市场见解

Why the Xanadu Mines (ASX:XAM) share price is rocketing 36% today

The Xanadu Mines (ASX:XAM) share price is rocketing following the company’s release of promising gold drilling results. Here’s the lowdown.
The post Why the Xanadu Mines (ASX:XAM) share price is rocketing 36% today appeared first on The Motley Fool Australia. –

miniature rocket breaking out of golden egg representing rocketing share price

Xanadu Mines Ltd (ASX: XAM) shares are surging today after the company released an update to the market this morning. The update was regarding the results of Xanadu’s diamond drilling program in Stock Worth Hill at its Kharmagtai porphyry copper and gold project in Mongolia.

At the time of writing, the Xanadu share price has rocketed 36.36% to 4.5 cents.

What did Xanadu Mines report?

The Xanadu share price is on a tear today after the company reported a diamond drill test hole had intersected “a broad zone of high-grade bornite mineralisation” south of its Stockwork Hill resource. The results increase the high grade bornite zone beyond the defined resources.

The intersection included promising results for both copper (Cu) and gold (AU):

  • 175m @ 0.84% Cu and 1.83g/t Au (1.78% eCu) from 615m and
  • 61m @ 1.43% Cu and 3.76g/t Au (3.36% eCu) from 651m

Highlighting the potential the company sees in Kharmagtai, it said the mineralisation is similar to what was seen at the high-grade Hugo Dummett deposit within the giant Oyu Tolgoi mine.

Commenting on the drill results, Xanadu’s CEO, Andrew Stewart, said:

This is the first time we have seen this density of bornite mineralisation at Kharmagtai. This hole provides a snapshot of what the lower zones of mineralisation at Kharmagtai could look like with increasing gold to copper ratios.

The tenor of gold within the bornite is impressive, containing two to four grams of gold for every percent copper. This hole materially expands the width of the high-grade bornite zone and will help guide drilling for additional high-grade extensions.

Xanadu is currently in the process of arranging follow-up drilling to further test the new target. It will update the market on the planned Phase 2 drilling in subsequent releases. The company also stated it would provide a mineral resource estimate update in March.

Xanadu Mines share price snapshot

Having surged more than 36% today, the Xanadu Mines share price is currently up 50% over the past 12 months. By comparison the All Ordinaries Index (ASX: XAO) is down 1% since this time last year.

Based on today’s share price, the company has a market capitalisation of around $35 million.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Xanadu Mines (ASX:XAM) share price is rocketing 36% today appeared first on The Motley Fool Australia.

随时随地,交易世界!

移动APP平台,拥有 12 个市场的 50,000 多种全球上市证券(全球市值超过 70%),直接在您的 Android 或 iOS 设备上即可操作。

与独有的交易理念和投资分析工具相结合,帮助您在我们 12 个全球市场中的几乎所有金融工具上找到可操作的见解,从而帮助您优化交易策略。

推荐给您的朋友

向您的朋友推荐Monex并赠予他们免费使用我们交易工具的机会

我们尊重您的隐私,只会向您的朋友发送一封邮件 

与您的朋友分享

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!