Mr.
Colin Moorhead reports
KHARMAGTAI DRILLING HIGHLIGHTS CONTINUED GROWTH POTENTIAL
Xanadu Mines Ltd. has provided an update on exploration drilling at the Kharmagtai project in Mongolia, being developed with the company's joint venture partner, Zijin Mining Group Co. Ltd. Exploration drilling continues to expand upon the new zone of higher-grade copper and gold mineralization at the White Hill deposit, demonstrating progressive growth in higher-grade material at the base of the previously optimized open pits.
Highlights
-
Latest extensional and exploration drilling results expand upon the recently identified higher-grade zone (core) at White Hill1, located below the previous Scoping Study pit designs2 and outside the 2023 Mineral Resource Estimate (MRE) 3. Best drilling results include:
-
KHDDH808 - 64.45m @ 0.74% CuEq (0.61% Cu & 0.26/t Au) from 516,
-Including 24.45m @ 1.41% CuEq (1.14% Cu & 0.53g/t Au) from 634m
-Including 13.8m @ 1.99% CuEq (1.64% Cu & 0.70g/t Au) from 558m
- KHDDH806 - 50m @ 0.73% CuEq (0.25% Cu & 0.94g/t Au) from 545m
-Including 22m @ 1.34% CuEq (0.26% Cu & 2.10g/t Au) from 549
-
Expanding higher-grade core (>1% CuEq) at White Hill is expected to enhance & enlarge the 2023 MRE and to increase scale & deepen 2022 Scoping Study2 pit shells, capturing additional higher-grade over longer period.
-
Step-out drilling at Golden Eagle returns grades more than double the MRE grade and extends mineralisation. Best results include:
-
KHDDH805 - 153.4m @ 0.68g/t AuEq (0.43g/t Au and 0.13% Cu) from 41.6m
-Including 67m @ 0.97g/t AuEq (0.67g/t Au and 0.15% Cu) from 44m
-Including 8m @ 1.7g/t AuEq (1.34g/t Au and 0.18% Cu) from 54m
And 14m @ 1.22g/t AuEq (0.81g/t Au and 0.21% Cu) from 77m
-
Deep drilling hole KHDDH779 encounters two broad zones of porphyry and tourmaline breccia style mineralisation between Stockwork Hill and Zaraa, potentially indicating the edges of a very large-scale Cu-Au System.
- Growth-focused discovery exploration drilling at Kharmagtai continues to discover new, shallow mineralisation with potential to enhance open pit mining and deep mineralisation with potential for future underground mining.
- Further assays from deep exploration drilling are pending; we look forward to sharing over the coming months.
- Kharmagtai JV is funding US$35M4 for both PFS completion and discovery exploration, aiming towards decision to mine in Q4 CY2024.
1 ASX/TSX Announcement 7 June 2023 - New Higher-Grade Zones Found in Kharmagtai Infill Drilling
2 ASX/TSX Announcement 6 April 2022 - Scoping Study - Kharmagtai Copper-Gold Project
3 ASX/TSX Announcement 8 December 2023 - Kharmagtai Mineral Resource Grows by 13% CuEq; including >25% increase in higher-grade core
Xanadu's Executive Chairman and Managing Director, Mr Colin Moorhead, said
"Latest drilling results provide more evidence for continued growth and improvement at the Kharmagtai deposit. Importantly, we are expanding the +1% CuEq zone at White Hill and expending higher-grade mineralisation closer to surface. Our current geological interpretation suggests that mineralisation is faulted upwards, towards surface as we expand the deposit southwards.
"Bulking up the White Hill higher-grade core will improve the new open pit designs and yield additional copper within range of open pit mining."
4 ASX/TSX Announcement 13 March 2023 - Zijin & Xanadu Transaction Completed & Kharmagtai PFS Underway
5 ASX/TSX Announcement 16 November 2023 - Kharmagtai Drilling Achievements Update
Since the last Drilling Market Release (included in 2023 MRE Update), a total of 5,307m infill diamond drilling has been completed at Golden Eagle and Zephyr, and 9,320m extensional and exploration drilling, with both drill core collars and assay results for each, provided in Tables 1 and 2 (see Appendix 1).
Step-out Drilling Expands Higher-Grade Core at White Hill
Three drill holes were collared at White Hill, and designed to extend the recently discovered higher-grade core, beneath the 2022 Scoping Study open pits.
Drill hole KHDDH808 was designed as a 150 to 200m step back from previous drilling (Figure 2). KHDDH808 intercepted a moderate grade halo (+0.3% CuEq) over 350m shallower than expected, and encountered two zones of higher-grade (+1% CuEq) mineralisation.
Hole ID Interval (m) Cu (%) Au (g/t) CuEq (%) From (m)
KHDDH808 64.45 0.61 0.26 0.74 516
including 24.45 1.14 0.53 1.41 634
including 13.8 1.64 0.70 1.99 558
Drill hole KHDDH806 was designed to test for higher-grade extensions beneath eastern end of the White Hill open pit (Figure 3). KHDDH806 extended moderate grade mineralisation for 150m beneath deepest portion of the previously planned pit, encountering a narrow zone of higher-grade mineral at the expected depth.
Hole ID Interval (m) Cu (%) Au (g/t) CuEq (%) From (m)
KHDDH806 287.4 0.18 0.07 0.21 156
and 50 0.25 0.94 0.73 545
including 22 0.26 2.10 1.34 549
Drill hole KHDDH807 was designed as a 150m step back from previous drilling (Figure 4) and intercepted low to moderate grade halo (+0.2% CuEq) over 270m shallower than expected. KHDDH807 returned very broad intercept of 559.7m @ 0.27% CuEq from 435m, including 222m @ 0.36% CuEq from 761m.
Infill Drilling Expands Higher-Grade Gold at Golden Eagle
Five drill holes were collared at Golden Eagle and designed to extend the new higher-grade gold zone (+1g/t Au) at Golden Eagle6.
Drill hole KHDDH805 was designed to join two lobes of higher grade. KHDDH805 intercepted broad zone of moderate grade gold with a higher-grade zone at the expected interval (Figure 5). Importantly, the grades encountered were
more than double those defined in the new 2023 Mineral Resource.
Hole ID Interval (m) Au (g/t) Cu (%) AuEq (g/t) From (m)
KHDDH805 153.4 0.43 0.13 0.68 41.6
including 67 0.67 0.15 0.97 44
including 8 1.34 0.18 1.7 54
and 14 0.81 0.21 1.22 77
6 ASX/TSX Announcement - New Gold Zone Discovered at the Golden Eagle
Drill hole KHDDH801 was designed to extend the higher-grade zone and has returned a broad zone of moderate grade gold with a higher-grade zone at the expected interval (Figure 6).
Hole ID Interval (m) Au (g/t) Cu (%) AuEq (g/t) From (m)
KHDDH801 83.4 0.59 0.11 0.8 36.6
including 29 1.14 0.14 1.42 57
including 14 1.9 0.14 2.18 60
Deep Exploration Drilling Encounters Broad Mineralised Zone
A single deep diamond drill hole was collared between Zaraa and Stockwork Hill, designed to test for a large-scale porphyry deposit. KHDDH779 encountered two broad zones of porphyry and tourmaline breccia style mineralisation between Stockwork Hill and Zaraa (Figure 7). This hole appears to have encountered the edges of a very large-scale Cu-Au System. Additional work is being planned once full interpretations are completed and the BoxScan dataset (vein densities, SWIR, sulphide distribution etc) are incorporated into the broader exploration model.
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 jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. Xanadu is the Operator of a 50-50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project.
Appendix 1:
Drilling Results
Note that true widths will generally be narrower than those reported. See disclosure in JORC explanatory statement attached.
Table 2: Significant drill results
Hole ID Prospect From (m) To (m) Interval (m) Au (g/t) Cu (%) CuEq (%) AuEq (g/t)
KHDDH684 Golden Eagle 49 248 199 0.15 0.09 0.17 0.34
including 186 220 34 0.33 0.17 0.34 0.67
and 282.5 341 58.5 0.09 0.16 0.20 0.39
KHDDH685 Golden Eagle 34 325 291 0.22 0.14 0.25 0.49
including 70 74 4 1.26 0.14 0.78 1.53
including 124 133.6 9.6 0.18 0.16 0.25 0.50
including 144.95 240 95.05 0.35 0.16 0.34 0.66
KHDDH700 Golden Eagle 43.5 196 152.5 0.22 0.09 0.20 0.39
including 96 106 10 0.35 0.14 0.32 0.63
including 168 182 14 0.59 0.15 0.46 0.89
including 172 176 4 1.10 0.24 0.80 1.56
KHDDH701 Golden Eagle 40.25 123 82.75 0.16 0.09 0.18 0.34
including 42 46 4 0.46 0.16 0.39 0.76
KHDDH703 Zephyr 14.75 18.8 4.05 0.33 0.00 0.17 0.34
KHDDH704 Zephyr No significant intercepts
KHDDH705 Zephyr 14 42 28 0.28 0.03 0.18 0.35
and 58 64 6 0.40 0.05 0.25 0.50
and 78 86 8 0.11 0.02 0.08 0.15
KHDDH706 Zephyr No significant intercepts
KHDDH707 Zephyr 23.9 74 50.1 0.19 0.04 0.14 0.27
including 48 64 16 0.47 0.04 0.28 0.55
KHDDH708 Zephyr 40.3 157 116.7 0.18 0.09 0.18 0.35
including 52 58 6 0.49 0.09 0.34 0.66
and 171 187.1 16.1 0.26 0.04 0.17 0.33
and 223 227.2 4.2 0.50 0.03 0.29 0.56
KHDDH709 Zephyr 16 20 4 0.22 0.00 0.12 0.23
and 51 58 7 0.20 0.03 0.14 0.27
KHDDH710 Zephyr No significant intercepts
KHDDH711 Zephyr 32 100 68 0.09 0.10 0.15 0.29
KHDDH712 Zephyr 19 28 9 0.14 0.02 0.09 0.17
and 41.9 57.6 15.7 0.42 0.02 0.24 0.46
and 121 132 11 0.05 0.05 0.07 0.14
KHDDH713 Zephyr 18.5 56 37.5 0.25 0.08 0.20 0.40
including 40 48 8 0.74 0.16 0.54 1.06
and 76 107.2 31.2 0.14 0.06 0.13 0.26
and 129 140.7 11.7 0.14 0.06 0.13 0.26
and 152 189.4 37.4 0.17 0.07 0.15 0.30
KHDDH714 Zephyr 30 38 8 0.19 0.02 0.12 0.23
and 48 52 4 0.31 0.03 0.18 0.35
and 113 121 8 0.27 0.01 0.15 0.29
and 135 142 7 0.22 0.01 0.12 0.24
KHDDH715 Zephyr No significant intercepts
KHDDH716 Zephyr 15.9 75 59.1 0.09 0.10 0.14 0.28
KHDDH717 Zephyr 16.2 235 218.8 0.20 0.13 0.23 0.45
including 47 73 26 0.46 0.24 0.47 0.93
including 138 144 6 0.27 0.17 0.31 0.60
including 205 223 18 0.21 0.22 0.33 0.64
KHDDH718 Zephyr 49 67 18 0.25 0.04 0.16 0.32
and 149 153 4 0.19 0.05 0.14 0.28
and 171 356 185 0.21 0.12 0.22 0.44
including 211 215 4 0.42 0.17 0.38 0.75
including 265 276 11 0.86 0.16 0.60 1.17
including 269.5 276 6.5 1.29 0.15 0.81 1.59
including 304 338 34 0.33 0.20 0.37 0.72
KHDDH719 Zephyr 45 49 4 0.19 0.04 0.14 0.27
and 91 160 69 0.13 0.07 0.13 0.26
KHDDH720 Zephyr 38 62 24 0.16 0.09 0.17 0.33
KHDDH721 Zephyr 104 120 16 0.16 0.05 0.13 0.25
and 139.5 336.9 197.4 0.13 0.16 0.23 0.45
including 166 172 6 0.10 0.30 0.35 0.68
including 193 221 28 0.15 0.26 0.34 0.66
including 273 311 38 0.19 0.21 0.31 0.60
including 327 336 9 0.24 0.17 0.29 0.57
and 347 395 48 0.11 0.14 0.19 0.38
including 369 389 20 0.11 0.21 0.27 0.52
KHDDH722 Zephyr 23.2 144 120.8 0.26 0.18 0.32 0.62
including 23.2 87 63.8 0.44 0.25 0.47 0.93
including 25 45 20 0.89 0.25 0.70 1.37
including 65 76.8 11.8 0.36 0.42 0.60 1.18
KHDDH723 Zephyr 43 246 203 0.18 0.16 0.25 0.50
including 83 103 20 0.13 0.33 0.39 0.77
including 121 129 8 0.14 0.22 0.29 0.57
including 141 149 8 0.31 0.30 0.45 0.89
including 163 189 26 0.23 0.18 0.30 0.59
including 199 219 20 0.55 0.16 0.44 0.85
including 201 211 10 0.89 0.16 0.62 1.21
including 232.7 242.3 9.6 0.23 0.09 0.20 0.40
and 268 272 4 0.10 0.07 0.12 0.24
and 312 316 4 0.16 0.05 0.13 0.25
KHDDH724 Zephyr 13.6 118.5 104.9 0.21 0.16 0.27 0.52
including 13.6 66 52.4 0.35 0.19 0.36 0.71
including 26 38 12 0.31 0.34 0.50 0.97
and 165 188 23 0.22 0.05 0.16 0.32
KHDDH725 Zephyr No significant intercepts
KHDDH731 Zephyr 59 65 6 0.22 0.03 0.14 0.28
and 89 101 12 0.22 0.03 0.14 0.27
KHDDH732 Zephyr 21.6 62 40.4 0.10 0.12 0.17 0.34
and 74 200 126 0.13 0.22 0.29 0.57
including 74 88 14 0.23 0.20 0.32 0.63
including 98 108.2 10.2 0.23 0.25 0.37 0.72
including 119.4 171 51.6 0.12 0.29 0.35 0.69
KHDDH736 Zephyr 48 54 6 0.07 0.08 0.12 0.23
and 68 264 196 0.25 0.12 0.25 0.48
including 128 163.8 35.8 0.33 0.17 0.34 0.67
including 184.2 211 26.8 1.00 0.16 0.68 1.32
including 184.2 188.9 4.7 1.23 0.37 1.00 1.96
including 200 209 9 1.77 0.17 1.07 2.10
KHDDH740 Zephyr 31.2 59 27.8 0.04 0.10 0.12 0.23
KHDDH745 Zephyr 38.8 104.9 66.1 0.10 0.21 0.26 0.51
including 60 80 20 0.13 0.27 0.33 0.65
and 171 179.2 8.2 0.16 0.06 0.15 0.29
and 242 256 14 0.25 0.03 0.16 0.31
including 242 252 10 0.32 0.03 0.20 0.38
and 270 351 81 0.14 0.09 0.17 0.33
including 270 277.3 7.3 0.53 0.07 0.34 0.66
including 293 299 6 0.22 0.21 0.32 0.62
KHDDH752 Zephyr 27.5 40 12.5 0.08 0.03 0.07 0.15
and 111.1 118 6.9 0.07 0.07 0.10 0.20
and 142 210 68 0.08 0.19 0.23 0.45
including 156 160 4 0.29 0.24 0.39 0.76
including 202 208 6 0.08 0.28 0.32 0.62
KHDDH779 Exploration 66 78 12 0.13 0.08 0.14 0.28
and 320 326 6 0.35 0.13 0.31 0.60
and 499 505 6 0.01 0.11 0.11 0.22
and 557 577 20 0.09 0.12 0.16 0.32
and 587 595 8 0.02 0.11 0.12 0.23
and 611 621 10 0.02 0.08 0.09 0.18
and 661 673 12 0.04 0.08 0.11 0.21
and 782 788 6 0.06 0.07 0.10 0.19
and 810 820 10 0.05 0.07 0.10 0.19
and 874 1118 244 0.03 0.13 0.15 0.29
including 980 984 4 0.09 0.28 0.33 0.64
including 1087 1098 11 0.05 0.19 0.22 0.42
and 1132 1430 298 0.07 0.13 0.17 0.33
including 1253.65 1263 9.35 0.06 0.23 0.26 0.51
including 1362 1367 5 1.11 0.32 0.89 1.73
and 1442 1486 44 0.06 0.08 0.11 0.22
and 1496 1517 21 0.01 0.09 0.10 0.19
and 1577 1585 8 0.16 0.15 0.23 0.44
and 1649 1658 9 0.02 0.04 0.05 0.10
and 1724 1730 6 0.03 0.15 0.17 0.33
and 1756 1831 75 0.07 0.08 0.11 0.22
and 1885 1930.8 45.8 0.05 0.10 0.13 0.25
including 1925 1930.8 5.8 0.08 0.24 0.28 0.55
and 1940 2050 110 0.08 0.18 0.22 0.44
including 1996 2014.4 18.4 0.13 0.37 0.44 0.85
including 2036 2050 14 0.16 0.22 0.30 0.59
and 2068 2078.1 10.1 0.04 0.09 0.11 0.22
KHDDH799 Exploration No significant intercepts
KHDDH800 Exploration No significant intercepts
KHDDH801 Golden Eagle 36.6 120 83.4 0.59 0.11 0.41 0.80
including 57 86 29 1.14 0.14 0.73 1.42
including 60 74 14 1.90 0.14 1.11 2.18
including 106 114.2 8.2 0.46 0.12 0.35 0.69
and 140 288.5 148.5 0.29 0.12 0.26 0.51
including 201 209 8 0.33 0.15 0.32 0.62
including 244 264 20 0.72 0.18 0.55 1.07
KHDDH802 Golden Eagle 35.5 285.5 250 0.37 0.12 0.31 0.60
including 84 180 96 0.55 0.14 0.41 0.81
including 206 212 6 0.41 0.11 0.32 0.63
including 232 252 20 0.39 0.15 0.35 0.68
KHDDH803 Golden Eagle 36.8 244 207.2 0.20 0.11 0.21 0.42
including 88 98 10 0.29 0.16 0.30 0.59
including 170 200 30 0.34 0.12 0.30 0.58
and 254 270.2 16.2 0.07 0.06 0.10 0.19
KHDDH804 Golden Eagle 38.1 88 49.9 0.40 0.10 0.30 0.59
including 38.9 58.8 19.9 0.61 0.16 0.47 0.92
and 99.25 277 177.75 0.23 0.11 0.23 0.44
including 113.8 178 64.2 0.42 0.14 0.35 0.69
including 236 244.6 8.6 0.25 0.15 0.27 0.54
KHDDH805 Golden Eagle 41.6 195 153.4 0.43 0.13 0.35 0.68
including 44 111 67 0.67 0.15 0.50 0.97
including 54 62 8 1.34 0.18 0.87 1.70
including 54 60 6 1.43 0.18 0.91 1.78
including 77 91 14 0.81 0.21 0.62 1.22
including 127 133 6 0.37 0.15 0.34 0.66
and 267 278 11 0.06 0.05 0.08 0.15
KHDDH806 White Hill 2 146 144 0.06 0.13 0.16 0.32
and 156 443.4 287.4 0.07 0.18 0.21 0.41
including 386 443.4 57.4 0.15 0.29 0.36 0.71
and 545 595 50 0.94 0.25 0.73 1.42
including 549 571 22 2.10 0.26 1.34 2.62
and 779 821 42 0.03 0.22 0.24 0.46
including 781 790 9 0.05 0.53 0.56 1.09
KHDDH807 White Hill 295 353 58 0.04 0.09 0.11 0.22
and 367 425 58 0.04 0.12 0.14 0.27
including 381 385 4 0.09 0.36 0.40 0.79
and 435 994.7 559.7 0.07 0.23 0.27 0.53
including 457 477 20 0.09 0.19 0.23 0.46
including 487 499 12 0.11 0.31 0.36 0.71
including 512 524 12 0.10 0.26 0.31 0.61
including 546 555.4 9.4 0.13 0.26 0.33 0.65
including 685 712 27 0.05 0.26 0.28 0.55
including 734 747 13 0.08 0.33 0.37 0.72
including 761 983 222 0.10 0.31 0.36 0.70
including 834 838 4 0.22 0.55 0.66 1.28
and 1004 1198 194 0.06 0.19 0.22 0.42
including 1034 1090 56 0.10 0.25 0.30 0.59
including 1180 1184 4 0.08 0.43 0.46 0.91
KHDDH808 White Hill 238 242 4 0.05 0.18 0.20 0.39
and 282.5 319 36.5 0.07 0.15 0.18 0.36
including 305 311 6 0.09 0.32 0.36 0.70
and 333 580.45 247.45 0.11 0.29 0.35 0.68
including 341 346 5 0.07 0.24 0.27 0.53
including 465 500 35 0.09 0.31 0.36 0.70
including 516 580.45 64.45 0.26 0.61 0.74 1.44
including 556 580.45 24.45 0.53 1.14 1.41 2.75
including 558 571.8 13.8 0.70 1.64 1.99 3.90
and 608 626 18 0.19 0.05 0.14 0.28
including 620 624 4 0.50 0.05 0.31 0.60
and 644 652 8 0.19 0.03 0.12 0.24
and 664 672 8 0.10 0.15 0.20 0.39
and 750 1085 335 0.08 0.25 0.30 0.58
including 751.7 891 139.3 0.12 0.38 0.44 0.86
including 786 796 10 0.13 0.54 0.61 1.19
including 812 818 6 0.27 0.85 0.99 1.94
including 918 926 8 0.08 0.26 0.30 0.59
including 958 962 4 0.08 0.29 0.33 0.65
including 980 989 9 0.22 0.22 0.33 0.64
including 1028.8 1035 6.2 0.12 0.50 0.56 1.10
and 1115 1127 12 0.03 0.12 0.14 0.27
and 1142 1172 30 0.02 0.11 0.12 0.24
and 1182 1186 4 0.02 0.13 0.14 0.27
KHDDH809 Exploration 52.8 81 28.2 0.16 0.05 0.13 0.25
and 207 246 39 0.13 0.09 0.15 0.30
including 209 220 11 0.22 0.16 0.27 0.53
and 256 265.7 9.7 0.19 0.09 0.19 0.36
And 290 295 5 0.07 0.15 0.19 0.37
and 328 342 14 0.05 0.05 0.07 0.14
Assays pending
KHDDH810 Altan Shand 276.1 310 33.9 0.25 0.10 0.23 0.46
KHDDH811 White Hill 164 168 4 0.11 0.10 0.16 0.31
and 301.63 315 13.37 0.14 0.08 0.15 0.29
and 418 422 4 1.81 0.09 1.02 1.99
KHDDH812 White Hill No significant intercepts
Competent Person Statement
The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Robert Spiers, who is responsible for the Mineral Resource estimate. Mr Spiers is a full time Principal Geologist employed by Spiers Geological Consultants (SGC) and is a Member of the Australian Institute of Geoscientists. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 and as a Competent Person under JORC Code 2012. Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this announcement that relates to exploration results is based on information compiled by Dr Andrew Stewart, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Dr Stewart, who is an employee of Xanadu and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves and the National Instrument 43-101. Dr Stewart consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Mineral Resources and Ore Reserves Reporting Requirements
The 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The Information contained in this Announcement has been presented in accordance with the JORC Code 2012.
The information in this Announcement relates to the exploration results previously reported in ASX Announcements which are available on the Xanadu website.
The Company is not aware of any new, material information or data that is not included in those market announcements.
Copper Equivalent Calculations
The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied.
Copper equivalent (CuEq) grade values were calculated using the formula: CuEq = Cu + Au * 0.60049 * 0.86667.
Where Cu - copper grade (%); Au - gold grade (g/t); 0.60049 - conversion factor (gold to copper); 0.86667 - relative recovery of gold to copper (86.67%).
The copper equivalent formula was based on the following parameters (prices are in USD): Copper price 3.4 $/lb; Gold price 1400 $/oz; Copper recovery 90%; Gold recovery 78%; Relative recovery of gold to copper = 78% / 90% = 86.67%.
We seek Safe Harbor.
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