Mandalay Resources Corporation Announces Significant Grades and Depth Extension to the Lake Zone Veining of the Björkdal Deposit
TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on the encouraging results from the Björkdal Depth Testing drilling program.
Björkdal Depth Testing Highlights
- 15 veins containing significant grades have been intercepted with inferred strike extensions of up to and over 300 meters (“m”)
- Standout intercepts identified:
○ 92.2 g/t gold over a true width of 0.40 m in MU20-021;
○ 32.5 g/t gold over a true width of 1.1 m in MU20-021;
○ 16.4 g/t gold over a true width of 1.11 m in MU20-022;
○ 119.2 g/t gold over a true width of 0.44 m in MU20-023; and
○ 58.5 g/t gold over a true width of 0.32 m in MU20-025.
- Identified skarnified marble lens:
○ 3.4 g/t gold over a true width of 5.01 m in MU20-024
Note: Significant drill composites are provided in Table 1 in the Appendix to this document.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “Given Björkdal’s long mine life of over 10 years, our exploration focus there has shifted away from incremental additions to existing resources and reserves to identifying and drilling more prospective areas with higher-grade mineralization possibilities. These exciting initial high-grade intercepts from the depth extension drilling have demonstrated significant continuation within the Lake Zone area. Follow up infill drilling will be ongoing as we endeavour to define the breadth of veining and bring these areas to production in the short term.”
Mr. Duffy continued, “Delivering an additional high-grade mining area for the operations will further enhance our ability to be selective in ore scheduling and ultimately lift production grade.”
Mr. Duffy concluded, “Alongside this exploration release, a video has been prepared by Mr. Chris Davis, Vice President of Operational Geology and Exploration to further illustrate the detail in this press release, I would like to invite everyone to view the posted video here.”
Björkdal Depth Extension
Since September 2020, a major focus of exploration at Björkdal has been on the depth and eastern extension of the Lake Zone veining. This veining sits beneath the marble unit, below and to the south of the Aurora Zone. This initial phase of drilling encompasses nine drillholes and has intercepted 15 veins containing some of the best grades seen at Björkdal. Interpretation of the drilling indicates that the veining is continuous though all holes drilled which is supported by our understanding of Lake Zone veining. Grades along these veins vary, however, for a 100 m strike along veining at 1600N three drillholes average a grade of 4.7 g/t gold over nominal mining width of 3 m.
Figure 1: Drill core from hole MU20-023 showing veining from a composited grade of 119.3 g/t gold over a true width of 0.44 m:
As well as the vein intercepts themselves, skarnified marble was intercepted in two of the drill holes indicating either a depth continuation to the previously mined Lake Zone Skarn or a discreet alterations lens. Veining within these lenses has been proven to be enriched and skarnified areas have predominantly delivered high grade ore so the presence of the alteration is highly encouraging.
The results of drilling in this area suggest the possibility of a significant increase in the development life of the Björkdal mine by providing a new mining area beyond the current workings on Main Zone and Aurora.
The drilling undertaken on this program to date marks the initial phase of exploration and an infill program has begun and is expected to be completed in Q2 2021.
Figure 2: Plan section of Björkdal mine illustrating the location of drilling and results from the Björkdal Deeps program. Newly extended veining it interpreted in red. Marble contact is interpreted in blue:
Figure 3: North-South Cross Section illustrating the location and orientation of the new intercepts extending the Lake Zone veining down and to the east. Veining and interpreted lithology is displayed at 1780E with off-section holes projected onto the plain:
Drilling and Assaying
All diamond drill core was logged and sampled by Björkdal geologists. Exploration drill hole samples were sent to CRS Laboratories Oy (“CRS”) in Kempele, Finland for sample preparation and assaying.
Assaying was conducted utilizing the Pal1000 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. See March 30, 2020, Technical Report entitled “Technical Report on the Björkdal Gold Mine, Sweden”, available on SEDAR (www.sedar.com), for a complete description of drilling, sampling, and assaying procedures.
Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian 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
President and Chief Executive Officer
Manager, Analytics and Investor Relations
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.
This news release contains "forward-looking statements" within the meaning of applicable securitieslaws,includingstatementsregardingtheexplorationanddevelopmentpotentialof the Lake Zone extension (Björkdal).Readersarecautionednotto 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,changesincommoditypricesandgeneralmarketandeconomicconditions.Thefactors identifiedabovearenotintendedtorepresentacompletelistofthefactorsthatcouldaffect Mandalay.Adescriptionofadditionalrisksthatcouldresultinactualresultsanddevelopments differingfromthosecontemplatedbyforward-lookingstatementsinthisnewsreleasecanbe foundundertheheading“RiskFactors”inMandalay’sannualinformationformdatedMarch 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 additionaldrillingwilleverbeupgradedtoprovenorprobablereserves.AlthoughMandalayhas attempted to identify important factors that could cause actual actions, events or results to differmateriallyfromthosedescribedinforward-lookingstatements,theremaybeotherfactors thatcauseactions,eventsorresultsnottobeasanticipated,estimatedorintended.Therecan be no assurance that forward-looking statements will prove to be accurate, as actual results andfutureeventscoulddiffermateriallyfromthoseanticipatedinsuchstatements.Accordingly, readersshouldnotplaceunduerelianceonforward-lookingstatements.
Table 1. Björkdal Deeps Significant Drilling Composites
|Drill Hole ID||From (m)||To (m)||Drill Width|
- Where True widths are greater than 3 m, grades are not diluted and are presented as the grade over the composite true width.
- Composites that are below 0.2 g/t Au when diluted to 3 m are not reported in this table.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire 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
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
New shares in Enento Group entered into the Trade Register1.3.2021 12:00:00 CET | Press release
ENENTO GROUP PLC, STOCK EXCHANGE RELEASE ON 1 MARCH 2021 AT 1.00 P.M. EET New shares in Enento Group entered into the Trade Register A total of 27,795 new shares were subscribed for in Enento Group Plc’s share issue directed to the company key employees without consideration. The new shares have been entered into the Trade Register on 1 March 2021. After the registration, the total number of the shares in the Company is 24,034,856 shares. The new shares produce the right to dividends and other distribution of assets as well as other shareholder rights as of the registration date 1 March 2021. Trading of new shares alongside the existing shares will commence on 2 March 2021. ENENTO GROUP PLC For further information: Jukka Ruuska CEO Tel. +358 10 270 7111 Distribution: Nasdaq Helsinki Major media enento.com/investors Enento Group is a Nordic knowledge company powering society with intelligence since 1905. We collect and transform data into intelligence and knowledge used in interactions
SEK CREDIT OPERATION ANNOUNCEMENT1.3.2021 10:30:00 CET | Press release
Bid date, 2021-03-01Auction date2021-03-01Settlement date2021-03-01Maturity Date2021-05-31Term13 weeksInterest rateThe Riksbank´s applicable repo rateBid times11.00-11.30 (CET/CEST) on the Bid dateConfirmation of bids to email@example.comOffered volumeUnlimitedThe lowest accepted bid volume50 million SEKMaximum number of bids1Allocation Time11.45 (CET/CEST) on the Bid date Stockholm, 2021-03-01 Bid date, 2021-03-01Auction date2021-03-01Settlement date2021-03-01Maturity Date2021-08-30Term26 weeksInterest rateThe Riksbank´s applicable repo rateBid times11.00-11.30 (CET/CEST) on the Bid dateConfirmation of bids to firstname.lastname@example.orgOffered volumeUnlimitedThe lowest accepted bid volume50 million SEKMaximum number of bids1Allocation Time11.45 (CET/CEST) on the Bid date Stockholm, 2021-03-01 This is a translation of the Swedish version published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language v
IBFD launches Talking Points, a fresh perspective on the latest tax developments1.3.2021 10:00:00 CET | Press release
AMSTERDAM, March 01, 2021 (GLOBE NEWSWIRE) -- We are excited to announce the launch of Talking Points today, a brand new service that will provide IBFD users with market-leading commentary and analysis on the latest and hottest developments in international taxation. Talking Points will showcase thought leadership from around the world on key developments, news items and other important international tax topics. IBFD users will benefit from valuable insights, reasoning, opinions and viewpoints putting tax developments in perspective from some of the most prominent leaders in international taxation. Maarten Goudsmit, Publishing Director, IBFD, says, “We are excited to launch this new format. Talking Points will provide the tax community with timely, insightful commentary and analysis of the impact of the latest hot topics on daily practice, from leading industry experts.” To celebrate this launch, we will make the first article on Crossing the Digital Services Tax Divide – But Is It Wor
The Bonduelle Group specifies its mission and enshrines it in its articles of association: We inspire the transition toward a plant-based diet to contribute to people's well-being and planet health1.3.2021 10:00:00 CET | Press release
Pressrelease Villeneuve d’Ascq, March 1, 2021 The Bonduelle Group specifies its mission and enshrines it in its articles of association. “We inspire the transition toward a plant-based diet to contribute to people's well-being and planet health”. At the presentation of its first half-year financial results for the 2020-2021 fiscal year on February 26, the Bonduelle Group presented its mission. Submitted to the shareholders' vote at the last Shareholders' Meeting, it was very widely approved (99.91%) and is now enshrined in the company's articles of association. It is intended to guide the group's future strategic choices and reinforces Bonduelle's long-term vision. It reaffirms the company's determination to play an active role in the socio-economic and environmental challenges of today and tomorrow. Towards a more resilient model that creates positive impacts Committed to the B Corp certification process and a founding member of the B Movement Builders, Bonduelle reaffirms its commitm
Net asset value as per February 28, 20211.3.2021 10:00:00 CET | Press release
On February 28, 2021, net asset value was SEK 299 per share. The closing price on February 26, 2021, was SEK 300.00 for the Class A shares and SEK 278.90 for the Class C shares. Stockholm, March 1, 2021 AB INDUSTRIVÄRDEN (publ) For further information, please contact: Sverker Sivall, Head of Corporate Communication and Sustainability, tel. +46-8-666 64 00 Submitted for publication on March 1, 2021 at 10:00 a.m. Attachment Substansvarde_210301_eng
Substansvärdet per den 28 februari 20211.3.2021 10:00:00 CET | Pressemelding
Den 28 februari 2021 var substansvärdet 299 kronor per aktie. Sista stängningskurs den 26 februari 2021 var 300,00 kronor för A-aktien och 278,90 kronor för C-aktien. Stockholm den 1 mars 2021 AB INDUSTRIVÄRDEN (publ) För ytterligare information kontakta: Sverker Sivall, Kommunikations- och hållbarhetschef, telefon 08-666 64 00 Lämnad för publicering den 1 mars 2021, kl. 10:00. Bilaga Substansvarde_210301_sve
Agillic wins international gaming platform provider Multilot as a new client: Personalisation is the name of the game1.3.2021 09:00:00 CET | Press release
Press release, Copenhagen, 1 March 2021 Agillic, a leading Danish omnichannel marketing software company, will help Multilot, a multinational SaaS gaming platform provider, build long-lasting customer relationships through automated and personalised communication across the customer lifecycle. Multilot offers a fully compliant turn-key gaming platform as a service (SaaS). They operate games, bingo, lotteries, raffles and games of chance on behalf of humanitarian organisations, associations, media houses and corporate partners. Multilot can manage the entire value chain, including assistance in applying for national gaming licenses, game development, assurance of compliance to laws and regulations, customer support, accounting and reporting to the authorities. Further, the company caretakes the direct communication with end-users. And it is for this purpose Multilot has chosen Agillic. Says Petter Danbolt CEO, Multilot: “Gaming is entertainment and fun, hopes and dreams. When we provide