Technical Report to Support Kharmagtai Mineral Resource Upgrade
28 February 2022 - 11:30PM
Xanadu Mines Ltd (
ASX: XAM, TSX: XAM)
(
Xanadu,
XAM or the
Company) is pleased to announce that the Company
has filed an Independent National Instrument 43-101 Technical
report (NI 43-101 Technical Report) titled “Mineral Resource
Estimation, Kharmagtai Project, Omnogovi Province, Mongolia”, in
support of the Company’s press release dated 8
th
December 20211 and as required by Canadian Securities
Administrators (CSA) and TSX.
The NI43-101 Technical Report2 was authored
Independent Qualified Person Mr. Robert Spiers of Spiers Geological
Consultants Pty Ltd (SGC) who is a Qualified
Person as defined by NI 43-101. The Mineral Resource estimate has
been classified in accordance with CIM Definition Standards –
Standards for Disclosure for Mineral Projects (May 9, 2016) and
with the JORC Code (2012 Edition).
The updated Mineral Resource Estimate for
Kharmagtai has an effective date of 8th December 2021 and is
supported by information from 120 diamond drill holes for 69,479
metres between 2018 and 2021. The Indicated Mineral Resources for
Kharmagtai total 455 million tonnes grading 0.3% copper and 0.2g/t
gold. The Inferred Mineral Resources for Kharmagtai total 664
million tonnes grading 0.3% copper and 0.2g/t gold. There are no
material differences between the NI 43-101 Technical Report and the
information disclosed in this news release.
The NI 43-101 Technical Report, dated 28th
February 2022, may be found under the Company’s profile on SEDAR at
https://www.sedar.com and on the Xanadu Mines website.
For the purposes of this Announcement, Dr.
Andrew Stewart (BSc, PhD, MAIG & MSEG), Xanadu’s Chief
Executive Officer, is the designated non-Independent Qualified
Person. He has reviewed and approved the technical and scientific
contents of this Announcement.
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 a globally significant copper-gold
deposit in our flagship Kharmagtai project. For information on
Xanadu visit: www.xanadumines.com.
For
further information, please contact: |
|
|
|
Andrew Stewart |
Spencer Cole |
Chief Executive Officer |
Chief Financial Officer |
E: andrew.stewart@xanadumines.com |
E: spencer.cole@xanadumines.com |
M: +61 409 819 922 |
|
This Announcement was authorised for release by
Xanadu’s Board of Directors.
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 are cautioned not to put undue
reliance on ‘forward‐looking statements’ due to the inherent
uncertainty therein.
________________________
1 ASX/TSX Announcement 8 December 2021 – Kharmagtai Resource
Grows to 1.1 billion Tonnes2 This NI 43-101 Technical Report
updates the ASX/TSX Announcement 8 December 2021 – Kharmagtai
Resource Grows to 1.1 billion Tonnes, including amendments to the
resource classified as Indicated within the smaller Zephyr
deposit.
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