I received an email spruking a Mining News email newsletter, with the following:
"MiningNews
Mining Briefs:
The latest from the most important industry events from around the world.
November 16, 2017
Xanadu to double rig fleet
FLUSHED with success of its drilling, both in the core of its Kharmagtai project and bedrock drilling from a crop of early-stage targets across its district, Xanadu Mines is about to more than double its rigs in the field to a potential eight under a revitalised exploration strategy."
That is a lot of drills holes planned assuming the news is correct. No doubt having set up the camp to be able to drill over winter has put Xanadu in a strong position when it comes to renting rigs.
By comparison, Oyu Tolgoi had 13 rigs working by 2003 at which time the project had reached nearly 2 billion tonnes of inferred resources, but a lot of their holes had to be drilled to 1,000 m to start intercepting ore grade mineralisation. Can we look forward to tonnage of this order of magnitude within the next 6 months?
XAM Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)