Xanadu Mines has committed to spending more than A$4.5 million on exploration across its advanced porphyry copper-gold projects in Mongolia’s world-class South Gobi porphyry belt during 2017. Xanadu owns Mongolia’s largest undeveloped copper-gold deposit, which is in the same region as the giant Oyu Tolgoi project.
The planned exploration programs, which are among the largest to be undertaken by a junior ASX-listed exploration company in 2017, will target the discovery of additional copper-gold deposits on the company’s South Gobi porphyry projects at Kharmagtai and Oyut Ulaan.
Xanadu has already defined more than 1.5 million pounds of copper and 2 million ounces of gold at its flagship Kharmagtai project, making it one of the world’s most promising copper-gold projects.
Xanadu’s managing director and CEO Dr Andrew Stewart said: “Our exploration is continuing to plan and we believe there remains excellent potential for more large-scale discoveries within our porphyry districts at Kharmagtai, that has already yielded three porphyry centres, and at Oyut Ulaan.
“We will continue to take a systematic approach throughout 2017 to assess the multiple copper-gold targets we have identified as being the most prospective. We look forward to presenting the results of the first phase of drilling this quarter.”
Following the promotion of Andrew Stewart from chief geologist to CEO in 2015 and then to managing director in 2016, Xanadu has appointed Mat Brown as chief geologist. He will undertake and supervise the responsibilities and duties associated with the chief geologist role, drawing on his vast experience with porphyry copper-gold and epithermal gold systems around the world.
Mat Brown has more than 20 years of experience as an exploration geologist in the circum-Pacific region and Australia, and applies cutting edge methods of structural geology and geochemistry towards gold and base metals exploration. He previously worked with Ivanhoe Mines for 10 years, including six years as exploration manager in Cloncurry, Queensland. He has been involved with several greenfields discoveries, including the Merlin high-grade molybdenum and SWAN copper-gold deposits, and brownfields projects at Osborne, Kulthor and Starra.
Mat Brown said: “I am delighted to take up this role with Xanadu Mines and to guide the exploration team through the next phase of exploration on one of the most advanced porphyry copper exploration projects in Asia while ensuring the appropriate focus is maintained on our exciting regional exploration program at Oyut Ulaan.”