EXPLORATION & DEVELOPMENT

Xanadu going well on two fronts in Mongolia

Successful drilling at Stockwork Hill and Red Mountain

This article is 3 years old. Images might not display.

Joint venture partner JOGMEC drilled 4m grading nearly 16% copper from 55m at Red Mountain's Stairy prospect (within a broader interval of 16m at 4.1% copper), while at Xanadu's Stockwork Hill deposit - part of the mainstay Kharmagtai exploration project - drilling hit 92m grading 1% copper and 3.2 grams per tonne gold from 686m.

The latter was a scissor hole outside the Stockwork Hill resource and as such, affirmed resource growth potential.

Further drilling is underway.

Meanwhile, results at Red Mountain are said to have reinforced the potential for shallow, high-grade mineralisation, "which may provide options for early development ahead of potential larger porphyry deposits at depth".

Xanadu said the full extent of the Stairy prospect is still unknown with surface mapping indicating the prospective area of mineralisation is 1.5km long and 1km wide.

Several other similar targets are said to exist in the Red Mountain project area, with JOGMEC earning a 51% stake by spending US$7.2 million over the next four years.

Red Mountain was last drilled by Ivanhoe early this century.

Shares in Xanadu were down 11% to A6.6c, capitalising the company at $72 million.

The selling came after the stock was strongly bought earlier this week.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.