
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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/210f1810-04b7-45da-a596-a07fc80512af
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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0399fdd4-7e29-4468-9b53-7e7c7ad9daa3
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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/40bedda3-53c6-4f7e-95b7-81ca59167142
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.
Qualified Person:
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
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 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.
Appendix
Table 1. Björkdal Deeps Significant Drilling Composites
Drill Hole ID | From (m) | To (m) | Drill Width (m) | True Width (m) | Au Grade (g/t) | Au (g/t) over min. 3m mining width | |
MU20-019 | 65.70 | 66.40 | 0.70 | 0.50 | 5.4 | 0.9 | |
MU20-019 | 392.00 | 393.60 | 1.60 | 1.42 | 1.5 | 0.7 | |
MU20-020A | 39.45 | 39.80 | 0.35 | 0.25 | 8.8 | 0.7 | |
MU20-020A | 49.50 | 50.50 | 1.00 | 0.66 | 1.9 | 0.4 | |
MU20-020A | 62.40 | 63.00 | 0.60 | 0.26 | 2.9 | 0.3 | |
MU20-020A | 137.80 | 138.15 | 0.35 | 0.29 | 2.4 | 0.2 | |
MU20-020A | 155.95 | 156.25 | 0.30 | 0.14 | 9.3 | 0.4 | |
MU20-020A | 225.65 | 227.00 | 1.35 | 1.07 | 11.3 | 4.0 | |
MU20-020A | 271.50 | 271.80 | 0.30 | 0.17 | 4.1 | 0.2 | |
MU20-020A | 339.60 | 346.05 | 6.45 | 2.77 | 1.7 | 1.6 | |
MU20-020A | 351.60 | 352.10 | 0.50 | 0.23 | 5.7 | 0.4 | |
MU20-021 | 56.00 | 56.70 | 0.70 | 0.54 | 1.8 | 0.3 | |
MU20-021 | 70.00 | 71.20 | 1.20 | 1.06 | 2.4 | 0.9 | |
MU20-021 | 186.60 | 187.30 | 0.70 | 0.50 | 16.7 | 2.8 | |
MU20-021 | 201.45 | 204.00 | 2.55 | 2.28 | 5.4 | 4.1 | |
MU20-021 | 248.20 | 250.00 | 1.80 | 1.10 | 32.5 | 11.9 | |
MU20-021 | 283.65 | 284.00 | 0.35 | 0.27 | 2.8 | 0.3 | |
MU20-021 | 293.55 | 297.70 | 4.15 | 4.08 | 5.2 | 5.2 | |
MU20-021 | 314.20 | 316.00 | 1.80 | 1.23 | 3.1 | 1.3 | |
MU20-021 | 354.60 | 355.10 | 0.50 | 0.40 | 92.2 | 12.3 | |
MU20-021 | 396.95 | 397.30 | 0.35 | 0.23 | 17.4 | 1.3 | |
MU20-022 | 62.20 | 63.40 | 1.20 | 0.72 | 6.3 | 1.5 | |
MU20-022 | 149.50 | 149.90 | 0.40 | 0.15 | 4.8 | 0.2 | |
MU20-022 | 208.30 | 209.80 | 1.50 | 1.11 | 16.4 | 6.1 | |
MU20-022 | 243.40 | 244.00 | 0.60 | 0.22 | 2.9 | 0.2 | |
MU20-022 | 286.40 | 286.70 | 0.30 | 0.19 | 4.4 | 0.3 | |
MU20-022 | 369.80 | 370.50 | 0.70 | 0.45 | 8.0 | 1.2 | |
MU20-023 | 12.55 | 13.25 | 0.70 | 0.45 | 4.4 | 0.7 | |
MU20-023 | 54.10 | 54.75 | 0.65 | 0.27 | 6.8 | 0.6 | |
MU20-023 | 106.55 | 107.65 | 1.10 | 0.73 | 10.9 | 2.7 | |
MU20-023 | 114.05 | 114.70 | 0.65 | 0.44 | 119.2 | 17.5 | |
MU20-023 | 129.30 | 129.70 | 0.40 | 0.29 | 45.6 | 4.4 | |
MU20-023 | 175.65 | 175.95 | 0.30 | 0.19 | 4.2 | 0.3 | |
MU20-023 | 241.90 | 242.30 | 0.40 | 0.21 | 7.6 | 0.5 | |
MU20-024 | 29.90 | 30.65 | 0.75 | 0.51 | 25.3 | 4.3 | |
MU20-024 | 54.50 | 54.85 | 0.35 | 0.18 | 9.6 | 0.6 | |
MU20-024 | 61.75 | 62.35 | 0.60 | 0.25 | 36.7 | 3.1 | |
MU20-024 | 188.60 | 195.30 | 6.70 | 5.01 | 3.4 | 3.4 | |
MU20-025 | 106.55 | 107.25 | 0.70 | 0.32 | 58.5 | 6.2 | |
MU20-025 | 122.60 | 122.90 | 0.30 | 0.23 | 3.2 | 0.2 | |
MU20-025 | 326.40 | 326.80 | 0.40 | 0.24 | 17.4 | 1.4 | |
MU20-037 | 161.90 | 162.20 | 0.30 | 0.21 | 4.4 | 0.3 | |
MU20-037 | 203.35 | 203.70 | 0.35 | 0.23 | 2.6 | 0.2 | |
MU20-037 | 326.50 | 326.90 | 0.40 | 0.24 | 4.6 | 0.4 | |
MU20-038 | 93.10 | 94.90 | 1.80 | 1.23 | 2.9 | 1.2 | |
MU20-038 | 99.40 | 99.80 | 0.40 | 0.25 | 5.5 | 0.5 | |
MU20-038 | 131.00 | 131.60 | 0.60 | 0.42 | 1.6 | 0.2 | |
MU20-038 | 175.00 | 176.00 | 1.00 | 0.73 | 14.6 | 3.6 | |
MU20-038 | 321.40 | 321.70 | 0.30 | 0.14 | 18.6 | 0.9 |
Notes
- 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.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
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