GlobeNewswire by notified

Mandalay Resources Corporation Announces Recent Drilling Results For Costerfield Youle Deposit, Highlighting High-Grade Gold Depth Extensions

Share

TORONTO, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to report on the extension of high grade gold into a new domain approximately 100 meters (“m”) below the current mining operations of the Youle deposit.

Youle Drilling Highlights
The first results from the New High-Grade Gold Domain at depth:

  • 99.8 g/t gold and 0.2% antimony over a true width of 0.30 m in BC105; and
  • 60.3 g/t gold and 0.2% antimony over a true width of 0.24 m in BC145; and
  • 144.7 g/t gold and 0.0% antimony over a true width of 0.57 m in BC151

Continued drilling to the north of Youle has seen highlights such as:

  • 84.3 g/t gold and 53.8% antimony over a true width of 0.44 m in BC116; and
  • 186.0 g/t gold and 37.4% antimony over a true width of 0.27 m in BC140; and
  • 214.0 g/t gold and 0.0% antimony over a true width of 0.18 m in BC149 which is the deepest hole down plunge.

Note: A full listing of significant drilling composites can be found in Tables 1, 2 and 3 at the bottom of this document.

Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “We are pleased to report continued exploration success at Costerfield on the Youle deposit. The continuation of significant gold grades at depth is confirming our expectation that the deposit will add significantly more high-grade mine life to Costerfield’s operations.”

Mr. Duffy continued, “Recent drilling has also indicated potential for significant extension to the historic Minerva Reef. This east dipping reef is situated 50 m above current infrastructure and already dewatered by the Youle operations. A separate mining area close to Youle would not only add additional mine life, but would provide diverse scheduling options allowing for superior optimization of ore extraction.”

Mr. Duffy concluded, “Since first ore in August 2019, Youle has been a consistent producer of high-grade ore. Boundary upgrades achieved through production optimization drilling has extended on-vein development. While this has delayed stoping, metal production for the site has well exceeded planning predictions for 2020, as a result of the excellent grades realized at Youle as demonstrated in our latest guidance update. The successful expansion of Youle is an important step providing a sound economic foundation for continued mine life at significant profit margins.”

Youle Extension Drilling at Depth

Year to date, mining through the upper portions of Youle has delivered average grades of 13.7 g/t gold and 5.4% antimony. The majority of this has come from development with only 20% of tonnage coming from stoping due to the early stages of mining. This represents more than a doubling of the grade mined in 2019, which was predominantly from the Brunswick deposit.

Alongside this record production, extensional drilling on Youle has been ongoing, with a further 68 holes drilled (with assays returned) since our last news release in June 2020. This work has yielded highly encouraging results – high-grade gold domain at depth as well as another emerging high-grade plunge extension to the north at depth (see Figure 1). The gold within these two domains is of a nuggetty nature hosted within quartz. Antimony is also present, but at lower grades than the current Youle reserves. Current underground development has now reached a level at which deeper exploration drilling on Youle is possible and the program will continue to explore the plunge and depth potential of Youle.

Drilling Above Youle

We have also drilled above Youle to investigate instances of veining that were not extracted during the historic mining of Costerfield. Subvertical veining has been discovered with a number of notable intercepts such as BC129 which retuned an assay of 92.4 g/t gold and 39.3% antimony over a true width of 0.14 m. These intercepts suggest the potential for further undiscovered mineralisation around the historic workings that could be accessed from the Youle infrastructure.

Emerging Minerva Extension

During the course of the 2020 Youle drilling program, drill hole BC142 intercepted a 0.24 m thick laminated quartz vein with significant coarse visible gold and moderate antimony mineralization close to the planned end depth of the hole. We believe this intercept represents a southern extension to the historically mined Minerva Reef, on the eastern side of the group of historic workings (illustrated in Figure 2). The intercept assayed at 12.6 g/t gold and 3.1% antimony over a true width of 0.24 m, some 40 m from the nearest documented historic workings.

Additional historic intercepts attributed to the Minerva Reef include BC003 (33.2g/t gold and 2.1% antimony over a true width of 0.57 m) drilled by Mandalay in 2014 and several near-surface RC holes drilled by AGD in 1995 in the course of open-cut resource definition drilling at Costerfield. Further geological modelling has extended the envelope of potential mineralization to a panel in excess of 400 m by 150 m, the bulk of which has not been systematically drill tested. The Minerva Reef is close to Youle infrastructure and has the potential to increase the life-of-mine resource if an economic panel of mineralization can be identified.

Figure 1: Longitudinal section of Youle illustrating the location of recent Youle extension and optimization intercepts in close proximity to current workings.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3dc26a42-e5e2-4329-8dff-2f29f114cb83

Figure 2: Section at 6670 northing illustrating the location and orientation of the new intercept on Minerva Reef.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f371b2b-1fe1-44e8-aa22-397f0753bec2


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. (March 30, 2020 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).

Qualified Person:

Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Charted Professional of the Australian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), 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 Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, 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 and Minerva Reef deposits (Costerfield). 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 30, 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.

Table 1. Youle Extensional Drilling Composites

Drill Hole
ID
From (m)To (m)Drill
Width
(m)
True
Width
(m)
Au
Grade
(g/t)
Sb
Grade
(%)
AuEq
(g/t)
AuEq (g/t) over
min. 1.8m
mining width
Structure
BC069583.55584.000.450.320.00.00.00.0Youle
BC096527.06527.850.790.651.00.01.00.4Youle
BC105179.18179.690.510.3099.80.2100.016.7Youle
BC106198.03198.400.370.310.00.00.00.0Youle
BC107149.10149.420.320.180.40.00.40.0Youle
BC110157.81157.930.120.0960.131.293.94.8Youle
BC118133.20133.310.110.1018.25.924.61.4Youle
BC121133.66133.770.110.1039.636.378.94.3Youle
BC122159.09159.200.110.062.97.711.20.4Youle
BC123144.84144.950.110.0818.911.531.41.5Youle
BC12537.1037.210.110.09143.08.3152.07.8Youle
BC12538.3739.591.221.028.41.09.45.3Splay Vein
BC12629.9030.120.220.1720.129.351.84.9Youle
BC131167.74168.971.230.447.433.543.610.7Youle
BC132170.20170.550.350.1942.40.142.54.4Youle
BC136151.00151.170.170.1046.428.677.44.2Youle
BC137168.53168.690.160.074.56.211.30.4Youle
BC140111.99112.700.710.636.04.010.43.6Splay Vein
BC140123.18123.630.450.27186.037.4226.534.1Youle
BC140126.79128.101.310.965.58.614.87.9Splay Vein
BC141A142.20142.390.190.1659.836.699.48.7Doyle
BC141A119.04119.150.110.080.610.912.40.6Youle
BC144147.11148.671.561.003.40.74.22.4Youle
BC145126.13126.430.300.2460.30.260.58.0Youle
BC147209.86210.200.340.0912.80.913.80.7Youle
BC149137.20137.550.350.18214.00.0214.020.8Youle
BC151159.56160.701.140.57144.70.0144.745.8Youle
BC155137.62137.760.140.089.19.118.90.8Youle

Notes
1. The AuEq (gold equivalent) grade is calculated using the following formula:

AuEq g per t = Au g per t + Sb% x Au price per g x Au processing recovery
Sb price per 10kg x Sb processing recovery 

Figures used are based on a 9-month average from January through September of 2020: Au $/oz = 1,760, Sb $/t = 5,680 Au Recovery = 89.6% and Sb Recovery = 96.7%

Table 2. Youle Production Optimisation Drilling Composites

Drill Hole
ID
From (m)To (m)Drill Width
(m)
True Width
(m)
Au Grade
(g/t)
Sb Grade
(%)
AuEq
(g/t)
AuEq (g/t) over
min. 1.8m
mining width
Structure
BC10996.3397.431.100.452.11.43.70.9Splay Vein
BC10998.1398.300.170.131.46.07.90.6Youle
BC116115.02115.460.440.4484.353.8142.634.7Youle
BC117112.14112.560.420.4212.19.622.55.2Youle
BC119119.84120.610.770.5323.712.337.011.0Youle
BC119116.46116.870.410.3215.48.324.44.4Splay Vein
BC120115.73115.840.110.108.214.223.51.3Splay Vein
BC120124.14124.250.110.0961.516.279.04.0Splay Vein
BC120131.76131.980.220.1943.921.066.77.2Youle
BC120143.44143.690.250.1583.10.884.07.2Splay Vein
BC120169.99170.100.110.097.26.914.70.7Splay Vein
BC133127.54127.650.110.07187.025.2214.38.4Splay Vein
BC133134.89135.410.520.3639.520.061.212.3Youle
BC134147.69148.020.330.250.15.45.90.8Youle
KD703138.74138.850.110.1116.813.531.41.9Youle
KD703150.62150.730.110.1010.39.720.81.2Splay Vein
KD7044.664.810.150.071.913.917.00.6Splay Vein
KD70922.7123.200.490.2844.625.672.311.3Youle
KD71113.9614.470.510.421.92.14.21.0Youle
KD71244.8645.931.070.9320.811.232.917.0Youle
KD71344.6445.220.580.5078.647.3129.836.2Youle
KD7165.235.630.400.345.37.012.92.4Splay Vein
KD7177.017.120.110.0895.841.4140.66.5Youle

Notes
1. The AuEq (gold equivalent) grade is calculated using the following formula:

AuEq g per t = Au g per t + Sb% x Au price per g x Au processing recovery
Sb price per 10kg x Sb processing recovery 

Figures used are based on a 9-month average from January through September of 2020: Au $/oz = 1,760, Sb $/t = 5,680 Au Recovery = 89.6% and Sb Recovery = 96.7%

Table 3. Significant composites above Youle including first intercept into the Minerva Extension.

Drill Hole
ID
From (m)To (m)Drill Width
(m)
True Width
(m)
Au Grade
(g/t)
Sb Grade
(%)
AuEq
(g/t)
AuEq (g/t) over
min. 1.8m
mining width
Structure
BC108116.02116.180.160.1513.57.821.91.8Splay Vein
BC108153.36153.570.210.121.419.022.01.5Dominant Vein
BC108186.63186.810.180.093.54.48.20.4Splay Vein
BC112A105.13107.011.881.2113.95.219.613.1Dominant Vein
BC112A98.53100.972.441.731.13.34.64.4Splay Vein
BC113138.72138.860.140.1451.915.869.05.3Dominant Vein
BC113113.19113.330.140.1230.011.742.72.9Splay Vein
BC114170.77173.833.061.399.72.112.09.3Dominant Vein
BC114131.75132.851.100.843.22.05.42.5Splay Vein
BC114154.30154.410.110.087.310.819.00.9Splay Vein
BC12532.9133.120.210.1331.216.949.53.7Splay Vein
BC128136.47136.670.200.146.011.818.81.5Dominant Vein
BC129164.90165.070.170.1492.439.3135.010.7Dominant Vein
BC130168.76168.920.160.10120.09.9130.77.5Dominant Vein
BC130172.48173.070.590.4216.80.817.64.2Splay Vein
BC130196.74196.970.230.2111.738.753.66.2Splay Vein
BC142125.47125.730.260.247.52.410.21.4Splay Vein
BC142199.24199.620.380.2412.63.116.02.2Minerva

Notes
1. The AuEq (gold equivalent) grade is calculated using the following formula:

AuEq g per t = Au g per t + Sb% x Au price per g x Au processing recovery
Sb price per 10kg x Sb processing recovery 

Figures used are based on a 9-month average from January through September of 2020: Au $/oz = 1,760, Sb $/t = 5,680 Au Recovery = 89.6% and Sb Recovery = 96.7%

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release

Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a

DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release

Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68

Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release

Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.

Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release

AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us

Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin

World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye