Mandalay Resources Corporation (“Mandalay” or the “Company”) (TSX:
MND, OTCQB: MNDJF) is pleased to announce updated Mineral Resources
and Reserves estimates for its Costerfield gold-antimony mine in
Victoria, Australia and its Björkdal gold mine in Skellefteå,
Sweden as at December 31, 2020. All dollar amounts in this press
release are in U.S. dollars unless otherwise noted.
Highlights:
Costerfield
-
Proven and Probable Mineral Reserves for contained gold and
antimony increased by 25% and 22%, respectively, net of depletion
for 2020 production;
-
Extended mine life by one year to 2024, net of depletion for 2020
production;
-
Development on Youle has lifted confidence and almost doubled the
Proven Reserves;
-
Successful depth extension drilling on Youle grows Resources;
and
-
Due to significant production of high-grade ore from Youle in 2020,
Mineral Reserves now include a significant stockpile of ore.
Björkdal
- Asset maintains long
mine life until 2029; and
- Underground Mineral
Reserves for contained gold increased, net of depletion for
production in 2020.
Dominic Duffy, President and CEO of Mandalay,
commented, “Mandalay’s exploration efforts in 2020 yielded
successful outcomes at both Costerfield and Björkdal. At
Costerfield, we not only extended our mine life by increasing
Mineral Reserves for gold and antimony, we nearly doubled our
Proven Reserves in the high-grade Youle lode, which was the driving
force behind the Company’s operational turnaround and significant
cash generation in 2020.”
Mr. Duffy continued, “As at December 31, 2020,
Mandalay’s total Proven and Probable Mineral Reserves totaled
799,000 ounces of gold and 21,900 tonnes of antimony, compared to
752,000 ounces of gold and 17,800 tonnes of antimony at year-end
2019. These Mineral Reserves were added at an exploration cost of
$23.24 per gold equivalent ounce; further evidence to the cost
effectiveness and sustainability of our exploration programs.”
Mr. Duffy added, “2020 has seen significant
growth at Costerfield as we continue to develop our understanding
of, and building Resources and Reserves at, the Youle deposit. A
major effort in regional exploration has seen multiple targets
tested proximal to the Costerfield underground infrastructure,
leading to the success of the Browns prospect in which two drilling
programs are underway.”
Mr. Duffy added, “Costerfield exploration
activities in 2020, coupled with 4,798 metres of on-vein
development along Youle has provided a level of detail and
confidence sufficient to convert and lift the Proven Reserves by
102,000 ounces of high-grade ore, on top of depletion replacement.
Drilling deeper in Youle has identified two additional high-grade
gold domains which largely accounted for the increase to Probable
Resources of 34,000 tonnes net of the large conversion to Proven
Reserves. Further drilling after the data cutoff date on November
30, 2020, has shown additional high-grade depth extensions that
outline a focus for further Resources and Reserves growth at
Costerfield.”
Mr. Duffy continued, “At Björkdal, due to the
current long mine life of the operation, the exploration focus was
not on Mineral Reserves addition, but on identifying areas that
could potentially add higher-grade mine feed. This program is
proving to be successful with the identification of high-grade
intercepts within the Lake Zone deeps and Aurora deeps programs.
During 2020, there was an increase in underground Mineral Reserves
of 6,000 ounces of gold through the extensions of the Aurora and
Lake Zone areas, however, this was offset by a reduction in open
pit Resources of 8,000 ounces of gold. This was the result of pit
optimization works around the updated Mineral Resources model.”
Mr. Duffy concluded, “Moving into 2021, at
Costerfield, we will be drilling a number of Youle analogue targets
through the main Costerfield corridor alongside Mineral Reserves
growth drilling at Youle and Browns. While at Björkdal, a
significant exploration campaign is underway with the emphasis on
building gold grade and optionality in mining areas. The four major
areas of focus will be: identifying higher-grade areas within the
Lake Zone and Aurora deeps areas, testing of high-grade veining
extensions to the east, growth of Resources within skarnified
lenses and delineation and growth of Aurora.”
Table 1: Mineral Reserves as of December 31, 2020, and
December 31, 2019
|
2020 |
2019 |
Reserve Category |
Björkdal Contained Au (koz) |
Costerfield Contained Au (koz) |
Costerfield Contained Sb (kt) |
Björkdal Contained Au (koz) |
Costerfield Contained Au (koz) |
Costerfield Contained Sb (kt) |
Proven |
- |
110 |
12.8 |
- |
35 |
5.4 |
Probable |
544 |
145 |
9.0 |
548 |
169 |
12.4 |
Proven + Probable |
544 |
255 |
21.8 |
548 |
204 |
17.8 |
Notes:
- Reserves are contained at Björkdal, Costerfield properties
only.
- See tables 4 and 6 for details of Proven and Probable Reserve
tonnages and grades at Costerfield and Björkdal, including cut-off
grades and Qualified Persons.
Table 2: Mineral Resources, Inclusive of Mineral
Reserves, as of December 31, 2020, and December 31
2019
|
2020 |
2019 |
Resource Category |
Björkdal Contained Au (koz) |
Costerfield Contained Au (koz) |
Costerfield Contained Sb (kt) |
Björkdal Contained Au (koz) |
Costerfield Contained Au (koz) |
Costerfield Contained Sb (kt) |
Measured |
- |
164 |
20.6 |
- |
87 |
12.7 |
Indicated |
1,087 |
218 |
18.8 |
1,077 |
256 |
24.0 |
Measured + Indicated |
1,087 |
381 |
39.4 |
1,077 |
344 |
36.7 |
Inferred |
318 |
89 |
6.0 |
302 |
117 |
9.0 |
Notes:
- See tables 3 and 5 for details of tonnages and grades at
Costerfield and Björkdal.
- Totals may appear different from the sum of their components
due to rounding.
Details of the Mineral Resources and Reserves
estimates at each property are related below. Estimates were
prepared or verified by the following independent third parties:
SLR Consulting Ltd. (“SLR”) at Björkdal; and Mining Plus Pty Ltd.
(“MP”) at Costerfield.
The year-end 2020 estimates of Mineral Resources
and Reserves for the Costerfield and Björkdal will be fully
documented in independent Technical Reports prepared in accordance
with National Instrument 43-101 (“NI 43-101”) to be filed on
www.sedar.com and the Mandalay website www.mandalayresources.com
within 45 days of this press release.
Costerfield Mineral Resource and Mineral Reserve
Summary
Over the course of 2020 at Costerfield, Mandalay drilled a total
of 28.3 kilometres (“km”) of exploration diamond core at a cost of
$4.3 million. The breakdown of this significant drilling campaign
is as follows:
- 12.8 km to test extensions of the Youle ore body;
- 5.1 km to test other near-mine targets;
- 8.4 km to test regional targets beyond current mine operations;
and
- 2.0 km drilled in a single wedged deep hole to a downhole depth
of 1,497 m to test mineralization below the Augusta and Cuffley
zone of the Costerfield system.
In addition to drilling, 4,798 m of on-vein
development was completed within the Youle ore body with minor
on-vein development of 149 m also completed at the Brunswick
orebody. Rock chip samples used in mine grade control were also
included in the geological database and used in the Mineral
Resources estimation process to improve Mineral Resources
classification in areas accessed by development.
Drill core was logged and sampled by Costerfield
geologists, who also performed mine sampling. All samples were
submitted to Onsite Laboratory Services in Bendigo, Victoria,
Australia for sample preparation and assay. Site geological and
metallurgical personnel have implemented a QA/QC process that
includes the regular submission of site specific and externally
sourced standard reference materials, duplicates and blanks with
drill and face samples submitted for assay. Site specific standard
reference materials were both produced and certified by Geostats
Pty Ltd., an Australian consultancy who specialize in laboratory
quality control systems.
The acQuire Geoscientific Information Management
(“GIM”) system was used to store and validate all geological data
used for the Mineral Resource estimation. A two-dimensional (“2D”)
accumulation estimation method was used for all models. This method
is considered most applicable for narrow veins of Costerfield. The
Datamine™ Studio RM platform supports 2D accumulation estimation
and was used to complete the Mineral Resource Estimation. Validated
drilling and mine sampling data were imported into Datamine and
composited to true vein width. Gold accumulation, antimony
accumulation (accumulation = vein true width x vein grade) and true
vein width were estimated into a 2D block model for each lode using
ordinary kriging interpolation. Inverse distance interpolation was
used where the density of data was considered to be at a spatial
density insufficient for ordinary kriging. Estimated gold and
antimony vein grades were back-calculated from the block estimated
accumulated data and true vein width.
Where vein true widths are less than 1.2 m, vein
grades were diluted to a minimum mining width of 1.2 m using
dilution grades of zero g/t gold and zero percent antimony for host
lithologies. Where vein true widths are greater than or equal to
1.2 m grades were not diluted.
Mineral Resources were estimated at a cut-off
grade of 3.0 g/t gold equivalent (“AuEq”) which was determined
using Costerfield’s 2020 production costs, and using a gold price
of $1,700/oz, and an antimony price of $8,000/t. Cut-off grade is
expressed as AuEq to allow for the inclusion and expression of the
secondary metal (Sb) in terms of the primary metal (Au). AuEq is
calculated using the formula AuEq= Au + (Sb x 1.50) where Sb is
expressed as a percentage, and Au is in grams per tonne based on
1.2 m diluted grades.
Table 3: Mineral Resources at Costerfield, Inclusive of
Mineral Reserves as of December 31, 2020, and December 31,
2019
|
2020 |
Resource Category |
Tonnes (kt) |
Au Grade (g/t) |
Sb Grade (%) |
Cont. Au (koz) |
Cont. Sb (kt) |
Measured Underground |
344 |
14.1 |
5.7 |
156 |
19.6 |
Measured Stockpile |
16 |
14.8 |
6.1 |
8 |
1.0 |
Indicated |
798 |
8.5 |
2.4 |
218 |
18.8 |
Measured + Indicated |
1,158 |
10.2 |
3.4 |
381 |
39.3 |
Inferred |
473 |
5.8 |
1.3 |
89 |
6.0 |
|
|
|
|
|
|
|
2019 |
Resource Category |
Tonnes (kt) |
Au Grade (g/t) |
Sb Grade (%) |
Cont. Au (koz) |
Cont. Sb (kt) |
Measured |
283 |
9.6 |
4.5 |
87 |
12.7 |
Indicated |
830 |
9.6 |
2.9 |
256 |
24.0 |
Measured + Indicated |
1,113 |
9.6 |
3.3 |
344 |
36.7 |
Inferred |
533 |
6.8 |
1.7 |
117 |
9.0 |
Notes:
- Mineral Resources estimated as of
December 31, 2020 with depletion through to this date.
- Mineral Resources stated according
to CIM guidelines and include Mineral Reserves.
- Tonnes are rounded to the nearest
thousand; contained gold (oz) is rounded to the nearest thousand;
contained antimony (t) is rounded to nearest hundred.
- Totals may appear different from
the sum of their components due to rounding.
- A 3.0 g/t AuEq cut-off grade over a
minimum mining width of 1.2 m is applied where AuEq is calculated
at a gold price of $1,700/oz, and an antimony price of
$8,000/t.
- The (AuEq) is calculated using the
formula: AuEq = Au g/t + 1.50 * Sb %
- Geological modelling, sample
compositing and Mineral Resource Estimation for updated models was
performed by Joshua Greene, MAusIMM, a full-time employee of
Mandalay Resources.
- The Mineral Resource Estimate was
independently reviewed and verified by Dr Andrew Fowler MAusIMM CP
(Geo), a full time employee of Mining Plus. Dr Fowler fulfils the
requirements to be a “Qualified Person” for the purposes of NI
43-101, and is the Qualified Person under NI 43-101 for the Mineral
Resource.
The Measured and Indicated categories of Mineral
Resources were used to update the mine plan using predominantly a
long-hole stoping mining method with cemented rock fill. A cut-off
grade of 4.0 g/t AuEq was determined from Costerfield’s 2020
production costs, and minimum stoping width of 1.5 m were used,
with planned and unplanned dilution at zero grade for both Au and
Sb. AuEq grade for Mineral Reserves is calculated using commodity
prices of $1,500/oz for Au, and $7,000/t Sb). AuEq is calculated
using the formula AuEq= Au + (Sb x 1.03) where Sb is in % and Au is
in grams per tonne.
Financial viability of Proven and Probable
Mineral Reserves was demonstrated at metal prices of $1,500/oz Au
and $7,000/t Sb.
Table 4: Mineral Reserves at Costerfield as of December
31, 2020, and December 31, 2019
|
2020 |
ReservesCategory |
Tonnes (kt) |
Au Grade (g/t) |
Sb Grade (%) |
Cont. Au (koz) |
Cont. Sb (kt) |
Proven Underground |
206 |
15.3 |
5.7 |
102 |
11.8 |
Proven Stockpile |
16 |
14.8 |
6.1 |
8 |
1.0 |
Probable |
394 |
11.5 |
2.3 |
145 |
9.0 |
Proven + Probable |
616 |
12.8 |
3.5 |
255 |
21.7 |
|
|
|
|
|
|
|
2019 |
ReservesCategory |
Tonnes (kt) |
Au Grade (g/t) |
Sb Grade (%) |
Cont. Au (koz) |
Cont. Sb (kt) |
Proven |
114 |
9.5 |
4.8 |
35 |
5.4 |
Probable |
360 |
14.6 |
3.4 |
169 |
12.4 |
Proven + Probable |
474 |
13.4 |
3.8 |
204 |
17.8 |
Notes:
- Mineral Reserve estimated as of
December 31, 2020 and depleted for production through to December
31, 2020.
- Tonnes are rounded to the nearest
thousand; contained gold (oz) is rounded to the nearest thousand;
contained antimony (t) rounded to nearest hundred.
- Totals may appear different from
the sum of their components due to rounding.
- Lodes have been diluted to a
minimum mining width of 1.5 m for stoping and 1.8 m for ore
development.
- A 4.0 g/t AuEq cut-off grade is
applied.
- Commodity prices applied are gold
price of USD1,500/oz, antimony price of USD7,000/t and exchange
rate USD:AUD of 0.70.
- The (AuEq) is calculated using the
formula: AuEq = Au g/t + 1.03 * Sb %.
- The Mineral Reserve is a subset, a
Measured and Indicated only Schedule, of a Life of Mine Plan that
includes mining of Measured, Indicated and Inferred Resources.
- The Mineral Reserve Estimate was
prepared by Dylan Goldhahn, AAusIMM under the direction of Daniel
Fitzpatrick, MAusIMM, who are both full time employees of Mandalay
Resources. The Mineral Reserve estimate was independently verified
by Aaron Spong MAusIMM CP (Min) who is a full time employee of
Mining Plus. Mr Spong fulfils the requirements to be a “Qualified
Person” for the purposes of NI 43-101, and is the Qualified Person
under NI 43-101 for the Mineral Reserve.
The net increase of 51,000 ounces of gold in
Proven and Probable Reserves for 2020 relative to 2019 consists of
the addition of 107,000 ounces of gold added by Resource conversion
and additional of resources to Youle as well as mining
re-evaluation and a total of 56,000 ounces of gold depleted from
the 2019 Reserves through mining production in 2020. The 3,900
tonnes of antimony net increase in Proven and Probable Reserves
consists of 10,300 tonnes of antimony added by Resource conversion
and additional of resources to Youle as well as mining
re-evaluation and 6,400 tonnes of antimony depleted from the 2019
Reserves through mining production in 2020. The Mineral Reserves at
Youle were added at an exploration cost of $16.53 per gold
equivalent ounce.
Björkdal Mineral Resource and Mineral Reserve
Summary
Since the data cut-off date of September 30,
2020 for the year-end 2020, Björkdal completed 68 drill holes
totaling approximately 19,088 m in length. The data cut-off date at
Norrberget remains the same, September 30, 2017. In addition,
underground operations completed 5,917 m of on-vein development,
which was mapped and sampled in detail according to the grade
control protocols.
Other than the normal-course updating of the
mineralization wireframes to account for new drilling and sampling
information, the workflow and estimation parameters used to prepare
the year-end 2020 Björkdal long-term block model were largely
unchanged.
One of the changes included the addition of a
clipping surface to act as a spatial boundary for gold grades. This
surface is currently viewed as a fault surface and was created to
account for the improved understanding of its impact on the gold
distribution in the veins.
A second change included the use of reporting
panels as constraints for preparing the Mineral Resource statement
for the Aurora Zone vein. The goal of this new approach is to
arrive at a more accurate statement of the tonnage and grade for
Aurora that considers the spatial continuity of the above-cut-off
grade material as well as the below-cut-off grade material that is
present as internal dilution.
Table 5: Mineral Resources at Björkdal, Inclusive of
Mineral Reserves, as of December 31, 2020, and December 31,
2019
|
2020 |
Category |
Tonnage (kt) |
Au Grade (g/t) |
Contained Au (koz) |
Indicated Resources |
Underground |
11,482 |
2.32 |
858 |
Open Pit |
2,383 |
2.10 |
161 |
Norrberget Open Pit |
144 |
3.29 |
15 |
Stockpile |
2,551 |
0.64 |
53 |
Total Indicated |
16,560 |
2.04 |
1,087 |
|
Inferred Resources |
Underground |
2,322 |
2.06 |
154 |
Open Pit |
3,515 |
1.44 |
163 |
Norrberget Open Pit |
3 |
4.03 |
0.5 |
Total Inferred |
5,840 |
1.69 |
318 |
|
|
|
|
|
2019 |
Category |
Tonnage (kt) |
Au Grade (g/t) |
Contained Au (koz) |
Indicated Resources |
Underground |
9,656 |
2.58 |
799 |
Open Pit |
3,114 |
2.08 |
208 |
Norrberget Open Pit |
144 |
3.29 |
15 |
Stockpile |
2,644 |
0.64 |
54 |
Total Indicated |
15,558 |
2.15 |
1,077 |
|
Inferred Resources |
Underground |
2,143 |
2.36 |
163 |
Open Pit |
3,338 |
1.30 |
139 |
Norrberget Open Pit |
3 |
4.03 |
0.5 |
Total Inferred |
5,483 |
1.71 |
302 |
Notes:
- Björkdal Mineral Resources are
estimated using drill hole and sample data as of September 30, 2020
and depleted for production through December 31st, 2020. Norrberget
Mineral Resources are based on a data cut-off date of September
30th, 2017.
- CIM definitions (2014) were
followed for Mineral Resources.
- Mineral Resources are inclusive of
Mineral Reserves.
- Mineral Resources are estimated
using an average gold price of $1,700/oz. and an exchange rate of
9.0 SEK/US$.
- Bulk density is 2.74 t/m3 for veins
and host rock. Bulk density is 2.92 t/m3 for skarn ore bodies.
- High gold assays were capped to 30
g/t Au for the open pit mine.
- High gold assays for the
underground mine were capped at 60 g/t Au for the first search pass
and 40 g/t Au for subsequent passes.
- High gold assays at Norrberget were
capped at 24 g/t Au.
- Interpolation was by inverse
distance cubed utilizing diamond drill, reverse circulation, and
chip channel samples.
- Björkdal open pit Mineral Resources
are estimated at a cut-off grade of 0.28 g/t Au and constrained by
a resource pit shell.
- Norrberget open pit Mineral
Resources are estimated at a cut-off grade of 0.35 g/t Au and
constrained by a resource pit shell.
- Underground Mineral Resources are
estimated at a block cut-off grade of 0.77 g/t Au for all veins
except the Aurora vein. The Mineral Resources for the Aurora vein
were constrained by reporting panels.
- A nominal two meter minimum mining
width was used to interpret veins.
- Reported Mineral Resources are
depleted for previously mined underground development and
stopes.
- Stockpile Mineral Resources are
estimated at a cut-off grade of 0.32 g/t Au and are based upon
surveyed volumes supplemented by production data.
- Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
- Numbers may not sum due to
rounding.
- The Independent Qualified Person
for the Björkdal and Norrberget Mineral Resource estimate is Reno
Pressacco, P.Geo., Principal Geologist with SLR, who is a Qualified
Person as defined by NI 43-101.
Other than the normal-course updating of the
underground long term wireframes, and the re-optimization of the
open pits to account for the updated long-term resource model, the
workflow and modifying factors used to prepare the year-end 2020
Björkdal Mineral Reserves were largely unchanged from those used
during the previous year.
The reporting cut-off grades for the Mineral
Resources and Mineral Reserves statement were slightly modified to
reflect the higher gold prices used to prepare the estimate.
Updated operational costs and input parameters based upon 2020
actual figures, and the 2021 budget, were used in the Mineral
Reserves estimation process.
Financial viability of Probable Mineral Reserves
was demonstrated at a $1,500/oz Au price.
Table 6: Mineral Reserves at Björkdal,
as of December 31, 2020 and December 31, 2019
|
2020 |
Category |
Tonnage (kt) |
Au Grade (g/t) |
Contained Au (koz) |
Probable |
Underground |
5,623 |
2.05 |
371 |
Open Pit |
3,157 |
1.05 |
106 |
Norrberget Open Pit |
162 |
2.8 |
15 |
Stockpile |
2,551 |
0.64 |
53 |
Total Probable |
11,493 |
1.47 |
544 |
|
|
|
|
|
2019 |
Category |
Tonnage (kt) |
Au Grade (g/t) |
Contained Au (koz) |
Probable |
Underground |
5,410 |
2.1 |
365 |
Open Pit |
2,875 |
1.23 |
114 |
Norrberget Open Pit |
162 |
2.8 |
15 |
Stockpile |
2,644 |
0.64 |
54 |
Total Probable |
11,090 |
1.54 |
548 |
Notes:
- Björkdal Mineral Reserves are estimated using drill hole and
sample data as of September 30, 2020 and depleted for production
through December 31st, 2020.
- Norrberget Mineral Reserves are based on a data cut-off date of
September 30th, 2017.
- CIM definitions (2014) were followed for Mineral Reserves.
- Open Pit Mineral Reserves are based on mine designs carried out
on an updated resource model, applying a block dilution of 100% at
0.0 g/t Au for blocks above 1.0 g/t and 100% at in-situ grade for
blocks below 1.0 g/t, but above a cut-off grade of 0.32 g/t Au. The
application of these block dilution factors is based on historical
reconciliation data. A marginal cut-off grade of 0.32 g/t Au was
applied to estimate open pit Mineral Reserves.
- Underground Mineral Reserves are based on mine designs carried
out on an updated resource model. Minimum mining widths of 3.85 m
for stopes (after dilution) and 4.35 m for development (after
dilution) were used. Stope dilution was applied by adding 0.5 m on
each side of stopes as well as an additional 10% over break
dilution. Further dilution, ranging from 5% to 50%, was added on a
stope-by-stope basis depending on their proximity to other stopes.
An overall dilution factor of 25% was added to development designs.
Mining extraction was assessed at 95% for contained ounces within
stopes and 100% for development. A cut-off grade of 0.87 g/t Au was
applied to material mined within stopes. An incremental cut-off
grade of 0.32 g/t Au was used for development material.
- Stockpile Mineral Reserves are estimated at a cut-off grade of
0.32 g/t Au and are based upon surveyed volumes supplemented by
production data.
- Mineral Reserves are estimated using an average long-term gold
price of US$1,500/oz, and an exchange rate of 9.0 SEK/US$.
- Tonnes and contained gold are rounded to the nearest
thousand.
- Totals may not sum due to rounding.
- The Independent Qualified Person for the Björkdal Mineral
Reserve estimate is Rick Taylor, MAusIMM (CP), Principal Mining
Engineer with SLR, who is a Qualified Person as defined by NI
43-101.
The net decrease of 4,000 ounces of gold in
Probable Reserves for 2021 relative to 2020 included mining
depletion of 52,800 ounces of gold during 2020. Therefore, a total
of 48,800 ounces of gold were added to reserves for the 2020
exploration expenditures of $2.2 million. The exploration cost of
adding those Mineral Reserves was $44.88 per ounce of gold.
Qualified Persons:
All Qualified Persons listed below have read and
approved the contents of this news release as it pertains to the
Mineral Resource and Mineral Reserve estimates disclosed in this
news release.
For Costerfield: The Mineral Resource Estimate
was carried out under the supervision of Andrew Fowler, MAusIMM
CP(Geo), an employee of Mining Plus and independent of Mandalay
Resources Corporation. He is a Qualified Person for the purpose of
National Instrument 43-101. The Mineral Reserve Estimate was
carried out under the supervision of Aaron Spong, MAusIMM CP (Min),
an employee of Mining Plus and independent of Mandalay Resources
Corporation. He is a Qualified Person for the purposes of NI
43-101.
For Björkdal: The Mineral Resource Estimates for
Björkdal and Norrberget were carried out under the supervision of
Reno Pressacco, P.Geo., Principal Geologist, and an employee of SLR
and independent of Mandalay Resources Corporation. He is a
Qualified Person for the purpose of National Instrument 43-101. The
Mineral Reserve Estimate was carried out under the supervision of
Rick Taylor, MAusIMM CP (Min), Principal Mining Engineer, and an
employee of SLR and independent of Mandalay Resources Corporation.
He is a Qualified Person for the purposes of National Instrument
43-101.
For Further Information:
Dominic DuffyPresident and Chief Executive Officer
Edison NguyenManager, Analytics and Investor Relations
Contact: 647.260.1566
About Mandalay Resources
Corporation:
Mandalay Resources is a Canadian-based natural
resource company with producing assets in Australia and Sweden, and
care and maintenance and development projects in Chile. The Company
is focused on growing production at its gold and antimony operation
in Australia, and gold production from its operation in Sweden to
continue being a significant cash flow generating Company.
Forward-Looking Statements:
This news release contains “forward-looking
statements” within the meaning of applicable securities laws.
Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may
differ materially from those contemplated by these statements
depending on, among other things, changes in commodity prices and
general market and economic conditions. The factors identified
above are not intended to represent a complete list of the factors
that could affect Mandalay. A description of additional risks that
could result in actual results and developments differing from
those contemplated by forward-looking statements in this news
release can be found under the heading “Risk Factors” in Mandalay’s
annual information form dated March 31, 2020, a copy of which is
available under Mandalay’s profile at www.sedar.com. In addition,
there can be no assurance that any inferred resources that are
discovered as a result of additional drilling will ever be upgraded
to proven or probable reserves. Although Mandalay has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
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