Xanadu Mines Ltd (ASX:XAM) directors Andrew Stewart and Darryl Clark have demonstrated their confidence in the company’s Mongolian copper-gold strategy by purchasing shares on-market.
Managing director and CEO Stewart has acquired 137,000 shares worth more than $19,860 and now holds more than 4.292 million shares.
Independent non-executive director Clark has purchased 200,000 shares for a total value of $25,000 and now holds more than 1.921 million shares.
Xanadu controls one of the most promising porphyry copper-gold projects in Asia with the Kharmagtai Copper-Gold Project in Mongolia’s South Gobi region.
It also has an expanding portfolio of exploration projects including Red Mountain in the south and Yellow Mountain in the north.
Kharmagtai is the flagship asset which hosts a JORC-compliant resource of 203.4 million tonnes grading 0.34% copper and 0.33 g/t gold for 1.5 million pounds of copper and 2.2 million ounces of gold.
READ: Xanadu Mines commences drilling to boost project economics
Xanadu has recently started infill and resource definition drilling designed to increase the resource estimate in order to support project development.
The updated resource will be used to complete a preliminary economic assessment (PEA), expected to be released early in the December quarter.