited (ASX:PEK) having been nominated by Appian Capital Advisory, a leading natural resources private equity group. Tony is also Chair of Cellnet Group Limited (ASX:CLT), a Trustee of the Royal Botanic Garden & Domain Trust, a Non-Executive Director of Communicare and a former Non-Executive Director of Aspire Mining Limited (ASX:AKM) and Group Executive of SouthGobi Resources Ltd (TSX:SGQ, HKEX:1878). Prior to these non-executive appointments, Tony was a Managing Director at HSBC, where he led the bank’s Australasian natural resources business. Andrew Stewart, Chief Executive Officer, said “I would like to welcome Mr Pearson to the Xanadu team and look forward to working with him and the Board as we lead Xanadu through the next stage of the Company’s growth strategy.” Colin Moorhead, Non-Executive Chairman, said “Tony will make a strong addition to the Xanadu Board, which is now made up of a majority of Independent Non-Executive Directors. This is an exciting time to join, with our flagship Kharmagtai project at a critical point in its development. Welcome Tony to the Xanadu team.” Mr Pearson will be paid a fee of A$60,000 p.a. and is eligible to participate in the Company’s Equity Incentive Plan. For further information, please contact:Andrew Stewart Chief Executive OfficerXanadu Mines Ltd M: +61 409 819 922E: Andrew.stewart@xanadumines.com W: www.xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors. About Xanadu Mines Ltd: 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 control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project. For information on Xanadu visit: www.xanadumines.com.
29 Mar, 2021
TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to advise that in accordance with ASX Listing Rule 3.13.1, Xanadu will hold its 2021 Annual General Meeting on: Date:Wednesday, 26 May 2021Time:12:00pm (Sydney time)Location:Virtual, Online only In addition, the closing date for the receipt of nominations from persons wishing to be considered for election as a director is Wednesday, 7 April 2021. Shareholders will be advised of further details regarding the 2021 Annual General Meeting in a separate Notice of Meeting, which will be provided to shareholders in late April 2021. The Notice of Meeting will also be available on the ASX Company Announcements Platform and Xanadu’s website at www.xanadumines.com. For further information, please contact: Andrew StewartChief Executive OfficerXanadu Mines LtdM: +61 409 819 922E: Andrew.stewart@xanadumines.com W: www.xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors.
24 Mar, 2021
Figure 1. KHDDH563 cross section, intercepts and interpreted geology. Section width is 25m. Figure 2. Location of KHDDH563 and KHDDH564 in plan view on Kharmagtai Mining Lease Figure 3. Selected Slab images from KHDDH563. Each image is halved HQ core and 4.36cm tall. Figure 4. Selected Slab images from KHDDH564. Each image is halved HQ core and 4.36cm tall. Figure 5. Selected core-box images from KHDDH564 showing broad zones of distal tourmaline breccia. TORONTO, March 24, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (Xanadu or the Company) is pleased to report the results of diamond drill hole KHDDH563, located at the Stockwork Hill deposit on the Company’s Kharmagtai porphyry copper and gold project in the South Gobi region of Mongolia (Figures 1 and 2). Highlights Drill hole KHDDH563 intersects a broad zone of high-grade gold-rich chalcopyrite and bornite mineralisation south of the Stockwork Hill resource, expanding the high grade bornite zone beyond the defined resources KHDDH563 intersects 181.4m @ 0.68% Cu and 1.78g/t Au (1.59% eCu) from 648.6m Including 92m @ 1.06% Cu and 3.23g/t Au (2.71% eCu) from 686m KHDDH563 expands high-grade mineralisation 70m south and up-dip of previously reported intercept in KHDDH559BKHDDH564 identifies new target to the south with similar structural characteristics to the high grade zones at Stockwork HillDeeper step back hole KHDDH564, still in progress, intercepting visual chalcopyrite mineralisation in target zone 400m along down-dip and along strike from KHDDH563. Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “KHDDH563 is the first follow-up hole to our high-grade intercept at KHDH559B. We are pleased to report this delivered our expectation of a clear extension of high-grade gold-rich mineralisation along strike and up-dip, outside the current resource model. This result further demonstrates the growth potential through extension of Stockwork Hill, and our team is designing follow-up drilling to test this exciting new zone.” About KHDDH563 The purpose of drilling KHDDH563 was to test extensions of Stockwork Hill at depth to inform the second phase of drilling focused on higher grade targets. KHDDH563 was drilled from south of Stockwork Hill towards the north, designed as a scissor hole to KHDDH559B (please see ASX/TSX Announcement dated 15 February 2021). KHDDH563 entered mineralisation at 648.6m, expanding the intercept in KHDDH559B 70m up-dip and to the south (Figures 1 and 2). Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19e93fbc-f4e3-4bca-8df3-1f313c374fed KHDDH563 intersected; 181.4m @ 0.68% Cu and 1.78g/t Au (1.59% eCu) from 648.6m Including 169m @ 0.72% Cu and 1.91g/t Au (1.7% eCu) from 651m Including 105.6m @ 0.99% Cu and 2.89g/t Au (2.46% eCu) from 680m Including 92m @ 1.06% Cu and 3.23g/t Au (2.71% eCu) from 686m It is noteworthy that this maintains the gold tenor of the deeper, high-grade bornite mineralisation seen in KHDDH559B (previously announced), with between 2-4 g/t Au for each percent in copper. Importantly, structural information from this hole and the surrounding drilling has aided in a new structural interpretation, identifying the potential repeat of high-grade bornite mineralisation south of the current drilling, towards the base of White Hill (Figure 1). Drill Hole KHDDH564 was collared in early March to test this new target and is currently drilling visible sulphide mineralisation within the expected target zone (Figure 4). About KHDDH564 Drill hole KHDDH564 is designed as a large-scale step out (400m to the south), targeting a repeat of the high-grade bornite zone at Stockwork Hill (Figure 1 and 2). KHDDH564 is currently at 1,200m and entered visible sulphide mineralisation within the predicted target zone at ~1,180m (Figure 4). Additionally, KHDDH564 passed through a zone of tourmaline breccia (main host rock copper and gold mineralisation) between 570m and 740m (Figure 5). This zone of tourmaline breccia is identical to the tourmaline breccia found above the strongly mineralised tourmaline breccia at Stockwork Hill, identifying another significant target at Kharmagtai. The tourmaline breccia at Stockwork Hill is zoned, with an outer shell of pyrite bearing tourmaline breccia surrounding the high-grade chalcopyrite zone. Interestingly, this zone of breccia terminated against a fault, indicating it has been offset. Structural work is underway to understand the offset on this fault and determine the location of potentially copper bearing tourmaline breccia. Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ac4b027-6f4e-45d4-8d19-b1e53e9be4db Final Assay Results KHDDH559B Final assay results from the tail of KHDDH559B have been received. These results did not change the reported intercept (see ASX/TSX Announcement dated 15 February 2021). The remainder of the hole returned broad intervals of patchy low grade copper mineralisation with a narrow intercept at the end of the hole returning 5m @ 1.13g/t Au, relating to a narrow (2m @ 4.91g/t Au) epithermal vein. Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1241eb25-1548-42d4-bd84-59162f17acc5 Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a9c02a6-8ea7-42d2-a8e4-09b098a73351 Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7b34434-7ee1-475b-b9d7-9eb93cced7e4 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 control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project. For information on Xanadu visit: www.xanadumines.com. Andrew StewartCEO Xanadu Mines Ltd Andrew.stewart@xanadumines.com+61 409 819 922 This Announcement was authorised for release by Xanadu’s Board of Directors. Appendix 1: Drilling Results Table 1: Drill hole collar Hole IDProspectEastNorthRLAzimuth (°)Inc (°)Depth (m)KHDDH559BStockwork Hill59286748780601163190-531120.1KHDDH563Stockwork Hill592690487719012960-60951.0KHDDH564Stockwork Hill592668487664912990-601200.0 Table 2: Significant drill results Hole IDProspectFrom (m)To (m)Interval (m)Au (g/t)Cu (%)CuEq (%)AuEq (g/t)KHDDH559BStockwork Hill21822680.140.110.180.35and 236248120.090.060.100.20and 2845642800.360.460.641.26and 29029440.190.280.380.74including 3085542460.400.510.711.39including 318336180.280.670.811.58including 3464721260.500.700.961.87including 346360141.232.362.995.84including 37037440.531.111.372.69including 392414220.740.731.112.17including 51051880.970.270.761.49including 534546120.340.410.581.14and 611.8838226.21.430.681.412.75including 6157901751.830.841.783.47including 617637202.091.092.164.22including 617635182.281.152.324.53including 6497831342.040.891.933.77including 651712613.761.433.366.57including 75676371.671.071.923.76and 848908600.050.090.110.22and 928938100.050.080.110.21and 970.399423.70.130.100.160.32and 11151120.15.11.130.050.621.22KHDDH563Stockwork Hill322332100.060.120.150.29and 648.6830181.41.780.681.593.11including 6518201691.910.721.703.32including 66466840.400.520.721.41including 680785.6105.62.890.992.464.82including 686778923.231.062.715.30and 860937.177.10.100.190.240.47including 88889240.070.300.340.66including 906936300.160.270.350.69including 92893460.380.420.621.20and 947.59513.50.050.350.380.74 Table 3: Selected copper and gold assay results for the high-grade zone Hole IDFrom (m)To (m)Interval (m)Au (g/t)Cu (%)CuEq (%)AuEq (g/t)KHDDH56368068220.450.430.661.29KHDDH56368268420.600.250.551.08KHDDH56368468620.950.370.851.67KHDDH56368668821.651.272.114.12KHDDH56368869023.401.393.126.11KHDDH56369069221.250.381.022.00KHDDH56369269421.120.320.891.75KHDDH56369469621.730.351.232.41KHDDH56369669822.391.002.224.34KHDDH56369870022.490.691.973.84KHDDH56370070222.660.832.194.29KHDDH56370270421.530.591.372.69KHDDH56370470620.960.290.781.53KHDDH56370670821.780.791.703.32KHDDH56370871022.210.641.773.46KHDDH56371071224.271.593.777.37KHDDH56371271427.711.835.7711.28KHDDH563714716215.753.4511.5022.50KHDDH56371671827.222.115.8011.35KHDDH56371872026.331.775.019.79KHDDH56372072221.150.471.052.06KHDDH56372272420.790.500.901.76KHDDH56372472621.440.591.332.60KHDDH56372672822.410.802.033.98KHDDH56372873025.081.534.138.07KHDDH56373073225.801.264.228.25KHDDH563732734210.802.147.6614.98KHDDH56373473624.421.043.306.44KHDDH56373673822.571.132.444.78KHDDH56373874022.620.882.224.34KHDDH56374074224.731.824.238.28KHDDH56374274424.580.953.296.43KHDDH56374474624.491.083.386.60KHDDH56374674822.920.942.434.75KHDDH56374875022.890.922.404.69KHDDH56375075222.240.721.863.65KHDDH56375275421.180.401.001.95KHDDH56375475621.940.521.512.96KHDDH56375675821.970.661.673.26KHDDH56375876023.241.763.426.68KHDDH56376076223.192.454.087.98KHDDH56376276420.960.500.991.94KHDDH56376476621.350.651.342.62KHDDH56376676821.440.791.522.98KHDDH56376877020.710.450.821.60KHDDH56377077221.570.781.583.09KHDDH56377277422.520.962.254.41KHDDH56377477623.171.863.486.81KHDDH56377677821.731.071.953.82KHDDH56377878020.700.540.891.75KHDDH56378078220.630.590.911.79KHDDH56378278420.410.590.801.56KHDDH563784785.61.60.350.640.821.60KHDDH563785.67882.40.140.330.400.78 Appendix 2: Statements and Disclaimers 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. Competent Person Statement 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. 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. The copper equivalent calculation used is based off the eCu calculation defined by CSA in the 2018 Mineral Resource Upgrade. Copper equivalent (eCu) grade values were calculated using the following formula: eCu = Cu + Au * 0.62097 * 0.8235, Where Cu = copper grade (%); Au = gold grade (gold per tonne (g/t)); 0.62097 = conversion factor (gold to copper); and 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 6,834 $ per tonne ($/t)); Gold price = 1,320 $ per ounce ($/oz); Copper recovery = 85%; Gold recovery = 70%; and Relative recovery of gold to copper = 70% / 85% = 82.35%. 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 11 April 2019. JORC TABLE 1 - SECTION 1 - SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections). CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. 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.RC chip samples are ¼ splits from one meter intervals using a 75%:25% riffle splitter to obtain a 3kg sampleRC samples are uniform 2m samples formed from the combination of two ¼ split 1m samples. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). 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 Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. 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 mineralization.Overall, core quality is good, with minimal core loss. Where there is localized faulting and or fracturing core recoveries decrease, however, this is a very small percentage of the mineralized intersections.RC recoveries are measured using whole weight of each 1m intercept measured before splittingAnalysis of recovery results vs grade shows no significant trends that might indicate sampling bias introduced by variable recovery in fault/fracture zones. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. 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 and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. 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 are 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 and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. All samples were routinely assayed by ALS Mongolia for goldAu 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 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 and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. All assay data QAQC 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 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. 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 48NHistorically, 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 DTM is based on 1 m contours from satellite imagery with an accuracy of ±0.1 m. Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. Holes spacings range from
23 Mar, 2021
FIGURE 1 Location of the Red Mountain Project in the South Gobi porphyry copper belt. FIGURE 2 The Red Mountain Mining Licence showing ground Landsat data and location of the priority targets. FIGURE 3 The Stairy Prospect with drill hole OUDDH100, section and plan. FIGURE 4 OUDD100 shallow high-grade core. TORONTO, March 23, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to report that diamond drill hole OUDDH100 at the Red Mountain joint venture with the Japan Oil, Gas and Metals National Corporation (JOGMEC JV) copper-gold project (Figures 1 and 2) has intersected a significant zone (up to 16 metres) of very high-grade bornite-rich massive sulphide mineralisation. Highlights Diamond drill hole OUDDH100 intersects high-grade massive sulphide, bornite-rich copper mineralisation at Stairy Target:- 4m @ 15.85% Cu from 55m within- 16m grading 4.09% Cu from 54m Reinforces the potential for shallow, high-grade mineralisation, which may provide options for early development ahead of potential larger porphyry deposits at depthThe full extent of the discovery at the Stairy prospect is still unknown with surface mapping indicating the prospective area of mineralisation is 1.5km long and 1km wideThe Stairy prospect is one of several similar targets within the Red Mountain project areaThe drilling phase of the 4,400m Red Mountain Stage 2 program is now largely completed and awaiting further assay results Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “These new high-grade assay results are very exciting, and represent the highest-grade copper mineralisation discovered to date at Red Mountain. We are very encouraged by the intersection of bornite-rich massive sulphide mineralisation associated with the upper part of a porphyry system. This drill hole supports Xanadu’s interpretation that the district has potential to harbour a combination of deposit styles, including large-scale porphyry mineralisation, gold-rich skarns, and shallow high-grade massive sulphide/vein-hosted mineralisation which provide future options for early development ahead of potential larger porphyry deposits at depth. “ Assay results and geological interpretation from hole drill hole OUDDH100 at the Stairy prospect indicates multiple copper bearing structures with various orientations (Figure 3) with local high-grade mineralisation (Table 1), including the highest copper grades yet drilled at Stairy. https://www.globenewswire.com/NewsRoom/AttachmentNg/fd68c977-ac65-4414-8460-28111accb74a The Stairy prospect consists of a 1.5km by 1km zone of sheeted mineralised structures hosted within the Stairy Intrusive in the central east of the Red Mountain Mining Lease. These structures are interpreted to be sub-vertical, up to twenty-four meters wide and can extend for over a kilometre. Copper mineralisation at Stairy consists of bornite and chalcopyrite sulphide with quartz carbonate fill. The current geological interpretations suggest these sheeted structures may be linked to a large-scale porphyry system at depth. Drill hole OUDDH100 encountered a zone of extremely high-grade bornite mineralisation (Figure 4) from 54m and has returned; OUDDH100 returns 16m @ 4.09% Cu from 54m Including 4m @ 15.85% Cu from 55m And 26m @ 0.31% Cu from 172m Full intercepts can be found in Table 3. About the Red Mountain Drilling Program The current drilling program consists of 4,400m of drilling targeting high-grade porphyry mineralisation. Drilling has been completed and partial drill results are being returned (Table 1). The results from this drilling will be compiled and interpreted and follow-up drilling will be planned for Q2-Q3, 2021. Table 1: Red Mountain Drill Program ProspectHole IDPhase 2 Metres PlannedMetresDrilledAssays ReturnedAssays PendingBavuuOUDDH098600m600m3140Vein 10OUDDH099300m300m1530StairyOUDDH100500m513.6m2700Target 42OUDDH101800m800m108299BavuuOUDDH102700m700m0353StockworkOUDDH103400m400m0213Breccia HillOUDDH104800m800m0403StockworkOUDDH105300m318.4m0172Total Drilling4,400m4,432m8451440 About Red Mountain The Red Mountain JOGMEC JV project located within the Dornogovi Province of southern Mongolia, approximately 420 kilometres southeast of Ulaanbaatar (Figure 1), is a joint venture between Xanadu and JOGMEC. The project covers approximately 57 square kilometres in a frontier terrane with significant mineral endowment and has a granted 30-year mining licence. Red Mountain comprises a cluster of outcropping mineralising porphyry intrusions which display features typically found in the shallower parts of porphyry systems where narrow dykes and patchy mineralisation branch out above a mineralised stock. This underexplored porphyry district includes multiple porphyry copper-gold centres, mineralised tourmaline breccia pipes copper-gold/base metal skarns and high-grade epithermal gold veins. Joint Venture with JOGMEC JOGMEC may earn up to 51% beneficial interest in the project by sole funding up to $US7.2 million in exploration expenditure over the next 4 years. Exploration objectives of the earn-in deal are to discover Mongolia’s next world-class copper-porphyry deposit. Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4edcfca-e3b9-4a0a-932d-1223daabd9e3 Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e84b814f-237f-43ff-b2e5-4c24d72890f1 Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd68c977-ac65-4414-8460-28111accb74a 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 control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project. For information on Xanadu visit: www.xanadumines.com. For further information, please contact: Andrew StewartChief Executive OfficerT: +61 2 8280 7497 M: +61 409 819 922E: Andrew.stewart@xanadumines.com W: www.xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors. Appendix 1: Drilling Results Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f635a96-c8fe-4702-aea1-cbde55f320ce Table 2: Drill hole collar Hole IDProspectEastNorthRLAzimuth (°)Inc (°)Depth (m)OUDDH098Bavuu376100493890010880-75600.0OUDDH099Vein 10377250494040010880-75300.0OUDDH100Stariy37839049399001062180-60513.6OUDDH101Target 42372700493980010600-70800.0OUDDH102Bavuu376700494020010730-65700.0OUDDH103Stockwork372719493933310930-65400.0OUDDH104Breccia Hill37545049375501041180-60800.0OUDDH105Stockwork37350649392591085180-60318.4 Table 3: Selected copper and gold assay results for the high-grade bornite zone Hole IDProspectFrom (m)To (m)Interval (m)Au (g/t)Cu (%)CuEq (%)AuEq (g/t)OUDDH098Bavuu283.92884.10.020.110.120.24OUDDH099Vein 10485020.610.040.360.70and 808440.060.110.140.28and 98136380.200.170.270.52including 10010660.850.510.951.85including 10010441.120.681.252.45and 1483001520.130.150.220.42including 168178100.280.310.450.88including 17017880.300.310.460.91including 202234320.170.270.360.71including 26427280.290.250.400.78OUDDH100Stariy3044140.020.370.380.75including 3242100.020.440.450.87and 5470160.044.094.118.04including 545950.1112.8312.8925.20including 555940.1215.8515.9131.11and 11612480.020.220.230.46including 11612260.020.250.260.51and 14414840.030.340.360.70and 172198260.020.310.320.62including 182.319815.70.030.480.490.97and 216226100.030.300.310.61and 474488140.010.210.210.42including 474486120.010.210.210.42OUDDH101Target 42Assays Pending OUDDH102BavuuAssays Pending OUDDH103StockworkAssays Pending OUDDH104Breccia HillAssays Pending OUDDH105StockworkAssays Pending Appendix 2: Statements and Disclaimers Competent Person Statement 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. 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. The copper equivalent calculation used is based off the eCu calculation defined by CSA in the 2018 Mineral Resource Upgrade. Copper equivalent (eCu) grade values were calculated using the following formula: eCu = Cu + Au * 0.62097 * 0.8235, Where Cu = copper grade (%); Au = gold grade (gold per tonne (g/t)); 0.62097 = conversion factor (gold to copper); and 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 6,834 $ per tonne ($/t)); Gold price = 1,320 $ per ounce ($/oz); Copper recovery = 85%; Gold recovery = 70%; and Relative recovery of gold to copper = 70% / 85% = 82.35%. 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: Red Mountain Table 1 (JORC 2012) Set out below is Section 1 and Section 2 of Table 1 under the JORC Code, 2012 Edition for the Red Mountain project. Data provided by Xanadu. This Table 1 updates the JORC Table 1 disclosure dated 18 September 2017. 1.1 JORC TABLE 1 - SECTION 1 - SAMPLING TECHNIQUES AND DATA CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. The exploration results are based on diamond drill core samples, RC chip samples and channel samples from surface trenches.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 honors 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.RC chip samples are ¼ splits from one meter intervals using a 75%:25% riffle splitter to obtain a 3kg sampleRC samples are uniform 2m samples formed from the combination of two ¼ split 1m samples. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). The exploration results are 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 Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. 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 mineralization.Overall, core quality is good, with minimal core loss. Where there is localized faulting and or fracturing core recoveries decrease, however, this is a very small percentage of the mineralized intersections.RC recoveries are measured using whole weight of each 1m intercept measured before splittingAnalysis of recovery results vs grade shows no significant trends that might indicate sampling bias introduced by variable recovery in fault/fracture zones. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. 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.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 and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. 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 are 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 and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. All samples were routinely assayed by ALS Mongolia for goldAu 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 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 and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. All assay data QAQC 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 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. 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 49NHistorically, Eastman Kodak and Flexit electronic multi-shot downhole survey tools have been used at Red Mountain 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 Red Mountain 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 DTM is based on 1 m contours from satellite imagery with an accuracy of ±0.1 m. Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. Holes spacings range from
02 Mar, 2021
Figure 1. Stockwork Hill cross section, showing intercepts, interpreted geology and in-progress drill holes KHDDH563 and KHDDH564 Figure 2. Location of KHDDH563 and KHDDH564 relative to interpreted targets and the White Hill and Stockwork Hill 2018 Resource Block Model (see ASX/TSX Announcement dated 31 October 2018) TORONTO, March 02, 2021 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to update the market as it accelerates drilling to target the high-grade, gold-rich bornite mineralisation at Stockwork Hill, located on the Company’s Kharmagtai porphyry copper and gold project in the South Gobi region of Mongolia (Figures 1 and 2). Highlights Two diamond drill rigs have commenced targeting high-grade bornite mineralisation at the Stockwork Hill deposit, following Xanadu’s most recent drilling which encountered the richest mineralisation to date (see ASX/TSX announcement dated February 15, 2021)Drilling is now underway to extend and test the structure, depth and scale of the high-grade bornite mineralisationThe drill program is based on models of the high-grade Hugo Dummett deposit at Oyu Tolgoi and the Ridgeway deposit at CadiaResults of these holes will further inform Phase 2 of the Kharmagtai exploration program, targeting high-grade extensions and new discovery Xanadu’s Chief Executive Officer, Dr Andrew Stewart, said “We have moved decisively to follow-up the exciting results from drill hole KHDDH559B, which encountered the highest grade mineralisation seen at Kharmagtai to date. These two drill holes underway have potential to expand the zone of high density bornite mineralisation at Kharmagtai, which would confirm that Kharmagtai has not only globally significant scale but also the large zones of high-grade characteristic of a Tier 1 copper-gold porphyry deposit. These holes will also help guide our Phase 2 program which will target additional high-grade extensions and new discoveries at depth.” Drivers to Follow-Up KHDDH559B KHDDH559B (see ASX/TSX announcement dated 15 February, 2021, and Figure 1) intersected the largest zone of bornite mineralisation drilled to date at Kharmagtai. In porphyry systems, mineralisation is typically zoned from chalcopyrite on the outside of the system to bornite in the higher-grade core of the system. This is significant as bornite carries more copper and gold than chalcopyrite, and this recent hole demonstrates the potential for the Kharmagtai mineralised system to contain zones of significantly higher grades than previously seen. The bornite mineralisation encountered in hole KHDDH559B has motivated the Company to focus on high priority targets at Stockwork Hill along the two kilometres of strike extension towards Zaraa. The style of bornite mineralisation encountered is similar to the main zone of high-grade copper-gold mineralisation within the Hugo Dummett deposit at the Oyu Tolgoi project, 120km to the south of Kharmagtai. It should be noted that hole KHDDH559B is deep relative to other drilling at Kharmagtai, with mineralisation encountered at around 500m depth, but relatively shallow in comparison to the bornite mineralisation at Hugo Dummett. In comparison, the high-grade zones at Hugo Dummett which are much deeper, starting around 700m and extending to >1,500m depth. This highlights that significant, high grade potential at Kharmagtai remains at greater depth the current drilling. Drill Holes KHDDH563 and KHDDH564 In response to the high-grade, gold-rich bornite intercept at KHDDH559B, two diamond drill rigs have commenced follow-up drilling. Two drill holes are currently underway, KHDDH563 and KHDDH564, designed to test above and below hole KHDDH559B, clarify the offsets and fault structures, and further define the vertical extent of high-grade mineralisation. The results will tell us whether the bornite mineralisation extends up dip and south of the intercept in KHDDH559B and across the fault as shown in Figure 1. Results from these holes are expected mid-April 2021. Drill hole KHDDH563 is designed as a scissor hole to KHDDH559B, drilling from the south to the north and targeting the up-dip and southern extensions to the high-grade bornite zone. This hole aims to expand the current zone of mineralisation and confirm the true width. Drill hole KHDDH564 is designed as a larger step back from KHDDH563, and to test for a repeat of the high-grade bornite zone, below and south of Stockwork Hill. This hole will also pass through the interpreted along-strike extension of White Hill and has the potential to link these two zones of mineralisation. Should KHDDH564 be successful, this will represent a step change to the Kharmagtai project. Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/808b62b0-877f-437a-b5a2-66d8eadf46d0 While KHDDH563 and KHDDH564 are focused on Stockwork Hill (Figure 2), they will also inform the Phase 2 search for further high-grade extensions at depth under Copper Hill, White Hill, Golden Eagle and Zaraa. Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16f2c354-a1df-4192-a0c0-0c6ba33a11fe Red Mountain Drilling continues at Red Mountain with two diamond drill rigs executing a 4,300m drill program to target large scale copper gold porphyry mineralisation. Xanadu’s farm-in partner, JOGMEC, is funding the Red Mountain exploration program. Next Steps Holes KHDDH563 and KHDDH564 represent the first drilling in the Kharmagtai Phase 2 drilling program, which is being designed to surgically target and define higher grade zones. Phase 2 which will be described in detail in future releases. The Company plans to provide the following near term updates for both its flagship Kharmagtai project and the Red Mountain Project. Red Mountain exploration drilling results (March 2021)Exploration Target Update and Phase 2 Drilling Program Structure (March 2021)Kharmagtai Stockwork Hill Follow-Up Drill Results (April 2021)Mineral Resource Estimate Update (April 2021)Kharmagtai and Red Mountain exploration drilling results (April 2021) 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 control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project. For information on Xanadu visit: www.xanadumines.com. Andrew StewartCEO Xanadu Mines Ltd Andrew.stewart@xanadumines.com+61 409 819 922 This Announcement was authorised for release by Xanadu’s Board of Directors. Appendix 1: Statements and Disclaimers 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. Previous Results Please refer to ASX/TSX Announcement “Gold-Rich High-Grade Zone extended at Kharmagtai”, dated 15 February 2021 for assay results included in this Announcement. There is no new information or data that materially affects the information included in this Announcement. Competent Person Statement 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. 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. The copper equivalent calculation used is based off the eCu calculation defined by CSA in the 2018 Mineral Resource Upgrade. Copper equivalent (eCu) grade values were calculated using the following formula: eCu = Cu + Au * 0.62097 * 0.8235, Where Cu = copper grade (%); Au = gold grade (gold per tonne (g/t)); 0.62097 = conversion factor (gold to copper); and 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 6,834 $ per tonne ($/t)); Gold price = 1,320 $ per ounce ($/oz); Copper recovery = 85%; Gold recovery = 70%; and Relative recovery of gold to copper = 70% / 85% = 82.35%. 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.
16 Jan, 2021
Product photos are available at: https://bit.ly/39BiOQ7OTTAWA, Jan.
23 Dec, 2020
TORONTO, Dec. 23, 2020 (GLOBE NEWSWIRE) -- In accordance with ASX Listing Rule 3.13.2, Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (the Company) advises that that both resolutions considered at the Company’s Extraordinary General Meeting, which was held today, were passed with the requisite majorities by way of a poll. The resolutions and details of the proxy voting results are provided in the attached Proxy Summary in accordance with Section 251AA of the Corporations Act 2001 (Cth).For further information, please contact:Andrew StewartSpencer Cole Chief Executive OfficerChief Financial Officer M: +61 409 819 922M: +61 434 047 987 E:   Andrew.stewart@xanadumines.comE:   spencer.cole@xanadumines.com W: www.xanadumines.com  This Announcement was authorised for release by Xanadu’s Board of Directors.
16 Oct, 2020
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...
10 Aug, 2020
TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu or the Company) is pleased to announce a two tranche placement to raise $12.0 million (Placement). Highlights * Well supported with the introduction of several new domestic and international institutions * $3.5 million participation by key shareholders Asia Capital and Advisors Pte Ltd and SSI Asset Management AG on a pro rata basis relative to their existing shareholding in Tranche 1 and 2 of the Placement * Strong financial position to deliver on Xanadu’s recently announced exploration strategy focused on its flagship Kharmagtai copper-gold project * Xanadu corporate reset is now complete with a revitalised, supportive institutional share registerThe Placement will be completed in two tranches via the issue of 266.7 million new fully paid ordinary shares (New Shares). The New Shares will be quoted on ASX following issue and will rank pari-passu with the existing fully paid ordinary shares currently on issue.Tranche 1 of the Placement will raise approximately $5.6 million via the issue of approximately 123.8 million New Shares pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1. Tranche 2 of the Placement will raise approximately $6.4 million via the issue of approximately 142.9 million New Shares subject to shareholder approval to be sought at a Xanadu General Meeting, expected to be held on or around mid-September 2020. The issue price of $0.045 per share represents a discount of 23.7% to Xanadu’s last close (5 August 2020) of $0.059 per share, a 20.0% discount to the 5-day VWAP of $0.056 per share and a 13.1% discount to the 30-day VWAP of $0.052 per share.The proceeds of the Placement, together with the Company’s existing cash resources will be applied towards the Kharmagtai exploration drilling and resource definition drilling program in accordance with Xanadu’s published strategy and working capital purposes.Argonaut Securities Pty Limited and CLSA Australia Pty Ltd acted as Joint Lead Managers to the Placement.Tranche 1 of the Placement is scheduled to settle on Monday, 17 August 2020 with allotment and trading to occur on Tuesday, 18 August 2020. Subject to shareholder approval being obtained, Tranche 2 of the Placement is expected to settle late September 2020.Non-Executive Chairman, Colin Moorhead, said, “We are delighted with the strong support received from existing shareholders and several new sophisticated institutional investors.  We are also very pleased to welcome a number of domestic institutional investors as new shareholders into Xanadu. This Placement enables us to further strengthen our share register and our balance sheet which will enable Xanadu to execute its exploration strategy with vigour and unencumbered.”For further information, please contact:Andrew Stewart Chief Executive Officer M: +61 409 819 922 E:  Andrew.stewart@xanadumines.comSpencer Cole Chief Financial Officer M: +61 434 047 987 E:  spencer.cole@xanadumines.com This Announcement was authorised for release by Xanadu’s Board of Directors.
30 Jun, 2020
11:00
Yahoo! Finance
TORONTO, June 30, 2020 -- Xanadu Mines Ltd (ASX: XAM | TSX:XAM) ( (Xanadu or the Company) advises that Stephen Motteram, being the nominee of Noble Resources International Pte..
10 Jun, 2020
11:00
Yahoo! Finance
TORONTO, June 10, 2020 -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) advises that investors and analysts are invited to participate in a webcast on.
05 Jun, 2020
TORONTO, June 05, 2020 -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) advises that in accordance with ASX Listing Rule 3.13.1, Xanadu will hold its 2020.
28 May, 2020
01:29
Yahoo! Finance
TORONTO, May 27, 2020 -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) has today announced changes to the composition of its Executive Team. We are pleased.
21 May, 2020
Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or the “Company”) is pleased to report that is has accepted firm commitments for a placement of 34.0 million new fully paid shares in Xanadu (“New Shares”) at A$0.033 per New Share to raise approximately A$1.12 million (“Placement”). Proceeds from the Placement will be used to underpin the next phase of activities at its Kharmagtai copper and gold project (Figure 1).