- Xanadu Mines (XAM) restarts exploration work at its Red Mountain project in the South Gobi region of Mongolia
- The exploration work will target shallow high-grade gold-silver-copper mineralisation, following a detailed review of prior targets
- A ground exploration program is now underway, which will include surface mapping and trenching activities to test the strike extent of shallow mineralisation and set high-priority targets for diamond drilling
- Drill testing is expected to commence in the September quarter
- Xanadu Mines is up 1.52 per cent, trading at 3.4 cents at 1:31 pm AEST
Xanadu Mines (XAM) has restarted exploration work at its Red Mountain project in the South Gobi region of Mongolia.
The company’s exploration work will target shallow high-grade gold-silver-copper mineralisation, following a detailed review of prior targets.
Up to 6500 horizontal metres will be drilled to test the strike extent and develop these new exploration targets.
Previous work at Red Mountain defined several broad zones of strongly mineralised quartz stock-work veining associated with high-grade gold, which Xanadu said displayed a mineralisation style that suggested the strong likelihood of depth extensions.
Xanadu’s Executive Chairman and Managing Director Colin Moorhead said the company’s recent shallow, high-grade gold, silver and copper drilling results has led the company to rethink how it tackles this prospective tenement.
“With a renewed focus on multiple near surface targets, we are now ready to ramp exploration back-up at Red Mountain,” Mr Moorhead said.
“This will include extensive trenching to define targets for the forthcoming drill program.
“By following a systematic program, we will be able to characterise the nature and mineral potential of Red Mountain, and we look forward to sharing results as this very exciting program progresses.”
A ground exploration program is now underway, which will include surface mapping and trenching activities.
The trenching will test strike extent of shallow mineralisation and set high-priority targets for diamond drilling.
Drill testing is expected to commence in the September quarter.
Xanadu Mines was up 1.52 per cent, trading at 3.4 cents at 1:31 pm AEST.