11:44 AM EDT, 08/22/2024 (MT Newswires) -- Xanadu Mines ( XANAF ) late on Wednesday reported an increase in the mineral resource estimate for its flagship copper-gold project at Kharmagtai in Mongolia.

According to a statement, the updated estimate increases contained copper metal by 14%, or 463,000 tonnes of copper, and contained gold by 9%, or 764,000 ounces of gold.

In total, the resource increased from 3.4 million tonnes to 3.8 million tonnes of copper and from 8.5 million ounces to 9.3 million ounces of gold.

The increases were largely driven by updates in the resource reporting criteria and a re-estimation of the underlying models to include 7,300 meters of new drilling at White Hill and Golden Eagle.

"This update reflects and is consistent with the final model informing the Kharmagtai PFS, which is on track for delivery in the current quarter," executive chair Colin Moorhead said in a release.

"It is also very pleasing to see underlying resource growth driven by the recent discovery of a zone of higher-grade copper and gold mineralisation at the White Hill, which clearly remains open at depth and supports our exploration model targeting potential underground opportunities beyond the scope of the (pre-feasibility study)."

Xanadu's shares were last seen up $0.005 to $0.055 on the Toronto Stock Exchange.