News Articles for Xanadu Mines

Equities firm MST Access believes changes to the Government of Mongolia's mining code has the potential to benefit foreign investment with revisions to the nation's laws expected later this year. One of the potential beneficiaries of the proposed changes is ASX-listed Xanadu Mines that is aiming to develop its Kharmagtai copper-gold project in Mongolia.

Xanadu Mines is kicking off a new exploration campaign at the company's highly prospective Red Mountain project in the South Gobi region of Mongolia targeting shallow high-grade gold, silver and copper. A previous diamond and RC drill program at the site uncovered some impressive results at the site's Bavuu and Diorite deposits with a number of hits from surface.

Xanadu Mines has received Australian Foreign Investment Review Board approval for Chinese mining giant Zijin to acquire shares in the company to develop its Kharmagtai copper-gold project in Mongolia. It is the first of three approvals required for Zijin to continue its three-phase investment in Xanadu that was announced in April. The project has a mineral resource estimate of 1.1b tonnes for three million tonnes of contained copper and eight million ounces of gold.

Xanadu Mines has completed metallurgical recoveries of up to 91 per cent gold and 46 per cent copper from preliminary glycine and cyanide leach testing at its Kharmagtai copper-gold project in Mongolia. The tests were performed on partially oxidised material from surface to 30m depth and returned head grades between 0.52 and 2.25 grams per tonne gold and from 0.12 up to 0.67 per cent copper.

They say if you want to go elephant hunting you must go to elephant country and when talking mineral endowment, Mongolia is clearly elephant country. The ridiculous scale of Rio Tinto's part-owned Oyu Tolgoi mine is just one truly biblical example and Xanadu Mines is also turning heads in the country with its Kharmagtai project, now thought to be one of the largest undeveloped copper-gold resources controlled by a junior explorer.

High-quality copper prospects are becoming harder to find, but juniors are poised for the challenge.