Xanadu Mines (XAM) has continued its exploration success with the discovery of four additional mineralised porphyry systems within its Kharmagtai copper/gold project in Mongolia. To date, XAM has defined at least eight mineralised porphyry centres, demonstrating an outstanding strike rate on the 19 prospective targets identified on the project. Most recently, drilling at the Zaraa prospect returned 316m at ~0.4% Cu Eq. We believe Khamagtai has high corporate appeal to mid to large cap base metal/diversified producers given its world class porphyry locality (hosting RIO’s Oyu Tolgoi deposit) and the scale of the mineralised system with complete, intact porphyries from surface.
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