Mandalay Resources Corporation Intersects 0.11 Metres of 460.5 g/t Gold and 0.20 Metres of 165.1 g/t Gold in Initial Stepout Drill Hole Under the Youle Deposit
TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide preliminary details on the initial intercepts into a newly discovered veining horizon underneath and related to the Youle deposit at its Costerfield operations (Victoria, Australia).
- 460.5 g/t gold over a partially recovered true width of 0.11 m in BC176; and
- 165.1 g/t gold over a true width of 0.20 m in BC176W1 wedge hole off BC176.
- True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
- Further intercept details can be found in Table 1 in the Appendix to this document.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “We are excited by the initial drill hole underneath the Youle deposit as it returned a very significant intersection of high gold grades in both the parent hole and confirmatory wedge hole approximately one metre away. At approximately 90 metres below the last intercept on Youle, this discovery may indicate a new gold mineralized structure below and separate from the high-grade Youle deposit. This is a major milestone for our exploration program so early in the year and reinforces our planned 2021 program of deeper drilling below several of the known deposits.”
The Initial Intercept
Study of the structural dynamics within and surrounding the Youle deposit highlighted the distinct probability of a continuation to auriferous veining within a subvertical geometry underneath the westerly-dipping Youle deposit. BC176 was the initial drill hole within the program to test this target. At approximately 90 metres below the deepest known intercept on Youle and 200 metres below current on vein development, BC176 intercepted a quartz structure with abundant visible gold (Figure 1 and 3). Unfortunately, the intercept was not fully recovered and it is estimated that approximately 40% of the intercept was ground away in the drilling process. 0.58 m (down hole length) of core containing the auriferous quartz vein was recovered assaying 460.5 g/t gold.
Figure 1. Photograph of the BC176 intercept with enlarged image of the gold seen on the edge of the core.
As the intercept was not fully recovered, a casing wedge was set 20 m above the initial intercept and another capture of the vein was achieved approximately 1 m to the south. This time the vein was fully recovered and a 0.20 m vein was observed. Again, the vein exhibited grains of gold through the quartz alongside blebs of stibnite (Figure 2). This vein was also sampled and assayed at 165.1 g/t gold over a true width of 0.20 m.
Figure 2. Photograph of the BC176W1 intercept which is a twin of the initial poorly recovered BC176 intercept. The figure also shows an image of a gold grain approximately 2 mm in diameter taken under microscope.
Measurements from the oriented core show this intercept to be subvertical to east dipping which is a stark contrast to the predominantly westerly dipping Youle vein, however, analogues can be found in the upper portions of Youle and the historic Costerfield mine where subvertical auriferous veining is prevalent. Within BC176 other quartz veining was intercepted including a west-dipping laminated quartz vein and another subvertical vein in the same orientation as the gold bearing vein. To date, gold has not been visually detected in the other veins and the remaining core has not yet been sampled. Structural interpretation and the relationship to Youle proper is also only preliminary at this time.
Drilling is ongoing to test the extent of the visually auriferous, veining and the parallel vein sets. Mandalay will continue to supply updates as more results become available.
Figure 3. Longitudinal section of Youle illustrating the location of the BC176 and BC176W1 intercept. As the intercepts are within 1m of each, one dot portrays both intercepts.
- True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
Drilling and Assaying
All 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 analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled “Costerfield Operation, Victoria, Australia NI 43-101 Report” dated March 30, 2020, 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 theYouledeposit(Costerfield).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. Youle Extensional Drilling Composites
|AuEq (g/t) over|
|1.||The AuEq (gold equivalent) grade is calculated using the following formula:|
|AuEq g per t = Au g per t + Sb% × ||Au price per g × Au processing recovery|
|Sb price per 10kg×Sb processing recovery|
|Figures used are based on a 9-month average from April through December of 2020: Au $/oz = 1,834 Sb $/t = 5,672 Au Recovery = 91.2% and Sb Recovery = 96.6%|
|2.||True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.|
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
Eckert & Ziegler’s GalliaPharm® distributed by Curium in France2.3.2021 01:15:00 CET | Press release
Berlin, Germany and Paris, France, March 01, 2021 (GLOBE NEWSWIRE) -- Eckert & Ziegler Radiopharma GmbH and Curium PET France have decided to reinforce their existing long term partnership by extending their agreement for the distribution of Galliapharm® generators in France, Curium being the partner of choice given the national coverage of its PET network in France . "Achieving greater market penetration for our core product GalliaPharm® is the focus of our sales strategy. With its established network in France, Curium is thus perfectly qualified to be our partner," Dr. Harald Hasselmann, member of the Executive Board of Eckert & Ziegler AG and responsible for the Medical segment, explained. “In the coming years, Gallium-68 based diagnostics will become even more prevalent than today. Eckert & Ziegler is ideally equipped to serve these market needs. Since currently several clinical studies are conducted worldwide with so-called theranostics, we expect an increasing demand for both, th
CrossAmerica Partners LP Reports Fourth Quarter and Year-End 2020 Results1.3.2021 22:15:00 CET | Press release
Allentown, March 01, 2021 (GLOBE NEWSWIRE) -- CrossAmerica Partners LP Reports Fourth Quarter and Year-End 2020 Results Reported Fourth Quarter 2020 Operating Income of $8.1 million and Net Income of $9.0 million compared to Operating Income of $9.4 million and Net Income of $4.3 million for the Fourth Quarter 2019Generated Fourth Quarter 2020 Adjusted EBITDA of $24.4 million and Distributable Cash Flow of $26.2 million compared to Fourth Quarter 2019 Adjusted EBITDA of $25.6 million and Distributable Cash Flow of $18.8 millionReported Fourth Quarter 2020 Gross Profit for the Wholesale Segment of $36.8 million compared to $32.7 million of Gross Profit for the Fourth Quarter 2019Reported Fourth Quarter 2020 Gross Profit for the Retail Segment of $19.5 million compared to $2.3 million of Gross Profit for the Fourth Quarter 2019Distributed 308.5 million wholesale fuel gallons during the Fourth Quarter 2020 at an average wholesale fuel margin per gallon of 7.8 cents Reported Full Year 2020
Historic Hyperloop Vehicle to be Unveiled to the Public at the Smithsonian FUTURES Exhibition this Fall1.3.2021 21:32:46 CET | Press release
Vehicle made history in November 2020 carrying the world’s first hyperloop passengers Virgin Hyperloop joins the ranks of cutting-edge innovations debuted at Smithsonian WASHINGTON, March 01, 2021 (GLOBE NEWSWIRE) -- Just months after the world’s first hyperloop passenger testing, Virgin Hyperloop today announced that the passenger-carrying vehicle, dubbed “Pegasus,” will be making its public debut at the Smithsonian Arts + Industries Building in November 2021. Previously, the Building has showcased world-changing inventions like Edison’s lightbulb, the first telephones, and Apollo rockets. “Growing up, I spent family vacations at the Smithsonian National Air and Space Museum, seeing first-hand how engineers could change the world,” said Josh Giegel, CEO and Co-Founder of Virgin Hyperloop. “Having the vehicle the Virgin Hyperloop team created on display at the Smithsonian, inspiring the next generation of engineers to think big, is truly a dream come true.” The historic Arts + Industri
GOGL – Special General Meeting1.3.2021 21:00:00 CET | Press release
1 March 2021 Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (the "Company”) advises that a Special General Meeting of the Company will be held on 26 March 2021 to consider a proposal to increase the Company's authorized share capital. The record date for voting at the Special General Meeting is set to 3 March 2021. The notice, agenda and any associated material will be distributed prior to the meeting. The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda This information is subject of the disclosure requirements pursuant to Euronext Oslo Rule Book II item 4.2.4.
PRESS RELEASE: BIGBEN - DESCRIPTION OF THE SHARE BUY BACK PROGRAMME1.3.2021 18:35:00 CET | Press release
Press release Lesquin, 1st March 2021 17:45hrs Description of the share buy back programme authorised by the Combined general meeting of 30 July 2020 and implemented by the Board of directors of 1 March 2021 Bigben Interactive announces the implementation of its share buyback programme authorised by the General Meeting of Shareholders on 30 July 2020. In this respect, the Company has provided an investment services provider, CIC Market Solutions, with a mandate to acquire shares. 1.Legal framework Pursuant to the provisions of Articles L. 225-209 et seq. of the French Commercial Code, Articles 241-1 to 241-7 of the General Regulations of the Autorité des Marchés Financiers (the French Stock Exchange Authority) and EU Regulation No. 596/2014 of the European Parliament and of the European Council of 16 April 2014 on market abuse, the aim of this description is to present the purpose and terms of the Company's share buyback programme. 2. Date of the combined general meeting of shareholder
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER1.3.2021 16:20:00 CET | Press release
Bid procedure, 2021-03-03CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2021-09-03 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-02-22 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-03-03Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s
RAPALA VMC CORPORATION - NOTICE TO THE ANNUAL GENERAL MEETING1.3.2021 16:00:00 CET | Press release
Rapala VMC Corporation Stock Exchange Release March 1, 2021 at 17:00 p.m. RAPALA VMC CORPORATION - NOTICE TO THE ANNUAL GENERAL MEETING Notice is given to the shareholders of Rapala VMC Corporation (“Rapala” or the “Company”) to the Annual General Meeting to be held on Thursday 25 March 2021 starting at 10:00 a.m. (EET) at the address Mäkelänkatu 91, 00610, Helsinki, Finland. The Company’s Board of Directors has resolved on exceptional meeting procedures based on the temporary legislative act to limit the spread of the Covid-19 pandemic (677/2020), which entered into force on 3 October 2020. In order to ensure the health and safety of the shareholders, employees and other stakeholders of the Company, the Annual General Meeting will be organized without shareholders’ and their proxy representatives’ presence at the Annual General Meeting venue. Shareholders can participate in the Annual General Meeting and use their shareholder rights in connection with the Annual General Meeting by vot