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WKN: A1CWK8 | ISIN: AU000000XAM0 | Ticker-Symbol:
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Xanadu Mines Ltd.: Kharmagtai Drilling Highlights Continued Growth Potential

Finanznachrichten News

TORONTO, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (Xanadu, XAM or the Company) is pleased to provide an update on exploration drilling at the Kharmagtai Project in Mongolia, being developed with the Company's joint venture partner Zijin Mining Group Co., Ltd. (Zijin). Exploration drilling continues to expand upon the new zone of higher-grade copper and gold mineralisation at the White Hill deposit, demonstrating progressive growth in higher-grade material at the base of the previously optimised open pits.

Highlights

  • Latest extensional and exploration drilling results expand upon the recently identified higher-grade zone (core) at White Hill1, located below the previous Scoping Study pit designs2 and outside the 2023 Mineral Resource Estimate (MRE) 3. Best drilling results include:
    • KHDDH808 - 64.45m @ 0.74% CuEq (0.61% Cu & 0.26/t Au) from 516,

      Including 24.45m @ 1.41% CuEq (1.14% Cu & 0.53g/t Au) from 634m

      Including 13.8m @ 1.99% CuEq (1.64% Cu & 0.70g/t Au) from 558m

    • KHDDH806 - 50m @ 0.73% CuEq (0.25% Cu & 0.94g/t Au) from 545m

      Including 22m @ 1.34% CuEq (0.26% Cu & 2.10g/t Au) from 549
  • Expanding higher-grade core (>1% CuEq) at White Hill is expected to enhance & enlarge the 2023 MRE and to increase scale & deepen 2022 Scoping Study2 pit shells, capturing additional higher-grade over longer period.
  • Step-out drilling at Golden Eagle returns grades more than double the MRE grade and extends mineralisation. Best results include:
    • KHDDH805 - 153.4m @ 0.68g/t AuEq (0.43g/t Au and 0.13% Cu) from 41.6m

      Including 67m @ 0.97g/t AuEq (0.67g/t Au and 0.15% Cu) from 44m

      Including 8m @ 1.7g/t AuEq (1.34g/t Au and 0.18% Cu) from 54m

      And 14m @ 1.22g/t AuEq (0.81g/t Au and 0.21% Cu) from 77m
  • Deep drilling hole KHDDH779 encounters two broad zones of porphyry and tourmaline breccia style mineralisation between Stockwork Hill and Zaraa, potentially indicating the edges of a very large-scale Cu-Au System.
  • Growth-focused discovery exploration drilling at Kharmagtai continues to discover new, shallow mineralisation with potential to enhance open pit mining and deep mineralisation with potential for future underground mining.
  • Further assays from deep exploration drilling are pending; we look forward to sharing over the coming months.
  • Kharmagtai JV is funding US$35M4 for both PFS completion and discovery exploration, aiming towards decision to mine in Q4 CY2024.

______________
1
ASX/TSX Announcement 7 June 2023 - New Higher-Grade Zones Found in Kharmagtai Infill Drilling
2 ASX/TSX Announcement 6 April 2022 - Scoping Study - Kharmagtai Copper-Gold Project
3 ASX/TSX Announcement 8 December 2023 - Kharmagtai Mineral Resource Grows by 13% CuEq; including >25% increase in higher-grade core

Xanadu's Executive Chairman and Managing Director, Mr Colin Moorhead, said "Latest drilling results provide more evidence for continued growth and improvement at the Kharmagtai deposit. Importantly, we are expanding the +1% CuEq zone at White Hill and expending higher-grade mineralisation closer to surface. Our current geological interpretation suggests that mineralisation is faulted upwards, towards surface as we expand the deposit southwards.

"Bulking up the White Hill higher-grade core will improve the new open pit designs and yield additional copper within range of open pit mining."

______________
4 ASX/TSX Announcement 13 March 2023 - Zijin & Xanadu Transaction Completed & Kharmagtai PFS Underway

Kharmagtai copper-gold district showing defined mineral deposits and completed infill drill holes, deep exploration drill holes, and shallow exploration drill holes since the last announced drilling results.

Figure 1: Kharmagtai copper-gold district showing defined mineral deposits and completed infill drill holes, deep exploration drill holes, and shallow exploration drill holes since the last announced drilling results5.

______________
5 ASX/TSX Announcement 16 November 2023 - Kharmagtai Drilling Achievements Update

Since the last Drilling Market Release (included in 2023 MRE Update), a total of 5,307m infill diamond drilling has been completed at Golden Eagle and Zephyr, and 9,320m extensional and exploration drilling, with both drill core collars and assay results for each, provided in Tables 1 and 2 (see Appendix 1).

Step-out Drilling Expands Higher-Grade Core at White Hill

Three drill holes were collared at White Hill, and designed to extend the recently discovered higher-grade core, beneath the 2022 Scoping Study open pits.

Drill hole KHDDH808 was designed as a 150 to 200m step back from previous drilling (Figure 2). KHDDH808 intercepted a moderate grade halo (+0.3% CuEq) over 350m shallower than expected, and encountered two zones of higher-grade (+1% CuEq) mineralisation.

Hole IDInterval (m)Cu (%)Au (g/t)CuEq (%)From (m)
KHDDH80864.450.610.260.74516
including24.451.140.531.41634
including13.81.640.701.99558


Cross section 591980mE through the White Hill deposit.

Figure 2: Cross section 591980mE through the White Hill deposit.

Drill hole KHDDH806 was designed to test for higher-grade extensions beneath eastern end of the White Hill open pit (Figure 3). KHDDH806 extended moderate grade mineralisation for 150m beneath deepest portion of the previously planned pit, encountering a narrow zone of higher-grade mineral at the expected depth.

Hole IDInterval (m)Cu (%)Au (g/t)CuEq (%)From (m)
KHDDH806287.40.180.070.21156
and500.250.940.73545
including220.262.101.34549


Cross section 592385mE through the White Hill and Stockwork Hill deposits.

Figure 3: Cross section 592385mE through the White Hill and Stockwork Hill deposits

Drill hole KHDDH807 was designed as a 150m step back from previous drilling (Figure 4) and intercepted low to moderate grade halo (+0.2% CuEq) over 270m shallower than expected. KHDDH807 returned very broad intercept of 559.7m @ 0.27% CuEq from 435m, including 222m @ 0.36% CuEq from 761m.

Cross section 591820mE through the White Hill deposit.

Figure 4: Cross section 591820mE through the White Hill deposit

Infill Drilling Expands Higher-Grade Gold at Golden Eagle

Five drill holes were collared at Golden Eagle and designed to extend the new higher-grade gold zone (+1g/t Au) at Golden Eagle6.

Drill hole KHDDH805 was designed to join two lobes of higher grade. KHDDH805 intercepted broad zone of moderate grade gold with a higher-grade zone at the expected interval (Figure 5). Importantly, the grades encountered were more than double those defined in the new 2023 Mineral Resource.

Hole IDInterval (m)Au (g/t)Cu (%)AuEq (g/t)From (m)
KHDDH805153.40.430.130.6841.6
including670.670.150.9744
including81.340.181.754
and140.810.211.2277


Cross section 595400mE through the Golden Eagle deposit.

Figure 5: Cross section 595400mE through the Golden Eagle deposit.

______________
6 ASX/TSX Announcement - New Gold Zone Discovered at the Golden Eagle

Drill hole KHDDH801 was designed to extend the higher-grade zone and has returned a broad zone of moderate grade gold with a higher-grade zone at the expected interval (Figure 6).

Hole IDInterval (m)Au (g/t)Cu (%)AuEq (g/t)From (m)
KHDDH80183.40.590.110.836.6
including291.140.141.4257
including141.90.142.1860


Cross section 595275mE through the Golden Eagle deposit.

Figure 6: Cross section 595275mE through the Golden Eagle deposit.

Deep Exploration Drilling Encounters Broad Mineralised Zone

A single deep diamond drill hole was collared between Zaraa and Stockwork Hill, designed to test for a large-scale porphyry deposit. KHDDH779 encountered two broad zones of porphyry and tourmaline breccia style mineralisation between Stockwork Hill and Zaraa (Figure 7). This hole appears to have encountered the edges of a very large-scale Cu-Au System. Additional work is being planned once full interpretations are completed and the BoxScan dataset (vein densities, SWIR, sulphide distribution etc) are incorporated into the broader exploration model.

Cross section drill hole KHDDH779

Figure 7: Cross section drill hole KHDDH779

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 jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. Xanadu is the Operator of a 50-50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project.

For further information on Xanadu, please visit: www.xanadumines.com or contact:

Colin Moorhead
Executive Chairman & Managing Director
E: colin.moorhead@xanadumines.com
P: +61 2 8280 7497

This Announcement was authorised for release by Xanadu's Board of Directors.

Appendix 1: Drilling Results

Note that true widths will generally be narrower than those reported. See disclosure in JORC explanatory statement attached.

Table 1: Drill hole collar

Hole IDProspectEastNorthRLAzimuth (°)Inc (°)Depth (m)
KHDDH684Golden Eagle59522448767461270359-60341.0
KHDDH685Golden Eagle59522648768471269360-60325.0
KHDDH700Golden Eagle595598487690112690-60267.0
KHDDH701Golden Eagle595597487700212680-60220.0
KHDDH703Zephyr594899487769612650-6052.7
KHDDH704Zephyr594900487779612640-6072.7
KHDDH705Zephyr595023487759812650-60100.0
KHDDH706Zephyr595024487769812650-60175.0
KHDDH707Zephyr595146487744612660-6075.0
KHDDH709Zephyr595147487764612650-60100.0
KHDDH710Zephyr595148487774612640-60140.0
KHDDH711Zephyr595274487739912660-60100.0
KHDDH712Zephyr59502348776971265240-60150.0
KHDDH713Zephyr595273487759812650-60189.4
KHDDH714Zephyr595274487769712650-60150.0
KHDDH715Zephyr595023487780012640-60125.1
KHDDH716Zephyr595149487754412660-6075.0
KHDDH717Zephyr595275487749812660-60235.0
KHDDH718Zephyr595397487744512670-60125.0
KHDDH719Zephyr59514648775441266270-55160.0
KHDDH720Zephyr595399487775012650-60100.0
KHDDH721Zephyr595523487749712660-60400.0
KHDDH722Zephyr595524487769812650-60150.0
KHDDH723Zephyr595649487766312660-60205.0
KHDDH724Zephyr59527548774971266190-75190.0
KHDDH725Zephyr595773487766412690-6075.0
KHDDH731Zephyr59539448775121266170-60160.0
KHDDH732Zephyr595397487765112660-60200.0
KHDDH736Zephyr595524487759612650-60214.0
KHDDH740Zephyr595525487779712650-60125.0
KHDDH745Zephyr595774487774412700-60100.0
KHDDH752Zephyr59552448775951265140-75210.0
KHDDH779Exploration593999487652312850-702400.0
KHDDH801Golden Eagle595277487689412690-60288.5
KHDDH802Golden Eagle595332487683912700-60285.5
KHDDH803Golden Eagle595401487684112690-60291.0
KHDDH804Golden Eagle595328487694212690-60279.5
KHDDH805Golden Eagle595399487691912690-60279.6
KHDDH806White Hill59239348774721293180-70848.3
KHDDH807White Hill591788487646913170-601212.7
KHDDH808White Hill591959487666113100-601200.0
KHDDH809Exploration597845487721912650-701200.0
KHDDH810Altan Shand59129148780561296318-60444.6
KHDDH811White Hill59109948779671296315-60450.8
KHDDH812White Hill59132848781861291318-60230.0


Table 2: Significant drill results

Hole IDProspectFrom (m)To (m)Interval (m)Au (g/t)Cu (%)CuEq (%)AuEq (g/t)
KHDDH684Golden Eagle492481990.150.090.170.34
including 186220340.330.170.340.67
and 282.534158.50.090.160.200.39
KHDDH685Golden Eagle343252910.220.140.250.49
including 707441.260.140.781.53
including 124133.69.60.180.160.250.50
including 144.9524095.050.350.160.340.66
KHDDH700Golden Eagle43.5196152.50.220.090.200.39
including 96106100.350.140.320.63
including 168182140.590.150.460.89
including 17217641.100.240.801.56
KHDDH701Golden Eagle40.2512382.750.160.090.180.34
including 424640.460.160.390.76
KHDDH703Zephyr14.7518.84.050.330.000.170.34
KHDDH704ZephyrNo significant intercepts
KHDDH705Zephyr1442280.280.030.180.35
and 586460.400.050.250.50
and 788680.110.020.080.15
KHDDH706ZephyrNo significant intercepts
KHDDH707Zephyr23.97450.10.190.040.140.27
including 4864160.470.040.280.55
KHDDH708Zephyr40.3157116.70.180.090.180.35
including 525860.490.090.340.66
and 171187.116.10.260.040.170.33
and 223227.24.20.500.030.290.56
KHDDH709Zephyr162040.220.000.120.23
and 515870.200.030.140.27
KHDDH710ZephyrNo significant intercepts
KHDDH711Zephyr32100680.090.100.150.29
KHDDH712Zephyr192890.140.020.090.17
and 41.957.615.70.420.020.240.46
and 121132110.050.050.070.14
KHDDH713Zephyr18.55637.50.250.080.200.40
including 404880.740.160.541.06
and 76107.231.20.140.060.130.26
and 129140.711.70.140.060.130.26
and 152189.437.40.170.070.150.30
KHDDH714Zephyr303880.190.020.120.23
and 485240.310.030.180.35
and 11312180.270.010.150.29
and 13514270.220.010.120.24
KHDDH715ZephyrNo significant intercepts
KHDDH716Zephyr15.97559.10.090.100.140.28
KHDDH717Zephyr16.2235218.80.200.130.230.45
including 4773260.460.240.470.93
including 13814460.270.170.310.60
including 205223180.210.220.330.64
KHDDH718Zephyr4967180.250.040.160.32
and 14915340.190.050.140.28
and 1713561850.210.120.220.44
including 21121540.420.170.380.75
including 265276110.860.160.601.17
including 269.52766.51.290.150.811.59
including 304338340.330.200.370.72
KHDDH719Zephyr454940.190.040.140.27
and 91160690.130.070.130.26
KHDDH720Zephyr3862240.160.090.170.33
KHDDH721Zephyr104120160.160.050.130.25
and 139.5336.9197.40.130.160.230.45
including 16617260.100.300.350.68
including 193221280.150.260.340.66
including 273311380.190.210.310.60
including 32733690.240.170.290.57
and 347395480.110.140.190.38
including 369389200.110.210.270.52
KHDDH722Zephyr23.2144120.80.260.180.320.62
including 23.28763.80.440.250.470.93
including 2545200.890.250.701.37
including 6576.811.80.360.420.601.18
KHDDH723Zephyr432462030.180.160.250.50
including 83103200.130.330.390.77
including 12112980.140.220.290.57
including 14114980.310.300.450.89
including 163189260.230.180.300.59
including 199219200.550.160.440.85
including 201211100.890.160.621.21
including 232.7242.39.60.230.090.200.40
and 26827240.100.070.120.24
and 31231640.160.050.130.25
KHDDH724Zephyr13.6118.5104.90.210.160.270.52
including 13.66652.40.350.190.360.71
including 2638120.310.340.500.97
and 165188230.220.050.160.32
KHDDH725ZephyrNo significant intercepts
KHDDH731Zephyr596560.220.030.140.28
and 89101120.220.030.140.27
KHDDH732Zephyr21.66240.40.100.120.170.34
and 742001260.130.220.290.57
including 7488140.230.200.320.63
including 98108.210.20.230.250.370.72
including 119.417151.60.120.290.350.69
KHDDH736Zephyr485460.070.080.120.23
and 682641960.250.120.250.48
including 128163.835.80.330.170.340.67
including 184.221126.81.000.160.681.32
including 184.2188.94.71.230.371.001.96
including 20020991.770.171.072.10
KHDDH740Zephyr31.25927.80.040.100.120.23
KHDDH745Zephyr38.8104.966.10.100.210.260.51
including 6080200.130.270.330.65
and 171179.28.20.160.060.150.29
and 242256140.250.030.160.31
including 242252100.320.030.200.38
and 270351810.140.090.170.33
including 270277.37.30.530.070.340.66
including 29329960.220.210.320.62
KHDDH752Zephyr27.54012.50.080.030.070.15
and 111.11186.90.070.070.100.20
and 142210680.080.190.230.45
including 15616040.290.240.390.76
including 20220860.080.280.320.62
KHDDH779Exploration6678120.130.080.140.28
and 32032660.350.130.310.60
and 49950560.010.110.110.22
and 557577200.090.120.160.32
and 58759580.020.110.120.23
and 611621100.020.080.090.18
and 661673120.040.080.110.21
and 78278860.060.070.100.19
and 810820100.050.070.100.19
and 87411182440.030.130.150.29
including 98098440.090.280.330.64
including 10871098110.050.190.220.42
and 113214302980.070.130.170.33
including 1253.6512639.350.060.230.260.51
including 1362136751.110.320.891.73
and 14421486440.060.080.110.22
and 14961517210.010.090.100.19
and 1577158580.160.150.230.44
and 1649165890.020.040.050.10
and 1724173060.030.150.170.33
and 17561831750.070.080.110.22
and 18851930.845.80.050.100.130.25
including 19251930.85.80.080.240.280.55
and 194020501100.080.180.220.44
including 19962014.418.40.130.370.440.85
including 20362050140.160.220.300.59
and 20682078.110.10.040.090.110.22
KHDDH799ExplorationNo significant intercepts
KHDDH800ExplorationNo significant intercepts
KHDDH801Golden Eagle36.612083.40.590.110.410.80
including 5786291.140.140.731.42
including 6074141.900.141.112.18
including 106114.28.20.460.120.350.69
and 140288.5148.50.290.120.260.51
including 20120980.330.150.320.62
including 244264200.720.180.551.07
KHDDH802Golden Eagle35.5285.52500.370.120.310.60
including 84180960.550.140.410.81
including 20621260.410.110.320.63
including 232252200.390.150.350.68
KHDDH803Golden Eagle36.8244207.20.200.110.210.42
including 8898100.290.160.300.59
including 170200300.340.120.300.58
and 254270.216.20.070.060.100.19
KHDDH804Golden Eagle38.18849.90.400.100.300.59
including 38.958.819.90.610.160.470.92
and 99.25277177.750.230.110.230.44
including 113.817864.20.420.140.350.69
including 236244.68.60.250.150.270.54
KHDDH805Golden Eagle41.6195153.40.430.130.350.68
including 44111670.670.150.500.97
including 546281.340.180.871.70
including 546061.430.180.911.78
including 7791140.810.210.621.22
including 12713360.370.150.340.66
and 267278110.060.050.080.15
KHDDH806White Hill21461440.060.130.160.32
and 156443.4287.40.070.180.210.41
including 386443.457.40.150.290.360.71
and 545595500.940.250.731.42
including 549571222.100.261.342.62
and 779821420.030.220.240.46
including 78179090.050.530.561.09
KHDDH807White Hill295353580.040.090.110.22
and 367425580.040.120.140.27
including 38138540.090.360.400.79
and 435994.7559.70.070.230.270.53
including 457477200.090.190.230.46
including 487499120.110.310.360.71
including 512524120.100.260.310.61
including 546555.49.40.130.260.330.65
including 685712270.050.260.280.55
including 734747130.080.330.370.72
including 7619832220.100.310.360.70
including 83483840.220.550.661.28
and 100411981940.060.190.220.42
including 10341090560.100.250.300.59
including 1180118440.080.430.460.91
KHDDH808White Hill23824240.050.180.200.39
and 282.531936.50.070.150.180.36
including 30531160.090.320.360.70
and 333580.45247.450.110.290.350.68
including 34134650.070.240.270.53
including 465500350.090.310.360.70
including 516580.4564.450.260.610.741.44
including 556580.4524.450.531.141.412.75
including 558571.813.80.701.641.993.90
and 608626180.190.050.140.28
including 62062440.500.050.310.60
and 64465280.190.030.120.24
and 66467280.100.150.200.39
and 75010853350.080.250.300.58
including 751.7891139.30.120.380.440.86
including 786796100.130.540.611.19
including 81281860.270.850.991.94
including 91892680.080.260.300.59
including 95896240.080.290.330.65
including 98098990.220.220.330.64
including 1028.810356.20.120.500.561.10
and 11151127120.030.120.140.27
and 11421172300.020.110.120.24
and 1182118640.020.130.140.27
KHDDH809Exploration52.88128.20.160.050.130.25
and 207246390.130.090.150.30
including 209220110.220.160.270.53
and 256265.79.70.190.090.190.36
And 29029550.070.150.190.37
and 328342140.050.050.070.14
Assays pending
KHDDH810Altan Shand276.131033.90.250.100.230.46
KHDDH811White Hill16416840.110.100.160.31
and 301.6331513.370.140.080.150.29
and 41842241.810.091.021.99
KHDDH812White HillNo significant intercepts


Appendix 2: Statements and Disclaimers

Competent Person Statement

The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Robert Spiers, who is responsible for the Mineral Resource estimate. Mr Spiers is a full time Principal Geologist employed by Spiers Geological Consultants (SGC) and is a Member of the Australian Institute of Geoscientists. He 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 Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 and as a Competent Person under JORC Code 2012. Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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.

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.

The information in this Announcement relates to the exploration results previously reported in ASX Announcements which are available on the Xanadu website at:

https://www.xanadumines.com/site/investor-centre/asx-announcements

The Company is not aware of any new, material information or data that is not included in those market announcements.

Copper Equivalent Calculations

The copper equivalent (CuEq) 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.

Copper equivalent (CuEq) grade values were calculated using the formula: CuEq = Cu + Au * 0.60049 * 0.86667.

Where Cu - copper grade (%); Au - gold grade (g/t); 0.60049 - conversion factor (gold to copper); 0.86667 - relative recovery of gold to copper (86.67%).

The copper equivalent formula was based on the following parameters (prices are in USD): Copper price 3.4 $/lb; Gold price 1400 $/oz; Copper recovery 90%; Gold recovery 78%; Relative recovery of gold to copper = 78% / 90% = 86.67%.

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 8 December 2023.

JORC TABLE 1 - SECTION 1 - SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections).

CriteriaCommentary
Sampling techniques
  • 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.
  • Reverse Circulation (RC) chip samples are ¼ splits from one meter (1m) intervals using a 75%:25% riffle splitter to obtain a 3kg sample
  • RC samples are uniform 2m samples formed from the combination of two ¼ split 1m samples.
Drilling techniques
  • 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
  • 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 mineralisation.
  • Overall, core quality is good, with minimal core loss. Where there is localised faulting and or fracturing core recoveries decrease, however, this is a very small percentage of the mineralised intersections.
  • RC recoveries are measured using whole weight of each 1m intercept measured before splitting
  • Analysis of recovery results vs grade shows no significant trends that might indicate sampling bias introduced by variable recovery in fault/fracture zones.
Logging
  • 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
  • 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 is 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
  • All samples were routinely assayed by ALS Mongolia for gold
  • Au 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 Mineral Resource Estimate (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
  • All assay data QA/QC 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
  • 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 48N
  • Historically, 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 Digital Terrain Model (DTM) is based on 1m contours from satellite imagery with an accuracy of ±0.1 m.
Data spacing and distribution
  • Holes spacings range from <50m spacings within the core of mineralization to +500m spacings for exploration drilling. Hole spacings can be determined using the sections and drill plans provided.
  • Holes range from vertical to an inclination of -60 degrees depending on the attitude of the target and the drilling method.
  • The data spacing and distribution is sufficient to establish anomalism and targeting for porphyry Cu-Au, tourmaline breccia and epithermal target types.
  • Holes have been drilled to a maximum of 1,304m vertical depth.
  • The data spacing and distribution is sufficient to establish geological and grade continuity, and to support the Mineral Resource classification.
Orientation of data in relation to geological structure
  • Drilling is conducted in a predominantly regular grid to allow unbiased interpretation and targeting.
  • Scissor drilling, as well as some vertical and oblique drilling, has been used in key mineralised zones to achieve unbiased sampling of interpreted structures and mineralised zones, and in particular to assist in constraining the geometry of the mineralised hydrothermal tourmaline-sulphide breccia domains.
Sample security
  • Samples are delivered from the drill rig to the core shed twice daily and are never left unattended at the rig.
  • Samples are dispatched from site in locked boxes transported on XAM company vehicles to ALS lab in Ulaanbaatar.
  • Sample shipment receipt is signed off at the Laboratory with additional email confirmation of receipt.
  • Samples are then stored at the lab and returned to a locked storage site.
Audits or reviews
  • Internal audits of sampling techniques and data management are undertaken on a regular basis, to ensure industry best practice is employed at all times.
  • External reviews and audits have been conducted by the following groups:
  • 2012: AMC Consultants Pty Ltd. was engaged to conduct an Independent Technical Report which reviewed drilling and sampling procedures. It was concluded that sampling and data record was to an appropriate standard.
  • 2013: Mining Associates Ltd. was engaged to conduct an Independent Technical Report to review drilling, sampling techniques and QAQC. Methods were found to conform to international best practice.
  • 2018: CSA Global reviewed the entire drilling, logging, sampling, sample shipping and laboratory processes during the competent persons site visit for the 2018 MRE and found the systems and adherence to protocols to be to an appropriate standard.


JORC TABLE 1 - SECTION 2 - REPORTING OF EXPLORATION RESULTS

(Criteria in this section apply to all succeeding sections).

CriteriaCommentary
Mineral
tenement
and land
tenure
status
  • The Project comprises 2 Mining Licences (MV-17129A Oyut Ulaan and (MV-17387A Kharmagtai):
    • Xanadu now owns 90% of Vantage LLC, the 100% owner of the Oyut Ulaan mining licence.
    • The Kharmagtai mining license MV-17387A is 100% owned by Oyut Ulaan LLC. Xanadu has an 85% interest in Mongol Metals LLC, which has 90% interest in Oyut Ulaan LLC. The remaining 10% in Oyut Ulaan LLC is owned by Quincunx (BVI) Ltd ("Quincunx").
  • The Mongolian Minerals Law (2006) and Mongolian Land Law (2002) govern exploration, mining and land use rights for the project.
Exploration
done by
other
parties
  • Previous exploration at Kharmagtai was conducted by Quincunx Ltd, Ivanhoe Mines Ltd and Turquoise Hill Resources Ltd including extensive drilling, surface geochemistry, geophysics, mapping.
  • Previous exploration at Red Mountain (Oyut Ulaan) was conducted by Ivanhoe Mines.
Geology

  • The mineralisation is characterised as porphyry copper-gold type.
  • Porphyry copper-gold deposits are formed from magmatic hydrothermal fluids typically associated with felsic intrusive stocks that have deposited metals as sulphides both within the intrusive and the intruded host rocks. Quartz stockwork veining is typically associated with sulphides occurring both within the quartz veinlets and disseminated thought out the wall rock. Porphyry deposits are typically large tonnage deposits ranging from low to high grade and are generally mined by large scale open pit or underground bulk mining methods. The deposits at Kharmagtai are atypical in that they are associated with intermediate intrusions of diorite to quartz diorite composition; however, the deposits are in terms of contained gold significant, and similar gold-rich porphyry deposits.
Drill hole
Information
  • Diamond drill holes are the principal source of geological and grade data for the Project.
  • See figures in this ASX/TSX Announcement.
Data
Aggregation methods
  • The CSAMT data was converted into 2D line data using the Zonge CSAMT processing software and then converted into 3D space using a UBC inversion process. Inversion fit was acceptable, and error was generally low.
  • A nominal cut-off of 0.1% CuEq is used in copper dominant systems for identification of potentially significant intercepts for reporting purposes. Higher grade cut-offs are 0.3%, 0.6% and 1% CuEq.
  • A nominal cut-off of 0.1g/t AuEq is used in gold dominant systems like Golden Eagle for identification of potentially significant intercepts for reporting purposes. Higher grade cut-offs are 0.3g/t, 0.6g/t and 1g/t AuEq.
  • Maximum contiguous dilution within each intercept is 9m for 0.1%, 0.3%, 0.6% and 1% CuEq.
  • Most of the reported intercepts are shown in sufficient detail, including maxima and subintervals, to allow the reader to make an assessment of the balance of high and low grades in the intercept.
  • Informing samples have been composited to two metre lengths honouring the geological domains and adjusted where necessary to ensure that no residual sample lengths have been excluded (best fit).
The copper equivalent (CuEq) 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 CuEq calculation defined by CSA Global in the 2018 Mineral Resource Upgrade.

Copper equivalent (CuEq) grade values were calculated using the following formula:

CuEq = Cu + Au * 0.62097 * 0.8235,

Gold Equivalent (AuEq) grade values were calculated using the following formula:

AuEq = Au + Cu / 0.62097 * 0.8235.

Where:

Cu - copper grade (%)

Au - gold grade (g/t)

0.62097 - conversion factor (gold to copper)

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 6834 $/t)
  • Gold price - 1320 $/oz
  • Copper recovery - 85%
  • Gold recovery - 70%
  • Relative recovery of gold to copper = 70% / 85% = 82.35%.
Relationship between mineralisation
on widths
and intercept
lengths
  • Mineralised structures are variable in orientation, and therefore drill orientations have been adjusted from place to place in order to allow intersection angles as close as possible to true widths.
  • Exploration results have been reported as an interval with 'from' and 'to' stated in tables of significant economic intercepts. Tables clearly indicate that true widths will generally be narrower than those reported.
Diagrams
  • See figures in the body of this ASX/TSX Announcement.
Balanced
reporting
  • Resources have been reported at a range of cut-off grades, above a minimum suitable for open pit mining, and above a minimum suitable for underground mining.
Other
substantive
exploration
data
  • Extensive work in this area has been done and is reported separately.
Further
Work
  • The mineralisation is open at depth and along strike.
  • Current estimates are restricted to those expected to be reasonable for open pit mining. Limited drilling below this depth (-300m RL) shows widths and grades potentially suitable for underground extraction.
  • Exploration on going.


JORC TABLE 1 - SECTION 3 - ESTIMATION AND REPORTING OF MINERAL RESOURCES

Mineral Resources are not reported so this is not applicable to this Announcement. Please refer to the Company's ASX Announcement dated 8 December 2023 for Xanadu's most recent reported Mineral Resource Estimate and applicable Table 1, Section 3.

JORC TABLE 1 - SECTION 4 - ESTIMATION AND REPORTING OF ORE RESERVES

Ore Reserves are not reported so this is not applicable to this Announcement.

AUSTRALIA
c/o Company Matters Pty Limited
Level 12, 680 George Street
Sydney NSW 2000
T: +612 8280 7497
MONGOLIA
Suite 23, Building 9B
Olympic St, Sukhbaatar District
Ulaanbaatar, Mongolia
T: +967 7012 0211
Xanadu Mines Ltd ACN 114 249 026

www.xanadumines.com


Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d0c0d20a-a92b-4ff6-80dd-08499758aa40

https://www.globenewswire.com/NewsRoom/AttachmentNg/e2b8bd8f-647f-4fb7-9245-c52232eb696e

https://www.globenewswire.com/NewsRoom/AttachmentNg/f97eb87c-ab0e-4973-9650-6cb46de6308b

https://www.globenewswire.com/NewsRoom/AttachmentNg/84c8967f-62f7-45a1-ab8a-3995f474071d

https://www.globenewswire.com/NewsRoom/AttachmentNg/e85dfd4d-a546-4c1d-8f88-75510896144b

https://www.globenewswire.com/NewsRoom/AttachmentNg/753a6653-2653-4e7c-9d2d-552c0c2d5ce4

https://www.globenewswire.com/NewsRoom/AttachmentNg/81c8fa69-6222-4e06-b836-f3528c6b94ba


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