Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:
MND, OTCQB: MNDJF) is pleased to report continuing positive results
from the exploration programs at its Costerfield operation in
Victoria, Australia, and at its Björkdal operation in Skellefteå,
Sweden. This press release discloses diamond drilling results
completed since the Company’s previous exploration release on
September 30, 2019. Figures illustrating the results can be found
at the end of this press release.
Highlights
Costerfield
- New close spaced drilling has
increased confidence in the upper section of the Youle vein, where
mining is underway;
- Step out drilling on the Youle vein
and at the historic Costerfield mine to the north has discovered
mineralized extensions (see Figures 1 to 6 and Tables 1 to 3
below); and
- The first parent and wedge daughter
holes on the Costerfield Deeps target have been completed beneath
the Youle orebody. Structural knowledge and multielement
geochemistry from these holes have been used to target a second
parent hole testing the Deeps target under the August Deposits.
Drilling of the second program will commence later in 2020.
Björkdal
- Extensional drilling at the Aurora
zone continues to enlarge the structurally controlled, high-grade
mineralization, which trends at depth towards the east (see Figures
7 to 10 and Tables 4 to 7 below);
- Drilling of high-grade targets,
including skarn mineralization near underground infrastructure,
have improved mine planning to deliver sustainable high head grades
from the mine; and
- Target testing holes have confirmed
the continuation of mineralization in new veins up to 500 metres
(“m”) northward from the presently defined Aurora zone.
Dominic Duffy, President and Chief Executive
Officer of Mandalay, commented, “We are pleased to report continued
exploration success at both of our sites. The most recent drilling
results at Costerfield and Björkdal confirm the significant upside
potential value of our operations.”
Mr. Duffy added, “At Costerfield, optimization
drilling within the upper part of the Youle vein has confirmed the
high-grade resources previously published for the vein and filled
in previous wide-spaced intercepts along a strike of 450 m. These
results will support improved planning and execution of mining
operations and longer life of the Youle vein.”
Mr. Duffy continued, “We have now concluded the
daughter hole wedged off the first Costerfield Deeps hole CD001.
The results have advanced our geological understanding of this
highly prospective area. This has provided the information for
planning the second deep parent and daughter holes to target under
the Augusta system, which will be drilled in 2020.”
Mr. Duffy concluded, “At Björkdal, drilling to
extend orebodies currently being mined has allowed us to bring
higher head grade into the mine plan. Both the Aurora zone and
skarn mineralization have been significantly extended. Meanwhile,
target testing as much as 500 m north of the Aurora zone has
intersected new gold bearing veins.”
Mandalay Drilling Programs
Costerfield Drilling Programs
Mandalay continues the three exploration programs at Costerfield
that were commenced in May 2019.
Youle Optimization Drilling
Since the Company’s last exploration press
release on September 30, 2019, Mandalay has continued to develop
and optimize extraction of the high-grade Youle vein. The resulting
geological interpretation and assay results are expected to enlarge
the upper portion of the Youle deposit in which mining is currently
underway. Furthermore, this drilling has identified a series of
sheeted stibnite veins extending up to 10 m into the west wall of
the main lode within the upper sections of the mine. Due to the
angle of earlier surface drilling, the extent of this veining was
not realized until underground drilling occurred.
Five active headings are presently being mined
within the upper 40 m of the Youle vein.
Recent results (Tables 1 and 2) from the
optimization drilling has identified significant zones of
mineralization; coarse, nugget gold occurs in many of the samples.
For example, hole KD583 contains a visible gold (“Au”) and stibnite
within a quartz matrix (Figure 1). This intercept returned grades
of 4,000 g/t Au and 1.5 % antimony (“Sb”) over a width of 0.04 m.
Other results include KD603 in which 303.0 g/t Au and 52.1% Sb
occur over a width of 0.37 m.
Table 1: Youle Optimization Drilling
Highlights
Hole ID |
True Width (m) |
Au Grade (g/t) |
Sb Grade (%) |
AuEq (g/t) overmin. 1.8m mining width |
KD583 |
2.12 |
85.3 |
6.5 |
96.3 |
KD596 |
1.18 |
159.2 |
38.3 |
146.8 |
KD602 |
0.43 |
167.0 |
47.2 |
59.3 |
KD603 |
0.37 |
303.0 |
52.1 |
79.8 |
Figure 1: Youle intercept within KD583
displaying gold and stibnite within a matrix of
quartzhttps://www.globenewswire.com/NewsRoom/AttachmentNg/21be06be-ae7e-47c7-b29d-172eeeeccdba
Table 2: Youle Optimization Drilling
Results (September 2019 – December 2019)
Hole ID |
HoleCompletionDate |
TotalholeDepth |
InterceptEasting(MineGrid) |
InterceptNorthing(MineGrid) |
InterceptElevation(MineGrid) |
DrilledWidth(m) |
TrueWidth(m) |
AuGrade(g/t) |
SbGrade(%) |
AuEq(g/t) overmin. 1.8mminingwidth |
SampledStructure |
KD529 |
26/07/2019 |
82.8 |
15414 |
6771 |
966 |
2.58 |
2.42 |
0.8 |
2.5 |
5.0 |
Youle + Splays |
Including |
|
|
|
|
|
0.21 |
0.20 |
50.0 |
48.3 |
14.4 |
Youle |
KD530 |
28/07/2019 |
81.0 |
15414 |
6742 |
978 |
0.15 |
0.13 |
2.7 |
6.3 |
1.0 |
Youle |
KD552 |
6/09/2019 |
49.8 |
15400 |
6768 |
957 |
0.27 |
0.17 |
128.0 |
56.6 |
21.3 |
Youle |
KD553 |
9/09/2019 |
44.3 |
15415 |
6771 |
974 |
0.10 |
1.81 |
2.1 |
2.0 |
5.5 |
Youle |
KD554 |
18/09/2019 |
39.4 |
15394 |
6764 |
948 |
0.27 |
0.24 |
38.9 |
35.1 |
13.4 |
Youle |
KD555 |
3/10/2019 |
35.2 |
15389 |
6781 |
941 |
0.41 |
0.35 |
0.2 |
0.3 |
0.1 |
Youle |
KD556 |
26/09/2019 |
70.0 |
15413 |
6792 |
957 |
0.29 |
0.25 |
24.8 |
17.1 |
7.5 |
Youle |
KD557 |
23/09/2019 |
82.0 |
15417 |
6799 |
969 |
0.43 |
0.33 |
6.2 |
3.8 |
2.3 |
Youle |
KD558 |
1/10/2019 |
59.0 |
15411 |
6804 |
967 |
|
0.08 |
35.6 |
19.7 |
3.0 |
Youle |
KD559 |
20/11/2019 |
33.0 |
15394 |
6804 |
949 |
2.16 |
1.61 |
4.8 |
4.9 |
11.8 |
Youle |
KD560 |
3/10/2019 |
75.0 |
15397 |
6726 |
961 |
0.17 |
0.13 |
25.6 |
0.2 |
1.9 |
Youle |
KD561 |
14/10/2019 |
50.0 |
15390 |
6731 |
955 |
0.95 |
0.82 |
5.3 |
4.2 |
5.7 |
Youle |
KD562 |
15/10/2019 |
39.3 |
15388 |
6733 |
947 |
0.42 |
0.38 |
33.6 |
22.5 |
15.0 |
Youle |
KD563 |
17/10/2019 |
40.0 |
15393 |
6748 |
949 |
0.85 |
0.82 |
3.5 |
4.7 |
5.2 |
Youle |
KD571 |
5/11/2019 |
125.0 |
15371 |
6682 |
960 |
0.23 |
0.15 |
9.0 |
3.5 |
1.3 |
Youle |
KD572 |
1/11/2019 |
105.2 |
15373 |
6683 |
949 |
0.76 |
0.65 |
0.1 |
0.9 |
0.6 |
Youle |
KD573 |
27/12/2019 |
85.7 |
15352 |
6679 |
936 |
0.21 |
0.20 |
0.7 |
5.4 |
1.1 |
Youle |
KD574 |
22/10/2019 |
70.0 |
15440 |
6757 |
985 |
6.75 |
5.53 |
1.4 |
1.1 |
3.3 |
Youle + Splays |
Including |
|
|
|
|
|
0.13 |
0.10 |
47.2 |
25.2 |
4.9 |
Youle |
KD576 |
23/10/2019 |
90.5 |
15420 |
6789 |
984 |
0.16 |
0.10 |
20.1 |
10.4 |
2.1 |
Youle |
KD576 |
23/10/2019 |
90.5 |
15432 |
6800 |
988 |
1.00 |
0.62 |
12.9 |
1.1 |
5.0 |
Splay Vein |
KD580 |
25/10/2019 |
35.0 |
15414 |
6802 |
958 |
0.27 |
0.20 |
65.5 |
21.3 |
11.2 |
Youle |
KD580 |
25/10/2019 |
35.0 |
15407 |
6799 |
955 |
0.61 |
0.45 |
0.9 |
3.1 |
1.6 |
Splay Vein |
KD580 |
25/10/2019 |
35.0 |
15413 |
6801 |
958 |
0.44 |
0.32 |
2.2 |
9.2 |
3.2 |
Splay Vein |
KD583 |
11/11/2019 |
90.3 |
15403 |
6825 |
956 |
3.11 |
2.12 |
85.3 |
6.5 |
96.3 |
Youle |
Including |
|
|
|
|
|
0.07 |
0.04 |
4000.0 |
0.5 |
98.5 |
Youle |
KD584 |
13/11/2019 |
72.0 |
15399 |
6826 |
947 |
0.83 |
0.77 |
6.1 |
5.8 |
6.8 |
Youle |
KD585 |
14/11/2019 |
56.0 |
15391 |
6826 |
938 |
3.96 |
3.72 |
20.0 |
10.8 |
38.3 |
Youle |
Including |
|
|
|
|
|
0.33 |
0.31 |
194.0 |
55.9 |
49.8 |
Youle |
KD586 |
15/11/2019 |
45.0 |
15382 |
6827 |
930 |
1.04 |
0.98 |
0.2 |
0.0 |
0.1 |
Youle |
KD587 |
18/11/2019 |
45.0 |
15373 |
6828 |
921 |
0.58 |
0.49 |
50.7 |
14.5 |
20.3 |
Youle |
KD588 |
8/11/2019 |
34.9 |
15404 |
6728 |
973 |
0.14 |
0.12 |
2.6 |
12.2 |
1.6 |
Splay Vein |
KD588 |
8/11/2019 |
34.9 |
15407 |
6724 |
974 |
0.21 |
0.18 |
32.1 |
12.3 |
5.4 |
Youle |
KD589 |
13/11/2019 |
54.5 |
15413 |
6953 |
924 |
1.00 |
0.95 |
55.2 |
34.8 |
60.3 |
Youle |
KD593B |
27/11/2019 |
90.0 |
15412 |
6841 |
956 |
1.15 |
0.83 |
30.3 |
9.6 |
21.5 |
Youle |
KD593B |
27/11/2019 |
90.0 |
15408 |
6840 |
956 |
0.46 |
0.44 |
3.7 |
6.1 |
3.4 |
Splay Vein |
KD594 |
25/11/2019 |
90.0 |
15405 |
6857 |
954 |
1.82 |
1.33 |
1.9 |
1.8 |
3.7 |
Splay Vein |
KD595 |
28/12/2019 |
82.0 |
15403 |
6856 |
945 |
7.25 |
4.16 |
3.8 |
3.6 |
9.9 |
Youle |
Including |
|
|
|
|
|
0.90 |
0.52 |
14.1 |
8.7 |
8.3 |
Youle |
And Including |
|
|
|
|
|
0.71 |
0.41 |
14.5 |
6.8 |
5.9 |
Youle |
KD596 |
24/11/2019 |
70.0 |
15394 |
6856 |
932 |
1.69 |
1.18 |
159.2 |
38.3 |
146.8 |
Youle |
KD598 |
20/11/2019 |
68.3 |
15409 |
6908 |
940 |
7.29 |
6.18 |
3.0 |
3.5 |
8.9 |
Youle |
Including |
|
|
|
|
|
0.30 |
0.23 |
59.6 |
42.0 |
17.1 |
Youle |
KD602 |
5/12/2019 |
67.0 |
15417 |
6978 |
926 |
0.48 |
0.43 |
167.0 |
47.2 |
59.3 |
Youle |
KD603 |
5/12/2019 |
55.0 |
15412 |
6959 |
913 |
0.38 |
0.37 |
303.0 |
52.1 |
79.8 |
Youle |
Youle Northern Extension Drilling Program
The Youle Extension program is ongoing. The
goals are to delineate a complex high-grade zone to the north while
expanding on the success of the program as reported in September
2019 and extending mineralization further to the north.
The drilling program continues to increase the
Company’s understanding of the gold and antimony concentration,
expanding the mineralization a further 600 m to the north.
Confirmation of the structural continuity of the favorable
mineralized vein sets currently being mined in Youle has been
identified in the northern drilling. These mineralized west dipping
vein sets will become the focus of exploration drilling in January
2020.
Exploration has continued on the Youle northern
extension program, with four diamond holes completed since the
September 2019 press release, totaling 1,569 m.
The northern-most hole, BC079 targeted the array
of veins that make up the northern component of Youle, with
anomalous values of up to 0.86 g/t Au and 2.13% Sb over 0.12 m.
This result confirms that quartz-stibnite-gold mineralization
persists to the north, the mineralized veins being analogous to
currently mined structures in the Youle lode. Drilling is currently
underway targeting Youle down plunge to the north at the
intersection of the No.4 fault.
Further interpretation and modelling of a gold
and antimony bearing laminated quartz vein intercepted in drill
hole BC075 in September 2019 (0.42 m @ 7.2 g/t Au and 4.4% Sb), has
generated a highly prospective target 400 m to the north of current
mining operations on Youle. This west dipping vein has been
recognized to be in the same orientation as the most productive
lode structures at Youle and Augusta. Drill hole planning is
currently underway to test this prospective structure.
Table 3: Youle Northern Drilling Results
(September 2019 – December 2019)
Hole ID |
HoleCompletionDate |
TotalholeDepth |
InterceptEasting(MineGrid) |
InterceptNorthing(MineGrid) |
InterceptElevation(MineGrid) |
DrilledWidth(m) |
TrueWidth(m) |
AuGrade(g/t) |
SbGrade(%) |
AuEq(g/t) overmin. 1.8mminingwidth |
BC076 |
9/09/2019 |
176.1 |
No intercept - hole aborted |
|
|
|
|
|
|
|
BC077 |
25/10/2019 |
437.5 |
15537 |
7425 |
994 |
1.16 |
0.51 |
0.6 |
1.5 |
0.61 |
BC078 |
10/10/2019 |
536.2 |
15565 |
7465 |
971 |
1.96 |
1.73 |
0.4 |
0.0 |
0.37 |
BC079 |
31/10/2019 |
419.6 |
15510 |
7542 |
1126 |
0.14 |
0.12 |
0.9 |
2.1 |
0.2 |
Costerfield Deeps Drilling Program
The wedge hole from CD001 has been completed and
extensively sampled. CD001W1 reached a final depth of 1,197 m after
passing through the large thrust observed in the parent hole CD001.
This thrust fault is, believed to be the King Cobra Fault footwall
contact intercepted at 1,023 m downhole (Figure 4). The same
bleached wall rock alteration halo with minor sulphides identified
in CD001 (coincident with elevated gold, antimony and arsenic
assays) was found in the wedge from approximately 950 m downhole.
Of interest is a zone of intense bleaching and stockwork veining
between 1,007 – 1,023 m (Figure 4) which may indicate of a more
focused mineralizing fluid system than seen in CD001.
Trace element geochemical analysis was
undertaken on lithology and observed alteration of interest
including the entire altered and stockworked zone around the
interpreted King Cobra Fault. The data shows elevated gold,
antimony and arsenic through the target zone supporting and
extending the results from the parent drill hole (Figure 5).
Previous deep drilling has identified high gold
grade enrichments underneath the depleted Cuffley deposit, that
were hosted within the same stratigraphic sequence targeted by
CD001W1, within an anticlinal setting. The Company believes that
this environment may, as it does in the south, host significant
gold enrichment. These targeted carbonaceous units were identified
to be in a truncated state, cut by a series of west-dipping faults
with a considerable amount of strike-slip movement. Although
clearly elevated in gold and antimony the targeted fluid trap
environment was not realized which suggests that the fault system
is likely to have acted as a conduit for ore-forming fluids
ascending to the Youle deposit. The clearly hydrothermally active
setting it still a highly prospective target as demonstrated by the
grades previously drilled in CSK007 and CSK012 (Figure 6).
Detailed structural logging though the 2019
deeps drilling has been integrated into the regional prospectively
model and, along with underground mapping, drilling and surface
mapping, a clear picture of highly prospective envelopes is being
uncovered at depth along the 5 kilometre (“km”) mineral
field. These targets are the focus of our continuing efforts and
drill planning.
Björkdal Drilling Programs
Aurora Drilling Program
Underground drilling has focused on extending
the existing Aurora zone. Results to date have revealed the
presence of a structurally controlled, high-grade zone, trending at
depth towards the east. The up-dip extension of the horizon will be
investigated from surface in Q1 2020. The zone is currently being
mined on five active levels.
Northern Target Test
Drilling
Underground drilling focused on investigating
the continuation of the mineralized body towards the north of the
current operations. A total of four holes were completed, however,
due to bad ground conditions and the ingress of abundant water only
three of the four holes reached total depth. The holes intercepted
interbedded Dacite, Andesite and Basalt, typical of Björkdal with a
number of brittle faults and shears. Results to date confirm the
continuation of mineralization up to 500 m away from the current
mine workings. A follow up drill campaign will commence in Q1 2020
in order to confirm the intercepts from 2019.
Björkdal Drilling Results
Björkdal Drilling Results
Since the Company’s last exploration press
release on September 30, 2019, the Company has assayed 27 drill
holes in the Aurora zone at Björkdal (see Table 6) and 4 target
test drill holes to the north of the current mining operations (see
Table 7). Recent highlights from the Aurora and northern target
test drilling assays include the following intercepts:
Table 4: Aurora drilling Highlights
Hole ID |
True Width |
Au g/t |
DOD2019-096 |
6.78 |
2.43 |
DOD2019-097 |
3.85 |
3.57 |
MU9-024 |
8.05 |
2.39 |
MU9-026 |
10.73 |
3.85 |
MU9-028A |
4.83 |
2.11 |
MU9-029 |
3.78 |
14.78 |
Table 5: Northern target test drilling Highlights
Hole ID |
True Width |
Au g/t |
MU9-015 |
0.40 |
60.00 |
MU9-015 |
0.34 |
26.20 |
MU9-016 |
0.45 |
26.00 |
MU9-016 |
0.27 |
33.50 |
MU9-016 |
0.40 |
10.50 |
MU9-016 |
0.75 |
27.65 |
Table 6: Aurora Drilling Results (September 2019 – January
2020)
Hole Id |
HoleCompletionDate |
InterceptNorthing(MineGrid) |
InterceptEasting(MineGrid) |
InterceptElevation(MineGrid) |
From(m) |
To(m) |
DrilledWidth(m) |
TrueWidth(m) |
Au(g/t) |
Au (g/t)over min. 3 mminingwidth |
DOD2019-053 |
9/07/2019 |
1745 |
1147 |
-382 |
109.75 |
113.70 |
3.95 |
3.87 |
1.43 |
1.43 |
DOD2019-055 |
8/08/2019 |
1743 |
1165 |
-392 |
101.90 |
106.25 |
4.35 |
4.34 |
1.42 |
1.42 |
DOD2019-063 |
4/09/2019 |
1730 |
1217 |
-356 |
68.00 |
73.00 |
5.00 |
4.96 |
0.51 |
0.51 |
DOD2019-092 |
1/09/2019 |
1775 |
1109 |
-461 |
139.00 |
142.73 |
3.73 |
2.96 |
0.58 |
0.58 |
DOD2019-093 |
7/10/2019 |
1797 |
1452 |
-433 |
73.60 |
77.00 |
3.40 |
3.35 |
1.72 |
1.72 |
DOD2019-094 |
10/10/2019 |
1810 |
1472 |
-454 |
80.40 |
83.70 |
3.30 |
3.20 |
1.05 |
1.05 |
DOD2019-095 |
12/10/2019 |
1808 |
1478 |
-428 |
84.30 |
89.80 |
5.50 |
5.41 |
1.59 |
1.59 |
DOD2019-096 |
22/10/2019 |
1814 |
1509 |
-465 |
91.00 |
99.12 |
8.12 |
6.78 |
2.43 |
2.43 |
DOD2019-097 |
26/10/2019 |
1800 |
1508 |
-435 |
85.00 |
89.40 |
4.40 |
3.85 |
3.57 |
3.57 |
MU9-021 |
26/08/2019 |
1869 |
1485 |
-575 |
174.20 |
187.45 |
13.25 |
6.37 |
0.51 |
0.51 |
MU9-022 |
16/09/2019 |
1843 |
1474 |
-525 |
124.80 |
136.80 |
12.00 |
7.34 |
1.15 |
1.15 |
MU9-023 |
30/08/2019 |
1858 |
1458 |
-557 |
153.45 |
166.10 |
12.65 |
8.90 |
1.09 |
1.09 |
MU9-024 |
9/09/2019 |
1896 |
1450 |
-622 |
224.00 |
236.10 |
12.10 |
8.05 |
2.39 |
2.39 |
MU9-025 |
22/09/2019 |
1847 |
1426 |
-546 |
140.65 |
147.60 |
6.95 |
2.99 |
0.93 |
0.93 |
MU9-026 |
27/09/2019 |
1870 |
1380 |
-570 |
160.30 |
176.10 |
15.80 |
10.73 |
3.85 |
3.85 |
MU9-027 |
2/10/2019 |
1875 |
1344 |
-581 |
179.65 |
189.35 |
9.70 |
5.51 |
0.71 |
0.71 |
MU9-028A |
9/10/2019 |
1858 |
1325 |
-553 |
156.60 |
163.50 |
6.90 |
4.83 |
2.11 |
2.11 |
MU9-029 |
31/10/2019 |
1847 |
1282 |
-538 |
142.10 |
146.55 |
4.45 |
3.78 |
14.78 |
14.78 |
MU9-032 |
23/10/2019 |
1852 |
1162 |
-557 |
182.20 |
183.40 |
1.20 |
0.50 |
2.54 |
0.42 |
MU9-033A |
17/10/2019 |
1855 |
1120 |
-571 |
179.20 |
181.60 |
2.40 |
1.15 |
3.33 |
1.28 |
Table 7: Northern Target Test Drilling Results (September 2019 –
January 2020)
Hole Id |
HoleCompletionDate |
InterceptNorthing(MineGrid) |
InterceptEasting(MineGrid) |
InterceptElevation(MineGrid) |
From(m) |
To(m) |
DrilledWidth(m) |
TrueWidth(m) |
Au(g/t) |
Au (g/t)over min. 3 mminingwidth |
MU9-015 |
23/09/2019 |
1830 |
1161 |
-436 |
1.65 |
2.10 |
0.45 |
0.40 |
60.00 |
8.00 |
MU9-015 |
|
1845 |
1156 |
-443 |
18.70 |
19.25 |
0.55 |
0.34 |
26.20 |
2.97 |
MU9-016 |
12/10/2019 |
1830 |
1161 |
-437 |
2.60 |
3.10 |
0.50 |
0.45 |
26.00 |
3.90 |
MU9-016 |
|
2011 |
1158 |
-526 |
203.60 |
204.00 |
0.40 |
0.27 |
33.50 |
3.02 |
MU9-016 |
|
2260 |
1164 |
-635 |
476.40 |
476.90 |
0.50 |
0.40 |
10.50 |
1.40 |
MU9-016 |
|
2283 |
1165 |
-644 |
500.35 |
501.25 |
0.90 |
0.75 |
27.65 |
6.91 |
MU9-017 |
29/10/2019 |
1828 |
1265 |
-436 |
12.85 |
13.75 |
0.90 |
0.59 |
4.84 |
0.95 |
MU9-017 |
|
1837 |
1265 |
-440 |
21.50 |
23.30 |
1.80 |
1.11 |
1.31 |
0.48 |
MU9-017 |
|
1857 |
1265 |
-447 |
44.10 |
44.90 |
0.80 |
0.57 |
2.59 |
0.49 |
MU9-017 |
|
1879 |
1265 |
-455 |
67.20 |
68.20 |
1.00 |
0.92 |
2.87 |
0.88 |
MU9-017 |
|
1985 |
1266 |
-489 |
178.30 |
178.75 |
0.45 |
0.40 |
3.24 |
0.43 |
MU9-017 |
|
2114 |
1271 |
-526 |
313.25 |
313.90 |
0.65 |
0.53 |
2.81 |
0.50 |
MU9-018 |
18/11/2019 |
1937 |
1227 |
-497 |
143.40 |
143.85 |
0.45 |
0.21 |
5.72 |
0.40 |
Figure 2: Inset of the Costerfield Longitudinal Section
Illustrating the New Production Optimization Drilling (POD) Results
Along with Location of On Vein
Developmenthttps://www.globenewswire.com/NewsRoom/AttachmentNg/8d55bd4e-b3b6-4cb5-9b24-f177b359ae78
Figure 3: Longitudinal Section and Plan Section
of Youle (Costerfield) Illustrating Location of Recent Intercepts
with Detail along the Northern Extension
Drillinghttps://www.globenewswire.com/NewsRoom/AttachmentNg/a839bd80-2096-442a-a746-0ba7f2a479a6https://www.globenewswire.com/NewsRoom/AttachmentNg/d39e8cc0-a129-456d-b957-75eaf762da7f
Figure 4: Cross Section of Costerfield Deeps Drill Holes CD001
and CD001W1 with Interpreted Geology, Displaying Relationship to
Youle and the Costerfield
minehttps://www.globenewswire.com/NewsRoom/AttachmentNg/c597cfee-3b86-475b-8dba-359b03def61d
Figure 5: Downhole trace-level geochemistry of CD001W1, showing
correlation of elevated Gold Antimony and Arsenic through Target
Zone (Blue band) with constant elevation immediately around and
within the King Cobra Fault (Orange
band).https://www.globenewswire.com/NewsRoom/AttachmentNg/384af91f-8b4e-4ed5-b72f-a8d46161b2db
Figure 6: Schematic Regional Long Section of the Costerfield
District, Showing the Position of the Costerfield Deeps Drill Hole
Cross Section at 6900N
(B-B’)https://www.globenewswire.com/NewsRoom/AttachmentNg/989b9603-eee8-45ba-a458-243049fb491a
Figure 7: Björkdal Mine Scale Overview Map Showing the Location
of the Aurora Zone and the Northern target test drilling in
relation to mine
developmenthttps://www.globenewswire.com/NewsRoom/AttachmentNg/274b65c6-b3a9-4532-835f-766a65cf36ce
Figure 8: Cross sections of Björkdal Mine Area Showing the
Location and Current Size of the Aurora Zone (A-A’) and the
Northern Target Test Program
(C-C’).https://www.globenewswire.com/NewsRoom/AttachmentNg/df50e044-1f3b-4161-889e-28e2c390c5eahttps://www.globenewswire.com/NewsRoom/AttachmentNg/c2ebb93a-8b70-473d-b6bb-a795c20b472b
Figure 9: Longitudinal Section of the Aurora Zone Illustrating
Location of Recent
Interceptshttps://www.globenewswire.com/NewsRoom/AttachmentNg/6382124d-f235-45e2-b5f8-a3bd4f0d0fea
Figure 10: Overview map of Björkdalsgruvan showing the location
of the target test drilling in relation to mine
development.https://www.globenewswire.com/NewsRoom/AttachmentNg/1caa3a0a-43e5-4664-a91d-dc51a53750f1
Drilling and Assaying
At Costerfield, diamond drill core was logged
and sampled by Costerfield geologists. All samples were sent 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 standard reference materials and blanks with
drill and face samples submitted for assay. Standard reference
materials have been certified by Geostats Pty Ltd. (February 6,
2019 Technical Report entitled “Costerfield Operation, Victoria,
Australia NI 43-101 Report”, available on SEDAR (www.sedar.com),
which contains a complete description of drilling, sampling, and
assaying procedures).
At Björkdal, all diamond drill core was logged
and sampled by Björkdal geologists. Exploration drill hole samples
(prefix MU) were sent to CRS Minlab Oy (CRS) in Kempele, Finland
for sample preparation and assaying. Development Optimization drill
hole samples (prefix DOD) were at the onsite lab ran by ALS for
sample preparation and assaying (see March 28, 2019, Technical
Report entitled “Technical Report on the Björkdal Gold Mine,
Sweden”, available on SEDAR (www.sedar.com), which contains a
complete description of drilling, sampling, and assaying
procedures).
Assaying in both the CRS and ALS laboratories
was conducted utilizing the Pal1000 (CRS) cyanide leaching
processes. Mandalay’s rigorous QA/QC program included the use of
standard reference samples, blanks, duplicates, repeats, and
internal laboratory quality assurance procedures.
Qualified Person:
Chris Gregory, Vice President of Operational
Geology and Exploration at Mandalay Resources, is a Member of the
Australian Institute of Geoscientists (AIG), and a Qualified Person
as defined by NI 43-101. He has reviewed and approved the technical
and scientific information provided in this release.
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
generate near term cash flow.
Forward-Looking Statements:
This news release contains "forward-looking
statements" within the meaning of applicable securities laws,
including statements regarding the exploration and development
potential of the Youle deposit (Costerfield) and the Aurora Zone
(Björkdal). 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 28, 2019, 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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