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Sounds impressive NYBob.
$bigone MANDALAYS MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville
Kirklands Lake highgrade mine
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
It is looking to be a good one so far.
This is outstanding!
Mandalay Resources C (MND)
2.45 ? 0.4 (19.51%)
Volume: 59,478 @12/13/21 3:59:56 PM EST
Bid Ask Day's Range
2.39 2.64 2.05 - 2.45
TSX:MND Detailed Quote
https://investorshub.advfn.com/Mandalay-Resources-Corporation-Elgin-Mining-Inc-6067
$bigone Is 2022 The Year For Mandalay Resources Corp. (MNDJF) Gold & Silver? If The Central Banks & Private Citizens Keep Buying, It Will Be!
699 views Dec 8, 2021
Mandalay Resources C (MNDJF)
1.6 ? -0.007 (-0.44%)
Volume: 2,113 @12/10/21 1:05:52 PM EST
Bid Ask Day's Range
1.39 2.37 1.59 - 1.6
MNDJF Detailed Quote
Mandalay Resources / EPS $0.63 / PE Ratio 4.50 / smile)
@ Exchange
TSX
https://stockhouse.com/companies/quote?symbol=t.mnd
That would make it a very under valued stock.
Mandalay Resources / EPS $0.63 / PE Ratio 4.50 / )
@ Exchange
TSX
https://stockhouse.com/companies/quote?symbol=t.mnd
Very good find so close.
$Mandalay Resources High-Grade Gold Discovered at the Brown’s
Prospect
Oct 26, 2021
Mandalay Resources
Ready for blast off!
Gold is About to Enter it's Next Leg-Up Michael Oliver:
22,838 views Nov 10, 2021
Thanks for sharing NYBob.
Another strong day for gold again today.
$Mandalay Resources Corporation Announces Financial Results for the Third Quarter of 2021 more
https://mandalayresources.com/
https://mandalayresources.com/news/
$MANDALAY RESOURCES CORPORATION ANNOUNCES FINANCIAL
RESULTS FOR THE SECOND QUARTER OF 2021
TORONTO, ON, August 11, 2021 --
Ex....
$Kirkland Lake Gold beside Mandalay's Mine High Grade -
KL should buy MNDJF which is very oversold & undervalued,
IMO!
Announces New High-Grade, Visible-Gold Bearing
Intersections Down-Plunge of Swan Zone, at Cygnet and at Robbin’s Hill
– Fosterville Mine
August 30, 2021
https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Announces-New-High-Grade-Visible-Gold-Bearing-Intersections-Down-Plunge-of-Swan-Zone-at-Cygnet-and-at-Robbins-Hill--Fosterville-Mine/default.aspx
$Mandalay Resources Corporation ("Mandalay" or the
"Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the
quarter ended June 30, 2021.
The Company’s condensed and consolidated interim financial results for the quarter ended June
30, 2021, together with its Management’s Discussion and Analysis (“MD&A”) for the
corresponding period, can be accessed under the Company’s profile
on www.sedar.com and on
the Company’s website at
http://www.mandalayresources.com
$All currency references in this press
release are in U.S. dollars except as otherwise indicated.
Second Quarter 2021 Highlights:
• Quarterly revenue of $51.4 million – second highest since Q2 2016;
• Adjusted EBITDA of $23.1 million;
• $12.7 million free cash flow and $26.6 million in net cash flow from operating activities;
• Adjusted net income of $11.5 million ($0.13 or C$0.15 per share);
• Consolidated net income of $4.8 million ($0.05 or C$0.06 per share);
and
• Quarter ending cash balance of $39.1 million.
Dominic Duffy, President and CEO of Mandalay, commented:
“Mandalay Resources is pleased to deliver strong financial results for the second quarter of 2021,
as the Company continues to execute against our operational strategy and is on track to attain
our 2021 production and cost guidance.
During the second quarter, the Company generated $12.7 million in free cash flow and ended the
quarter with a cash balance of $39.1 million. As the Company continues to generate strong free
cash flow, the emerging strength of our balance sheet significantly improves our abilities to fund
near-term growth opportunities. During this quarter, the Company also repaid $3.8 million
towards our Syndicated Facility leaving $51.4 million owing.”
Mr. Duffy continued, “During the quarter the Company generated $51.4 million in consolidated
revenue and $23.1 million in adjusted EBITDA, resulting in an EBITDA margin of 45%, and a year
to date adjusted EBITDA of $49.2 million. Mandalay earned $11.5 million ($0.13 or C$0.15 per
share) in adjusted net income during the second quarter, marking our sixth consecutive quarter
of profitability.”
Mr. Duffy added, “Our consolidated cash and all-in sustaining costs per saleable gold equivalent
ounce during the second quarter of 2021 were $960 and $1,342, respectively, an increase as
compared to the $851 and $1,230 during the same period last year. The main reasons for this
were due to foreign exchange movements, with local currencies strengthening against the U.S.
dollar, a decrease in gold production at Björkdal for the quarter due to lower grade stoping and
increased infill exploration spend at both sites.
https://mandalayresources.com/site/assets/files/3116/mnd_q2_2021_fpr_final.pdf
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
• Consolidated saleable gold equivalent production of 28,843 ounces –
fourth consecutive
quarter of increased production; and
• Consolidated 28,115 ounces of gold equivalent sold – second highest
quarterly amount in
three years (since Q2 2018).
Dominic Duffy, President and CEO of Mandalay, commented:
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021
https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html
https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
Mandalay Resources C (MNDJF)
1.71 ? -0.01 (-0.58%)
Volume: 205 @09/28/21 11:47:14 AM EDT
Bid Ask Day's Range
1.7 1.73 1.71 - 1.71
MNDJF Detailed Quote
Sounds like a very good suggestion NYBob.
$MANDALAY RESOURCES CORPORATION ANNOUNCES FINANCIAL
RESULTS FOR THE SECOND QUARTER OF 2021
TORONTO, ON, August 11, 2021 --
Ex....
$Kirkland Lake Gold beside Mandalay's Mine High Grade -
KL should buy MNDJF which is very oversold & undervalued,
IMO!
Announces New High-Grade, Visible-Gold Bearing
Intersections Down-Plunge of Swan Zone, at Cygnet and at Robbin’s Hill
– Fosterville Mine
August 30, 2021
https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Announces-New-High-Grade-Visible-Gold-Bearing-Intersections-Down-Plunge-of-Swan-Zone-at-Cygnet-and-at-Robbins-Hill--Fosterville-Mine/default.aspx
$Mandalay Resources Corporation ("Mandalay" or the
"Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the
quarter ended June 30, 2021.
The Company’s condensed and consolidated interim financial results for the quarter ended June
30, 2021, together with its Management’s Discussion and Analysis (“MD&A”) for the
corresponding period, can be accessed under the Company’s profile
on www.sedar.com and on
the Company’s website at
http://www.mandalayresources.com
$All currency references in this press
release are in U.S. dollars except as otherwise indicated.
Second Quarter 2021 Highlights:
• Quarterly revenue of $51.4 million – second highest since Q2 2016;
• Adjusted EBITDA of $23.1 million;
• $12.7 million free cash flow and $26.6 million in net cash flow from operating activities;
• Adjusted net income of $11.5 million ($0.13 or C$0.15 per share);
• Consolidated net income of $4.8 million ($0.05 or C$0.06 per share);
and
• Quarter ending cash balance of $39.1 million.
Dominic Duffy, President and CEO of Mandalay, commented:
“Mandalay Resources is pleased to deliver strong financial results for the second quarter of 2021,
as the Company continues to execute against our operational strategy and is on track to attain
our 2021 production and cost guidance.
During the second quarter, the Company generated $12.7 million in free cash flow and ended the
quarter with a cash balance of $39.1 million. As the Company continues to generate strong free
cash flow, the emerging strength of our balance sheet significantly improves our abilities to fund
near-term growth opportunities. During this quarter, the Company also repaid $3.8 million
towards our Syndicated Facility leaving $51.4 million owing.”
Mr. Duffy continued, “During the quarter the Company generated $51.4 million in consolidated
revenue and $23.1 million in adjusted EBITDA, resulting in an EBITDA margin of 45%, and a year
to date adjusted EBITDA of $49.2 million. Mandalay earned $11.5 million ($0.13 or C$0.15 per
share) in adjusted net income during the second quarter, marking our sixth consecutive quarter
of profitability.”
Mr. Duffy added, “Our consolidated cash and all-in sustaining costs per saleable gold equivalent
ounce during the second quarter of 2021 were $960 and $1,342, respectively, an increase as
compared to the $851 and $1,230 during the same period last year. The main reasons for this
were due to foreign exchange movements, with local currencies strengthening against the U.S.
dollar, a decrease in gold production at Björkdal for the quarter due to lower grade stoping and
increased infill exploration spend at both sites.
https://mandalayresources.com/site/assets/files/3116/mnd_q2_2021_fpr_final.pdf
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
• Consolidated saleable gold equivalent production of 28,843 ounces –
fourth consecutive
quarter of increased production; and
• Consolidated 28,115 ounces of gold equivalent sold – second highest
quarterly amount in
three years (since Q2 2018).
Dominic Duffy, President and CEO of Mandalay, commented:
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021
https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html
https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
Thanks for sharing NYBob.
$MANDALAY RESOURCES CORPORATION ANNOUNCES FINANCIAL
RESULTS FOR THE SECOND QUARTER OF 2021
TORONTO, ON, August 11, 2021 --
Mandalay Resources Corporation ("Mandalay" or the
"Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the
quarter ended June 30, 2021.
The Company’s condensed and consolidated interim financial results for the quarter ended June
30, 2021, together with its Management’s Discussion and Analysis (“MD&A”) for the
corresponding period, can be accessed under the Company’s profile on www.sedar.com and on
the Company’s website at
http://www.mandalayresources.com
$All currency references in this press
release are in U.S. dollars except as otherwise indicated.
Second Quarter 2021 Highlights:
• Quarterly revenue of $51.4 million – second highest since Q2 2016;
• Adjusted EBITDA of $23.1 million;
• $12.7 million free cash flow and $26.6 million in net cash flow from operating activities;
• Adjusted net income of $11.5 million ($0.13 or C$0.15 per share);
• Consolidated net income of $4.8 million ($0.05 or C$0.06 per share);
and
• Quarter ending cash balance of $39.1 million.
Dominic Duffy, President and CEO of Mandalay, commented:
“Mandalay Resources is pleased to deliver strong financial results for the second quarter of 2021,
as the Company continues to execute against our operational strategy and is on track to attain
our 2021 production and cost guidance.
During the second quarter, the Company generated $12.7 million in free cash flow and ended the
quarter with a cash balance of $39.1 million. As the Company continues to generate strong free
cash flow, the emerging strength of our balance sheet significantly improves our abilities to fund
near-term growth opportunities. During this quarter, the Company also repaid $3.8 million
towards our Syndicated Facility leaving $51.4 million owing.”
Mr. Duffy continued, “During the quarter the Company generated $51.4 million in consolidated
revenue and $23.1 million in adjusted EBITDA, resulting in an EBITDA margin of 45%, and a year
to date adjusted EBITDA of $49.2 million. Mandalay earned $11.5 million ($0.13 or C$0.15 per
share) in adjusted net income during the second quarter, marking our sixth consecutive quarter
of profitability.”
Mr. Duffy added, “Our consolidated cash and all-in sustaining costs per saleable gold equivalent
ounce during the second quarter of 2021 were $960 and $1,342, respectively, an increase as
compared to the $851 and $1,230 during the same period last year. The main reasons for this
were due to foreign exchange movements, with local currencies strengthening against the U.S.
dollar, a decrease in gold production at Björkdal for the quarter due to lower grade stoping and
increased infill exploration spend at both sites.
https://mandalayresources.com/site/assets/files/3116/mnd_q2_2021_fpr_final.pdf
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
• Consolidated saleable gold equivalent production of 28,843 ounces –
fourth consecutive
quarter of increased production; and
• Consolidated 28,115 ounces of gold equivalent sold – second highest
quarterly amount in
three years (since Q2 2018).
Dominic Duffy, President and CEO of Mandalay, commented:
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021
https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html
https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
https://youtu.be/7HcWQpojnHY
https://mandalayresources.com/news/mandalay-resources-extends-the-newly-discovered-shepherd-zone-and-provides-update-on-the-costerfield-mineral-system/
https://mandalayresources.com/news/
Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
T.MND | 7 hours ago
Eastern and Western veining horizons are extended in the Shepherd Zone, with numerous high-grade gold intercepts along a 400 metre strike extent
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on the newly discovered Shepherd Zone at its Costerfield Operation in Victoria, Australia.
The Eastern vein has now been traced over 300 metres (“m”) of strike length and approximately 100 m in vertical extent. The mineralization remains open to the south and at depth (Figure 2).
The Western vein has now been traced over 400 m of strike length and approximately 100 m in vertical extent and remains open to the south and at depth (Figure 4).
$New Drilling Highlights:
Eastern Veining
172.3 g/t gold over true width of 0.27 m in BC213; and
69.5 g/t gold over true width of 1.11 m in BC210 including:
406.0 g/t gold over true width of 0.14 m
Western Veining
33.7 g/t gold over true width of 3.22 m in BC201 including:
127.0 g/t gold over true width of 0.69 m ;
712 . 8 g/t gold over true width of 0.10 m in BC205; and
19.4 g/t gold over true width of 4.84 m in BC210 including:
657.3 g/t gold over true width of 0.13 m
https://mandalayresources.com/news/
So in the coming weeks and months when you see MND going from its current
price to over $10 USD per share,
it will be because big money knows this is another FOSTERVILLE
and they will reprice the stock after the last of
the small retail investors are out.
IMHO the current yoyo trading action is a few market makers
trying to pick off the last of the few remaining loose shares.
by ganndolph1 (174) sth.
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=33208812
$Costerfield = Fosterville = BESIDE KIRKLAND LAKE GOLD MINE = WHY KL
SHOULD BUY IT = at depth, where gold at depth is in high grade veins
in quartz with stibnite largely absent.
$The following link shows the Mandalay Resources drilling addressed in
the news release.
https://youtu.be/riDBUuHcT3M
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while
20,000 square meters times an average of 12.2 g/t over a 1.8 meter
mining width based on 4 holes equates to another 42,000 ounces of free
gold at the Western Vein.
Since these results are based on two drilling platforms confirming these
high grade gold intercepts from two different angles, small wonder why
the company has accelerated its exploration drilling program.
This reminds me of Crocodile Gold, except in the case of
Mandalay Resources, 80 percent of the stock is in the hands of large
institutional firms.
Yet their market makers are still capping this stock at
$2.00 USD per share, and hoping that retail investors would
cough up their shares at that bottom basement price.
$MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA -
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
• Consolidated saleable gold equivalent production of 28,843 ounces –
fourth consecutive
quarter of increased production; and
• Consolidated 28,115 ounces of gold equivalent sold – second highest
quarterly amount in
three years (since Q2 2018).
Dominic Duffy, President and CEO of Mandalay, commented:
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021
https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html
https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 —
https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf
$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.
Second Quarter 2021 Production Highlights:
• Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
https://youtu.be/7HcWQpojnHY
https://mandalayresources.com/news/mandalay-resources-extends-the-newly-discovered-shepherd-zone-and-provides-update-on-the-costerfield-mineral-system/
https://mandalayresources.com/news/
Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
T.MND | 7 hours ago
Eastern and Western veining horizons are extended in the Shepherd Zone, with numerous high-grade gold intercepts along a 400 metre strike extent
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on the newly discovered Shepherd Zone at its Costerfield Operation in Victoria, Australia.
The Eastern vein has now been traced over 300 metres (“m”) of strike length and approximately 100 m in vertical extent. The mineralization remains open to the south and at depth (Figure 2).
The Western vein has now been traced over 400 m of strike length and approximately 100 m in vertical extent and remains open to the south and at depth (Figure 4).
$New Drilling Highlights:
Eastern Veining
172.3 g/t gold over true width of 0.27 m in BC213; and
69.5 g/t gold over true width of 1.11 m in BC210 including:
406.0 g/t gold over true width of 0.14 m
Western Veining
33.7 g/t gold over true width of 3.22 m in BC201 including:
127.0 g/t gold over true width of 0.69 m ;
712 . 8 g/t gold over true width of 0.10 m in BC205; and
19.4 g/t gold over true width of 4.84 m in BC210 including:
657.3 g/t gold over true width of 0.13 m
https://mandalayresources.com/news/
So in the coming weeks and months when you see MND going from its current
price to over $10 USD per share,
it will be because big money knows this is another FOSTERVILLE
and they will reprice the stock after the last of
the small retail investors are out.
IMHO the current yoyo trading action is a few market makers
trying to pick off the last of the few remaining loose shares.
by ganndolph1 (174) sth.
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=33208812
$Costerfield = Fosterville = BESIDE KIRKLAND LAKE GOLD MINE = WHY KL
SHOULD BUY IT = at depth, where gold at depth is in high grade veins
in quartz with stibnite largely absent.
$The following link shows the Mandalay Resources drilling addressed in
the news release.
https://youtu.be/riDBUuHcT3M
$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while
20,000 square meters times an average of 12.2 g/t over a 1.8 meter
mining width based on 4 holes equates to another 42,000 ounces of free
gold at the Western Vein.
Since these results are based on two drilling platforms confirming these
high grade gold intercepts from two different angles, small wonder why
the company has accelerated its exploration drilling program.
This reminds me of Crocodile Gold, except in the case of
Mandalay Resources, 80 percent of the stock is in the hands of large
institutional firms.
Yet their market makers are still capping this stock at
$2.00 USD per share, and hoping that retail investors would
cough up their shares at that bottom basement price.
$MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA -
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Very good news! Thanks NYBob.
$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021
https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html
https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf
$bigone thanks; This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
That is a super find!
$bigone thanks; This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.
10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
Thanks so much NYBob.
$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021
So in the coming weeks and months when you see MND going from its current
price to over $10 USD per share,
it will be because big money knows this is another FOSTERVILLE
and they will reprice the stock after the last of
the small retail investors are out.
IMHO the current yoyo trading action is a few market makers
trying to pick off the last of the few remaining loose shares.
by ganndolph1 (174) sth.
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=33208812
$Costerfield = Fosterville = BESIDE KIRKLAND LAKE GOLD MINE = WHY KL
SHOULD BUY IT = at depth, where gold at depth is in high grade veins
in quartz with stibnite largely absent.
$The following link shows the Mandalay Resources drilling addressed in
the news release.
What potential they seem to have. Thanks for sharing NYBob.
$Costerfield = Fosterville = BESIDE KIRKLAND LAKE GOLD MINE = WHY KL
SHOULD BUY IT = at depth, where gold at depth is in high grade veins
in quartz with stibnite largely absent.
$The following link shows the Mandalay Resources drilling addressed in
the news release.
bigone thanks; Some sizable numbers. We were with Mandalay a few years
ago.
$ganndolph, any comments? AlfTanner -
The following link shows the Mandalay Resources drilling addressed in
the news release.
$ganndolph, any comments? AlfTanner -
The following link shows the Mandalay Resources drilling addressed in
the news release.
$bigone thanks; MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA -
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Some sizable numbers. We were with Mandalay a few years ago.
$RE: ganndolph, any comments?
AlfTanner,
The following link shows the Mandalay Resources drilling addressed in
the news release.
$MANDALAY RESOURCES CORPORATION DISCOVERS NEW GOLD
RICH STRUCTURAL DOMAIN BELOW THE YOULE MINE
Newly-discovered Shepherd Zone contains coarse visible gold in two major
veining horizons
TORONTO, ON, April 26, 2021 –
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
Mandalay Resources Corporation ("Mandalay" or the
"Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide preliminary details on the newlydiscovered structural domain below the Youle deposit named the Shepherd Zone at its
Costerfield Operation (Victoria, Australia), containing coarse visible gold in two major veining
horizons.
Drilling highlights:
Eastern Veining
• 23.6 g/t gold over true width of 6.27 m in BC187; and
• 426.7 g/t gold over a true width of 0.77 m in BC193
Western Veining
• 231.0 g/t gold over a true width of 0.18 m in BC187; and
• 460.5 g/t gold over a true width of 0.11 m in BC176 (previously reported)
Note: Further intercept details including a breakdown of the aggregated 6.27m intercept in BC187 can be found
in Table 1 in the Appendix to this document.
Dominic Duffy, President and CEO of Mandalay, commented: “Follow-up drilling on the recently
released Youle depth discovery has yielded extremely exciting results, which verified the grade
and continuity of the initial discovery, and also intercepted further significant-grade veining just
below the currently planned depth extent of Youle development.”
Mr. Duffy continued, “The orientation of the new veins is east dipping and due to the location
of Youle’s access development, this target although anticipated, had not been able to be
adequately tested until now from newly developed drilling platforms to the east of Youle.”
Mr. Duffy continued, “This discovery could mark yet another step change for Costerfield, which
is already one of the world’s highest-grade producing gold mines with a Proven and Probable
Mineral Reserves grade of 12.8 g/t gold and 3.5% antimony. With this discovery, we see that
the endowment of gold increases within the diffuse fracture network, and the system continues
to grade towards comparable veining at the nearby, word-class Fosterville deposit.”
Mr. Duffy continued, “In light of these results, we are accelerating our underground drilling to
expedite our understanding of this veining along strike and at depth. Our mine engineering
team has accessed additional underground drilling platforms within the Youle infrastructure,
which will allow us to increase the number of underground drill rigs in the coming months.”
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 explain the information
in this release. The video can be found on Mandalay’s website or by clicking here.”
A New Structural Domain – Shepherd Zone
In January 2021, an initial step-out hole intercepted what the Company now refers to as the
Western Veining within the Shepherd Zone. This initial intercept in BC176 (0.11 m @ 460.5 g/t
gold) was a subvertical to east dipping quartz vein. Follow-up drilling was undertaken, however,
due to its orientation the vein could not be properly targeted until another underground drilling
platform was developed in March (Figure 1). BC187 was the first hole drilled from this new
footwall location and, while it confirmed the targeted Western Vein (0.18m @ 231.0 g/t gold),
it also intercepted a parallel swarm of veins proximal and adjacent to the Youle orebody. This
new horizon currently consists of 5 major quartz veins, all exhibiting coarse gold with intense
sulphide alteration surrounding the veins. The composite grade of this veining is 23.6 g/t gold
over a true width of 6.27 m.
The presence and orientation of this veining is an exciting discovery that confirms Mandalay’s
targeting strategy, which was updated following completion of the 2019 Costerfield Deeps
drilling. This ambitious program completed a 1.7 km drillhole (CD001) that swept underneath
the Youle orebody, with the objective of developing a better understanding of the relationship
between geological structure and mineralization at depth. Detailed geochemical analysis and
mineralogical speciation of this drill hole identified a large hydrothermal zone at a vertical depth
of ~900 m (300RL). Structurally this system is interpreted to be the feeder zone to the new
discovery and the Youle orebody. This updated interpretation directly led to the new discovery,
and with this understanding the Company can infer an additional 300 m depth potential to this
find.
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 ...
January 29 2021 - 07:30AM
GlobeNewswire Inc.
Share On Facebook
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).
Highlights:
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.
Notes:
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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c26085d-6aba-4324-b007-3b5b68ada343
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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c860088-2d9e-4726-a166-669b3544252e
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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ee0b9cb-729f-4940-8a7f-27d6cb8548b5
Notes:
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.
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 securities laws, including statements regarding the exploration and development potential of the Youle deposit (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.
Appendix
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
BC176 194.67 195.25 0.58 0.11 460.5 0.1 460.6 28.1
BC076W1 194.96 195.32 0.36 0.20 165.1 0.0 165.1 18.3
Notes:
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.
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Bjorkdal Gold Mine, Sweden
Costerfield gold and antimony mine in Australia
Mandalay Resources sees encouraging results from extension drilling
at Aurora target on its Björkdal gold mine
https://ca.proactiveinvestors.com/companies/news/934810/mandalay-resources-sees-encouraging-results-from-extension-drilling-at-aurora-target-on-its-bjrkdal-gold-mine-934810.html
Extension drilling at Aurora returned results of 4.8 grams per ton (g/t)
gold over around 2.5 metres in one hole and 2.7 g/t gold over 2.8
metres in another, indicating the plunge extent of Aurora is still open
at depth
Mandalay Resources Corp. -
Definition drilling to the east also revealed results of 8.1 g/t gold
over a true width of 3 metres and 3 g/t gold over 3.5 metres
Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF)
revealed positive drill results from the Aurora target at its
Björkdal gold mine in Sweden that highlighted the open plunge extension
and an emerging new high-grade area.
The Canadian miner said Tuesday that extension drilling at Aurora returned results of 4.8 grams per ton (g/t) gold over around 2.5 metres in one hole and 2.7 g/t gold over 2.8 metres in another, indicating the plunge extent of Aurora is still open at depth.
Definition drilling to the east also revealed results of 8.1 g/t gold over a true width of 3 metres and 3 g/t gold over 3.5 metres.
READ: Mandalay Resources reports 'stellar' performance in 3Q, thanks to metals prices and its Australia mine
Further results also provided grade information on the stacked set of veins that are found in the footwall and hanging wall, where drilling returned values of 14.5 g/t gold over 2.9 metres, 38.7 g/t gold over 0.6 metres and 55.6 g/t gold over 0.3 metres.
North-South cross section illustrating the location and orientation of the new intercepts surrounding Aurora
Mandalay CEO Dominic Duffy told shareholders that the results come at a time when ore production from Aurora is ramping up and “becoming the most significant ore source” for its Swedish mining operation.
“With the exceptional grades seen at Aurora, its extension - both to the east and west - represents an important incremental step for Björkdal providing the foundation to bolster overall feed grade and extend mine life,” Duffy said in a statement. “We are also encouraged by some very high-grade intercepts of veins in close proximity to Aurora which will also be a focus of additional drilling going forward.”
Given the intricate nature of the vein system and gold enrichment in and around the area, Mandalay said it is necessary to conduct a targeted definition drilling program to optimize ore extraction at Björkdal.
Toronto-based Mandalay expects its extension campaign to continue into 2021.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas
Quick facts: Mandalay Resources Corp.
Price: 1.44 CAD
TSX:MND
Mandalay Resources lifts full-year consolidated gold-equivalent
output guidance after strong 3Q in Australia
In the three months to end-September, the miner produced 22,793
consolidated saleable gold ounces, which was the best quarterly result
since the fourth quarter of 2017
At the Costerfield mine, the Youle vein continues to deliver excellent
results, the firm said
Mandalay Resources Corp. -
At the Costerfield mine, the Youle vein continues to deliver excellent
results, the firm said
Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF) (FRA:R7X2) has
raised its guidance for full-year gold-equivalent ounce production
across its mines, thanks to a very strong performance from its
Australian operation in the third quarter.
In the three months to end-September, the miner produced 22,793
saleable
gold ounces from Costerfield in Australia, together with
Björkdal in Sweden, which was the best quarterly consolidated result
since the fourth quarter of 2017.
READ: Mandalay Resources reports "excellent" financial performance in
second quarter amid rising gold price
It was also the fourth consecutive quarter-over-quarter improvement in
consolidated saleable gold production.
"Mandalay continues to build upon the momentum generated during the
first half of the year by delivering another strong production and
sales quarter. We expect to fulfil or outperform our consolidated 2020
production guidance on a gold equivalent ounces basis ...," said
Dominic Duffy, the CEO of the metals miner.
Based on revised metals prices (namely, not those used for the forecast
in January this year), the firm now expects consolidated gold-
equivalent ounces to be between 100,000 and 109,000 ounces for the year
to December 31 - up from between 93,000 and 106,000 ounces.
At the Costerfield Gold & Antimony Mine,
the Youle vein continues to deliver excellent results, with the head
grades averaging 11.54 grams per ton (g/t) and
4.1% for gold and
antimony processed, respectively, the firm noted.
Overall, the mine produced 14,620 sale able gold equivalent ounces,
comprising 11,749 saleable gold ounces and 991 tonnes of saleable
antimony.
The 1,036 tonnes of antimony sold during the quarter was Mandalay's
highest quarterly level since the first quarter of 2014.
Over in Sweden and Björkdal Gold Mine,
Mandalay highlighted that third-quarter production of
11,044 saleable gold ounces was in-line with the previous quarter, but
due to "dilution challenges" that the firm is "addressing", the site
was tracking below forecast production levels in the year-to-date.
But Duffy added: "Production for the remainder of the year is expected
to see some improvements and the focus will remain on capital
development to advance further down into
the Aurora zone’s higher-grades lower levels.
Aurora’s capital development and definition drilling highlighting
multiple vein structures parallel to Aurora sets up
Björkdal for a significantly stronger 2021."
In the third quarter, Björkdal sold 11,511 ounces of gold, compared to
13,006 ounces in the same quarter of 2019, while Costerfield sold
11,489 ounces of gold and 1,036 tonnes of antimony.
That compares to 3,126 ounces of gold and 412 tonnes of antimony in the
same period last year.
Metals producer Mandalay has producing assets in Australia and Sweden,
and care and maintenance and development projects in Chile.
It aims to grow output at its gold and antimony operation in Australia,
and gold production from its mine in Sweden to generate near-term cash
flow.
Shares in Toronto advanced almost 6.9% to C$1.71 each.
---Updates for share price---
Contact the author at giles@proactiveinvestors.com
Quick facts: Mandalay Resources Corp.
Price: 1.72 CAD
TSX:MND
Market: TSX
Market Cap: $156.84 m
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stocktrademan well ex. of KL drill results beside MND's gold mine:
Kirkland Lake Gold Announces New High-Grade Intersections at Fosterville Swan Zone, Drilling Expands Robbin’s Hill, Cygnet and Harrier Targets
Infill drilling into the Swan Mineral Reserves intersects higher than expected grades with visible-gold; results highlight potential to add ounces to existing Mineral Reserves
Key intercepts:
976 g/t Au over 7.4 m (ETW 7.0 m);
933 g/t Au over 6.4 m (ETW 5.8 m);
416 g/t Au over 6.8 m (ETW 5.6 m); and
222 g/t Au over 8.1 m (ETW 7.3 m)
Drill results at Robbin’s Hill confirm substantial scale of mineralized system; new intercepts identify potential Mineral Resource extensions and new mineralization surrounding the Curie Fault
Key intercepts:
30.8 g/t Au over 3.6 m (ETW 2.9 m) Curie Fault;
10.6 g/t Au over 1.6 m (ETW 1.6 m) Curie Fault;
9.6 g/t Au over 4.6 m (ETW 3.7 m) Curie Fault;
7.7 g/t Au over 3.7 m (ETW 2.8 m) Curie Fault;
5.0 g/t Au over 17.8m (ETW 11.7m) Curie Fault;
68.1 g/t Au(1) over 4.4 m (ETW 3.2 m) Herschel Fault
Visible-gold intercepts in holes RHD413 (Curie) and RHD411A (Curie HW)
Drilling of the Cygnet target demonstrates growth potential outside existing Mineral Resources
Key intercepts:
13.6 g/t Au over 6.6 m (ETW 5.9 m);
12.7g/t Au over 2.1 m (ETW 2.1 m); and
5.4 g/t Au over 9.7 m (ETW 8.0 m)
Drilling of the Harrier target intersects significant mineralization outside existing Mineral Reserves
Key intercepts:
20.9 g/t Au over 5.9 m (ETW 5.5 m);
22.8 g/t Au(1) over 4.3 m (ETW 3.7 m); and
24.5 g/t Au over 3.8 m (ETW 3.8 m)
Abbreviations include: (1): visible-gold; g/t Au: grams per tonne gold; ETW: estimated true width
TORONTO, July 30, 2020 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced new high-grade results from surface and underground drilling at the Fosterville Mine in Victoria, Australia. Recent infill drilling in the Swan Zone has returned intercepts with higher than anticipated grades and visible-gold near the intersection of the Swan Fault and the Swan Splay structure. Surface drilling has continued to target additional growth in the Robbin’s Hill gold system to assess the potential of further Mineral Reserve expansion. Underground growth drilling programs have also progressed in the Lower Phoenix gold system targeting the Cygnet Fault, and in the Harrier gold system targeting the Harrier Base Fault, where encouraging results have been returned. Drill results reported are from 44 holes (6,803 m) from the Swan infill drilling program and 111 holes (59,311 m) from step out, extension and infill drilling at Robbin’s Hill, Cygnet and Harrier (Figures 1 & 2).
Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “Drilling at Fosterville continues to demonstrate the significant size and scale of the mineralized structures, all of which contain quartz veining with visible-gold and all of which have the potential to host additional Swan or Swan-like zones. At the Swan Zone, results from new infill drilling include higher than expected grades, which is encouraging as we work towards our next Mineral Reserve and Mineral Resource update. In particular, the infill results confirm that the area where the Swan Fault and Swan Footwall Splay intersect contains more gold than currently modelled.
“At Robbin’s Hill, exploration activities are progressing well with recent surface drill results significantly expanding the size of the mineralized system and demonstrating the potential for continued Mineral Resource and Mineral Reserve growth along both the Curie and surrounding mineralized structures. Encouragingly, drilling and recent modelling of newly-acquired 3D seismic data clearly establish the potential for other mineralized structures within the Robbin’s Hill area, where there are several historical open pits with plunge extents to be investigated. The new twin underground exploration ramp we are developing will be extremely important for the future exploration of these areas as well as Robbin’s Hill itself. The ramp is advancing well, having been driven over 1,330 m to the end of June.
“Drill results at Cygnet and Harrier also continue to return encouraging results. At the Cygnet structure, approximately 125 m footwall to Swan, new drilling returned multiple significant intercepts beyond the northern extent of the existing Mineral Resource. There are several high-grade intersections with visible-gold in the Cygnet system, which extends over a 750 m strike length and 300 m vertically. At Harrier, new drilling returned high-grade mineralization outside of the existing Mineral Reserves, and also demonstrated the continuity of the Harrier structure for an additional 400 metres down-plunge-plunge, with the system remaining open for further expansion. As with Lower Phoenix and Robbin’s Hill, the exploration potential at both Cygnet and Harrier is substantial and we are increasingly confident that significant new Mineral Reserves and Mineral Resources can be identified with further drilling.”
Exploration activities at Fosterville ceased in late March as part of the Company’s COVID-19 response, which included the suspension of all non-essential work. Prior to this time, work on the exploration program was advancing with four surface drills and nine underground drills at Fosterville on the mine lease and three surface drills on regional projects. With the suspension of exploration work, all surface drilling was discontinued and underground drilling was reduced to three drills, all being dedicated to supporting operations and sustaining capital drill requirements. Discussions and proactive planning with drilling contractors were undertaken in early April to manage COVID-19 risks with strict control measures being implemented to support a resumption of exploration drilling. By the middle of the month, two underground drills and two surface drills were deployed. The ramp up of operating drills has continued, with the current fleet standing at four surface drills at Robbin’s Hill and six underground drills active at the Fosterville mine. Regional exploration drilling remains suspended as part of the Company’s ongoing response to COVID-19.
Mandalay Resources Corp. T.MND
Alternate Symbol(s): MNDJF
Mandalay Starting to Wake Up -
Fostervile South Presentation -
This will give you a perspective of the players in South East Australia. Enjoy!!
https://fostervillesouth.com/wp-content/uploads/2020/04/Fosterville-South_Investor-Deck_2020-04-10.pdf
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=31014515
Ps.
Its a long way to hike back UP - )
Mandalay Resources Corporation Announces Execution of Definitive
Agreement for the Sale of the Challacollo Silver-Gold Project in Chile
T.MND | 9 hours ago
TORONTO, Nov. 12, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND,
OTCQB: MNDJF) is pleased to announce that it has entered into a
definitive agreement with Aftermath Silver Ltd. (“Aftermath”)
(TSX-V:AAG.H) in respect of the previously announced transaction in
which Aftermath will acquire Minera Mandalay Challacollo Limitada
(“MMC”), which currently owns the Challacollo silver-gold project
located in Region I (Tarapaca) of Chile (the “Challacollo Project”).
Pursuant to the terms of the transaction, Aftermath will purchase 100%
of MMC in exchange for total consideration of up to CAD$10,000,000,
consisting of CAD$7,000,000 in non-contingent consideration (the “Non-
Contingent Consideration”) plus a 3% net smelter returns royalty on
production at the Challacollo Project, capped at CAD$3,000,000.
The Non-Contingent Consideration is payable as follows:
CAD$1,000,000 in cash payable on or before November 19, 2019;
CAD$1,000,000 in cash payable on or before December 30, 2020; and
CAD$5,000,000 (the “Final Payment”) payable on or before April 21, 2021.
The Final Payment will be payable, at Aftermath’s option, in cash or common shares of Aftermath (“Aftermath Shares”). In addition, Aftermath may elect to defer payment of 50% of the Final Payment by one year by increasing the amount of the Final Payment by CAD$500,000 (such that the Final Payment would consist of CAD$2,500,000 payable on or before April 21, 2021 and CAD$3,000,000 payable on or before April 21, 2022).
In connection with the transaction, Aftermath will also assume Mandalay’s existing contingent payment and royalty obligations to SSR Mining with respect to the Challacollo Project under the terms of Mandalay’s acquisition of the Challacollo Project from SSR Mining in December 2013.
Final completion of the transaction (at which time the transfer of ownership of MMC will occur) is subject to the satisfaction of certain conditions, including Mandalay’s receipt of all of the Non-Contingent Consideration. Pending final completion, Aftermath will have the right to conduct certain exploration and drilling activities on the Challacollo Project. Aftermath will be conducting an exploration campaign on existing permitted drill pads as soon as possible.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, ”We are pleased to see the Aftermath transaction executed and the restart of an exploration campaign on the concession. This transaction continues Mandalay’s objective of creating value from its non-operating assets, with the previously announced transactions at Cerro Bayo and the sale of non-core concessions at Challacollo to a third party, also completed in the last quarter. Mandalay is now well positioned to focus on improving operations at Björkdal and Costerfield with these projects in Chile resolved.”
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.
About Aftermath Silver Ltd:
Aftermath Silver Ltd. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on silver in Chile. The Company is focused on growth through the discovery and acquisition of quality projects in stable jurisdictions. Aftermath continues to seek new opportunities to take advantage of the relatively low silver price.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the proposed sale of MMC to Aftermath Silver. There is no assurance that the proposed transaction will be completed on the terms set out in this press release or at all. 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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Mandalay Resources Corporation Announces Production and Sales Results for the Third Quarter of 2019 and Revised Full-Year 2019 Guidance
T.MND | 1 day ago
TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announced today its production and sales results for the third quarter of 2019.
In the third quarter of 2019, Mandalay produced 16,625 saleable ounces of gold equivalent and sold 17,814 ounces of gold equivalent.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “Mandalay’s production was lower than forecast over the third quarter of this year as a result of Costerfield’s underperformance in the Brunswick lode, whilst Björkdal continued its dependable performance of 11,888 ounces of saleable gold produced.”
Mr. Duffy continued, “At Björkdal, production continued in line with expectations, while mining at the open pit was paused at the end of July. We anticipate an increase in production in the fourth quarter as we recommence the mining of a higher-grade skarn zone, after infill drilling was carried out during the third quarter. In addition, we plan to increase the production rate from the Aurora zone as more levels are developed. We remain on target to achieve full-year guidance at Björkdal.”
Mr. Duffy continued, “At Costerfield, we produced 3,103 ounces of saleable gold and 402 tonnes of saleable antimony, as persisting poor ground conditions in the Brunswick lode limited the production rate and lowered the grade due to significant dilution from overbreak. The metallurgy of the ore has also been problematic with significantly lower than planned gold recoveries for the quarter, although antimony recoveries were as planned. With Youle production gradually coming online in the fourth quarter, we anticipate an increase in production compared to the third quarter as there will be less Brunswick ore through the mill. Furthermore, an initial test of approximately 1,600 tonnes of Youle development ore was processed through the mill with early indications showing comparable, if not better than, recoveries seen in the previously mined Cuffley lode.”
Mr. Duffy continued, “Despite the positive developments we expect at both sites during the fourth quarter and beyond, the aforementioned production and recovery issues related to the Brunswick deposit will require an update to our 2019 production and unit costs. We have not increased our total operational cost at both sites, although due to the significant drop in production forecast from Costerfield, expected cash costs and all-in costs at the Costerfield mine, and therefore on a consolidated basis, have been increased. Separately, due to lower than expected capital spend for the year, the upper limit of capital guidance at both operating sites have been lowered by US$2 million. Details are shown further below in this press release.”
Mr. Duffy continued, “The poor gold recoveries and lower grades due to dilution in the Brunswick lode are expected to continue to impact Costerfield’s production for the first six months of 2020. However, as the Youle lode ramps up this becomes less relevant and from the third quarter of 2020, it is anticipated that the Youle lode will be the sole feed source for the Costerfield mine.”
Mr. Duffy concluded, “Mandalay fully anticipates Costerfield to be revitalized with the ramp up at Youle which we expect to generate positive momentum into 2020. At Björkdal, the Company intends to build on its third quarter production and focus on targeting higher-grade underground skarn material and ramping up Aurora production for increased overall gold production.”
Saleable production for the quarter ended September 30, 2019:
In the third quarter of 2019, the Company produced a total of 14,983 ounces of gold and 402 tonnes of antimony, representing a total of 16,625 ounces of gold equivalent, versus 13,442 ounces of gold and 505 tonnes of antimony in the third quarter of 2018, representing a total of 16,874 ounces of gold equivalent.
Production at Björkdal was 11,880 ounces of gold in the third quarter of 2019, as compared to 8,504 ounces of gold in the third quarter of 2018.
Production at Costerfield was 3,103 ounces of gold and 402 tonnes of antimony in the third quarter of 2019, versus 4,938 ounces gold and 505 tonnes antimony in the third quarter of 2018.
Saleable production for the nine months ended September 30, 2019:
The Company produced a total of 51,017 ounces gold and 1,348 tonnes antimony, representing a total of 58,065 ounces of gold equivalent production, versus 51,899 ounces gold and 1,613 tonnes of antimony in the corresponding nine months of 2018, representing a total of 62,395 ounces of gold equivalent.
Production at Björkdal was 40,508 ounces gold.
Production at Costerfield was 10,509 ounces gold and 1,348 tonnes antimony.
Table 1 – Third Quarter and Nine Month Saleable Production for 2019 and 2018
Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 3,103 4,938 10,509 16,662
Total 14,983 13,442 51,017 51,899
Antimony (t) Costerfield 402 505 1,348 1,613
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq.(1) (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 4,745 8,370 17,557 27,158
Total 16,625 16,874 58,065 62,395
Quarterly gold equivalent ounces (“Au Eq. oz”) produced is calculated by multiplying the saleable quantities of gold (“Au”), and antimony (“Sb”) in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the period. Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is www.metalbulletin.com.
Sales for the third quarter ended September 30, 2019:
In the third quarter of 2019, the Company sold a total of 16,132 ounces of gold and 412 tonnes of antimony, representing a total of 17,814 ounces of gold equivalent, versus 15,144 ounces of gold and 486 tonnes of antimony in the third quarter of 2018, representing a total of 18,450 ounces of gold equivalent.
Björkdal sold 13,006 ounces of gold in the third quarter of 2019, versus 10,400 ounces of gold in the third quarter of 2018.
Costerfield sold 3,126 ounces of gold and 412 tonnes of antimony in the third quarter of 2019, versus 4,744 ounces of gold and 486 tonnes of antimony in the third quarter of 2018.
Sales for the nine months ended September 30, 2019:
The Company sold 53,750 ounces gold and 1,361 tonnes antimony, representing a total of 60,815 ounces of gold equivalent, versus 58,448 ounces gold and 1,725 tonnes antimony in the third quarter of 2018, representing a total of 69,650 ounces of gold equivalent.
Björkdal sold 43,160 ounces gold.
Costerfield sold 10,590 ounces gold and 1,361 tonnes antimony.
Table 2 – Third Quarter and Nine Month Sales for 2019 and 2018
Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 3,126 4,744 10,590 17,943
Total 16,132 15,144 53,750 58,448
Antimony (t) Costerfield 412 486 1,361 1,725
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq. (1) (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 4,808 8,050 17,655 29,145
Total 17,814 18,450 60,815 69,650
Quarterly Au Eq. oz sold is calculated by multiplying the saleable quantities of Au, and Sb in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au for the period. The source for all prices is www.metalbulletin.com with price on weekend days and holidays taken of the last business day.
Mandalay’s updated guidance for 2019 production, cash costs, all-in costs and capital expenditures is set out below together with the original guidance amounts. In addition to the factors noted above, the revised guidance reflects updated metal prices as there has been a significant decline in the price of antimony, and a significant increase in the price of gold since the initial announcement of the original guidance on January 16, 2019. These changes negatively impact projected consolidated gold equivalent production relative to the original guidance. As a result, the tables below present (i) revised 2019 guidance reflecting assumed metal prices of Au$1,396/oz and Sb$6,682/t, (ii) 2019 guidance as originally presented (based on the metal prices of Au$1,200/oz and Sb$8,200/t), and (iii) the original 2019 guidance adjusted to reflect assumed metal prices of Au$1,396/oz and Sb$6,682/t.
Table 3 – Revised 2019 Full-Year Guidance
2019E
Björkdal
Gold produced (oz) 50,000 – 56,000
Cash cost(1) per oz gold produced $800 – $950
All-in cost(1) per oz gold produced $1,030 – $1,180
Capital expenditures $18M – $20M
Costerfield
Gold produced (oz) 13,000 – 17,000
Antimony produced (t) 2,000 – 2,300
Gold equivalent(2) (oz) 23,000 – 28,000
Cash cost(1) per oz gold eq. produced $1,300 – $1,450
All-in cost(1) per oz gold eq. produced $1,700 – $1,850
Capital expenditures $21M – $23M
Consolidated
Gold equivalent(2) produced (oz) 72,000 – 84,000
Average cash cost(3) per oz gold eq. $975 – $1,125
Average all-in cost(3) per oz gold eq. $1,325 – $1,500
Capital expenditures $39M – $43M
Cash cost and all-in cost are non-IFRS measures. See “Non-IFRS Measures” at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo.
Table 4 – Original 2019 Full-Year Guidance
2019E
Björkdal
Gold produced (oz) 50,000 – 56,000
Cash cost(1) per oz gold produced $800 – $950
All-in cost(1) per oz gold produced $1,030 – $1,180
Capital expenditures $18M – $22M
Costerfield
Gold produced (oz) 23,000 – 30,000
Antimony produced (t) 2,600 – 3,100
Gold equivalent produced(2) (oz) – revised prices 35,000 – 45,000
Gold equivalent produced(3) (oz) 41,000 – 51,000
Cash cost(1,3) per oz gold eq. produced $790 – $920
All-in cost(1,3) per oz gold eq. produced $1,050 – $1,180
Capital expenditures $21M – $25M
Consolidated
Gold equivalent produced(2) (oz) – revised prices 85,000 – 101,000
Gold equivalent produced(3) (oz) 91,000 – 107,000
Average cash cost(3,4) per oz gold eq. $850 – $980
Average all-in cost(3,4) per oz gold eq. $1,130 – $1,280
Capital expenditures $39M – $47M
Cash cost and all-in cost are non-IFRS measures. See “Non-IFRS Measures” at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Original metal prices used in the January 16, 2019 press release were Au $1,200/oz, Sb $8,200/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo
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 Company’s production of gold and antimony for the 2019 fiscal year. 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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Mandalay Resources Corporation Provides Exploration Update
T.MND | 8 hours ago
TORONTO, Sept. 30, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to present an update on the continuing exploration programs at its Costerfield operation in Victoria, Australia, as well as its Björkdal operation in Sweden.
The Company is also pleased to report additional diamond drilling results from both operations based on drilling that was carried out since the Company’s last exploration release on June 18, 2019.
Readers are advised to review the corresponding figures found at the end of this press release.
Exploration Update Highlights
Costerfield
Youle northern extensional drilling met with early success
Potential for further discovery at Costerfield with target test drilling from surface at MacDonald
First hole of Costerfield deep drilling completed at 1,700 metres (“m”). Program has advanced knowledge of the structural framework of the Costerfield mineral district. Commenced a shallower daughter hole allowing for exploration target testing
Björkdal
Aurora zone open to extension. Assay results continue to grow the potential resource
Drill results at newly discovered Lake Zone skarn deposit demonstrated that the skarn geology is continuing deeper.
Mandalay’s drilling programs have continued to yield encouraging results at both Costerfield and Björkdal operations. At Costerfield, the Company is testing extensions to the Youle orebody, (see table 1) and has completed the first hole of a deep drilling program under the known Costerfield mineralized system, in search of high-grade mineralization at depth. At Björkdal, the Company is testing up-dip and down-dip extensions to the Aurora mineralization and is also testing the down-dip extension of the newly discovered high-grade skarn at Lake zone (see tables 2, 3, 4, and 5).
Dominic Duffy, President and CEO of Mandalay, commented; “Recent drilling results at Costerfield and Björkdal continue to demonstrate the significant upside value potential of our operations.”
“At Costerfield, further testing of the northern extension of the high-grade Youle deposit is strengthening our confidence of grade continuity within the Inferred Resources. Additionally, drilling further north of the Youle line of lode resulted in the identification of continuous mineralization through a low-grade zone, along with indications of a higher-grade zone of antimony and gold concentration approximately 200 metres away from the existing Youle Inferred Resources at a target known as MacDonald.”
Mr. Duffy continued, “We are now well underway with phase 1 of our deep drilling program at Costerfield. The first deep hole was completed at a depth of 1,700 metres and has provided valuable structural information below the Costerfield and Youle deposits. One high potential target has already been generated further up-dip as a result of this first hole. A daughter hole will now be wedged off the parent hole to test this target. Multi-element geochemical assaying of core drilled through potential fluid conduits is currently underway, with geochemical vectoring techniques to be applied once the analysis is complete.”
Mr. Duffy concluded, “At Björkdal, drilling at the Aurora zone was not able to commence until May 2019. However, results demonstrated that Aurora is still open both vertically and along strike. Lastly, we commenced testing the down-dip extension of the newly discovered Lake Zone skarn deposit. Results to date, show that the skarn geology continues deeper, but further assay results are required before assessing to what depth this deposit economically extends.”
Mandalay Drilling Programs
Costerfield Drilling Programs
Mandalay continues its two exploration programs commenced in May 2019.
Youle Extension Drilling Program
The focus of the Youle extension program has been to delineate a complex high-grade zone to the north, expanding on the early success of the program reported in June 2019.
With the use of regional modelling, historic research, and structural information gained from the second quarter of 2019 drilling program, an additional package of gold and antimony concentration was interpreted to exist as a target north of a low-grade zone along the structural trend of Youle and the Main Costerfield mine. As a result, the Youle extension drilling was re-designed to prioritize drill testing of this zone and has met with initial success (refer to Drilling Results, Figure 1 and Table 1 for details).
This “shoot repetition” has now been observed multiple times through the district, most notably in the Cuffley, Brunswick and Augusta Deposits.
Costerfield Deep Drilling Program
As Mandalay continues to increase momentum within the Youle expansion program, it also advances deep targeted testing of the Costerfield line of lode following Mandalay’s developing understanding of gold enrichment environments. The first hole of this two-hole program with secondary wedge holes, has been completed at a depth of 1,700 m. This first hole was designed to investigate the deep environment at the northern end of the current mine area, below the historical Costerfield mine and the currently active Youle lode.
Björkdal Drilling Programs
Underground extensional and production drilling during 2019 has continued to focus on the high-grade mineralization recently discovered at Björkdal (i.e., Aurora Zone and Lake Zone skarn).
Both these horizons provide the Company with the potential to mine high-tonnage and higher-grade ore more cost effectively over the upcoming years.
Aurora Drilling Program
Underground drilling focused on extending the existing Aurora zone. Results to date confirm the potential for Aurora to be extended both up and down dip and along strike in both directions. Although drilling the upper section of Aurora has encountered problems due to the difficult nature of drilling positive gradient diamond drill holes, with several holes having to be abandoned when intercepting major faults before intercepting the Aurora zone. As a result, the focus of Aurora drilling has been changed to the deeper holes seeking to extend the higher-grade mineralization at depth. The upper holes will now be drilled from surface in later 2019 or early 2020. The zone is currently being mined on five active levels.
Lake Zone Skarn Program
The recognition of skarn related mineralization at Björkdal during 2018 is of interest due to its anomalously high grade. Seven diamond drill holes have recently been drilled with the aim to define the down dip extension of the mineralized body. These drill holes have demonstrated the continuation of the skarnified horizon further to the north and at depth.
Mandalay Drilling Results
Costerfield Drilling Results
Youle Extension Drilling Program
Drill hole BC071 has been completed, targeting the multiple veins that make up the northern high-grade area of Youle. This hole intercepted multiple parallel veins, with the most significant being 18.4 g/t gold (“Au”) and 5.7% antimony (“Sb”) over a true width of 0.24 m.
Other recent drilling within the program focused on testing for a northern continuation of mineralization. The structure that hosts the majority of Youle mineralization was intercepted in BC067AW1, BC067AW2 and BC070 with the structure being enriched in gold and antimony in all 3 intercepts.
Historic research, together with field mapping and LiDAR (light imaging, detection, and ranging) analysis has identified substantial workings along the line of the historic Costerfield mine to the north. From our understanding of the other mineralized packages in the district, a steeply plunging low-grade zone occurring between these workings and the Costerfield mine is likely, and fits with observations and inferences of bedding and faulting interactions to the north of Youle and Costerfield. From these findings a highly prospective zone now exists north of Costerfield mine, being the MacDonald target.
BC075 intercepted two mineralized zones. A gold and antimony bearing laminated quartz vein (0.42 m @ 7.2 g/t Au & 4.4% Sb), which is spatially associated with the historic workings, and additional quartz-stibnite veining (0.45 m @ 1.3 g/t Au & 7.3% Sb composite of multiple veins) approximately 80 m to the east of the initial intercept. These results support the northern enrichment model and excitingly indicate a potential for multiple veining and mining fronts.
Table 1: Youle Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Total hole Depth Intercept Easting (Mine Grid) Intercept Northing (Mine Grid) Intercept Elevation (Mine Grid) Drilled Width (m) True Width (m) Au Grade (g/t) Sb Grade (%) AuEq (g/t) over min. 1.8m
mining width
BC067AW1 4/07/2019 531.2 15441 7251 817 0.09 0.07 8.7 19.8 1.4
BC067AW2 17/07/2019 518.9 15406 7235 799 0.08 0.07 5.3 8.6 0.7
BC069 27/06/2019 699.6 No Significant Intercept
BC070 9/08/2019 734.8 15442 7350 747 0.31 0.22 0.8 0.5 0.2
BC071 5/08/2019 492.1 15392 7156 849 0.55 0.26 18.4 5.7 3.9
BC071 5/08/2019 492.1 15389 7156 854 0.28 0.20 2.1 3.4 0.8
BC075 10/09/2019 357.5 15521 7439 1122 0.51 0.42 7.2 4.4 3.2
BC075 10/09/2019 357.5 15608 7356 1048 0.52 0.45 1.3 7.3 3.1
Note:
- Assumes metal prices of: Au$1,450/ oz and Sb$7,000/ t
- AuEq (g/t) = Au (g) + Sb (%) x [Price per 10 Sb (kg) x Sb Recovery (%) / Price per 1 Au (g) x Au Recovery (%)]
Costerfield Deep Drilling Program
The upper majority of the first hole in this program (CD001) found a geological environment consistent with our current understanding; a west-dipping sequence of Upper Costerfield Formation siltstones passing into the turbidites and mudstones of the Lower Costerfield Formation. As anticipated by the geological model, a sequence of dark, carbon-rich turbidites and sandstones inferred to be favorable to high-grade gold mineralization was passed through between 904 – 995 m, which included quartz veining with anomalous gold values (up to 0.7 g/t Au) and minor visible stibnite mineralization (up to 0.01% Sb).
At a downhole depth of 1,015 m, a west-dipping fault containing laminated quartz with significant apparent thrust offset was intercepted (Figure 2). Below this fault, folded but predominantly east-dipping turbidites, giving way to siltstones disrupted by apparent strike-slip faulting was encountered. A large fault between 1,545 and 1,555 m marked a transition into dark-coloured, east-dipping slaty turbidites which displayed abundant irregular quartz veining leading up to a thick quartz blow between 1,583 – 1,595 m. This wide interval of quartz contained minor pyrite mineralization and zones of sericite-chlorite alteration.
Stratigraphic correlations between the Youle mine area, and the first 1,000 m of CD001 infer the existence of an anticlinal environment or thrust ramp in the area between, which presents a compelling target for Costerfield-style mineralization down-dip of the known Youle lode. This environment is additionally, likely to be coincident with the occurrence of the dark carbon-rich sandstones which enhance the potential for high-grade gold mineralization.
Trace-level analysis assays have been returned for the core down to a depth of 1,040 m, which display strong positive correlation between gold, antimony and arsenic (Figure 3). Of importance is a wide zone of enrichment of these elements, approximately between 975 – 1,040 m downhole, which appears to be centered on the large fault at 1,015 m. Additionally, silver (“Ag”) shows a strong relative enrichment in this zone on the footwall of the fault. Subsequent hyperspectral logging of CD001 has additionally brought to light a wide envelope of muscovite alteration surrounding this fault, mirroring the elevated assays. Muscovite alteration of wall rock white micas is a common feature of central Victorian gold deposits, and the coincidence of muscovite alteration and gold-antimony-arsenic enrichment here is interpreted as evidence of the large fault acting as an active conduit or feeder zone for ore-forming hydrothermal fluids. Assays from CD001 have been added to Mandalay’s regional multi-element geochemical database, which integrates exploration drill core, regolith and bedrock assays to fingerprint mineralized systems and lithological packages in the Costerfield area. The information contained within the database is constantly updated and used to refine exploration models which assist in the generation and testing of new mineralization targets.
The environment passed through in the latter 660 m of CD001 can be interpreted as the disrupted eastern limb of a regional-scale anticline, the thrust-offset crest of which hosts the Costerfield mine. This deep, capped-off eastern limb is in a similar structural position to the sub King Cobra mineralization at Augusta which contains some exceptionally high-grade gold assays. The steeply dipping fault at 1,545 m is interpreted to be analogous to the Lyre Fault which appears to be significant to setting up the sub King Cobra mineralized environment. Initial assays through this zone show anomalous gold and antimony however the method of analysis used, is designed for ore grade analysis and is not accurate at trace ranges.
The next hole in this program, CD001W1, has commenced wedging off CD001 at a depth of 400 m to investigate the carbonaceous sandstones near to their inferred culmination above the 1,015 m fault, and the environment immediately below (See Figure 2).
Björkdal Drilling Results
Since the Company’s last exploration press release on June 18, 2019, the Company has assayed 20 drill holes at the Aurora zone at Björkdal (see tables 4) and 4 drill holes at its Lake Zone skarn deposit (see table 5). Recent highlights from the Aurora and Lake Zone skarn assays include the following intercepts:
Table 2: Aurora Drilling Highlights
Hole ID True Width Au g/t
DOD2019-058 2.93 7.80
DOD2019-076 3.34 5.37
DOD2019-077 2.51 7.24
DOD2019-078 6.03 2.78
DOD2019-079 3.50 6.99
Table 3: Lake Zone Skarn Drilling Highlights
Hole ID True Width Au g/t
MU9-009A 0.65 23.77
MU9-014 1.65 14.31
Table 4: Aurora Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To
(m) Drilled
Width
(m) True Width (m) Au (g/t) Au (g/t) over min. 3 m mining width
DOD2019-052 06/07/2019 1755.778 1126.208 -402.341 120.2 125 4.8 4.45 0.74 0.74
DOD2019-054 20/07/2019 1751.489 1148.12 -396.642 111.9 114.95 3.05 2.98 1.86 1.85
DOD2019-058 07/08/2019 1737.463 1179.071 -373.329 81.37 84.7 3.33 2.93 7.80 7.62
DOD2019-062 11/08/2019 1744.189 1202.82 -374.002 77.16 84.74 7.58 7.37 1.20 1.20
DOD2019-064 14/08/2019 1745.167 1229.26 -373.199 76.4 85 8.6 8.46 1.44 1.44
DOD2019-065 17/08/2019 1740.74 1247.04 -361.376 81.65 84.6 2.95 2.78 1.13 1.05
DOD2019-071 11/08/2019 1743.136 1278.844 -354.397 93.1 101.25 8.15 7.65 2.10 2.10
DOD2019-072 17/08/2019 1746.972 1309.528 -355.602 92.53 95.14 2.61 2.61 0.75 0.65
DOD2019-073 21/08/2019 1753.994 1371.047 -347.596 115 119 4 3.51 1.25 1.25
DOD2019-074 23/07/2019 1754.501 1272.581 -378.005 73.85 75.55 1.7 1.65 2.32 1.28
DOD2019-075 27/06/2019 1767.642 1275.186 -399.987 78.4 82.6 4.2 4.07 1.54 1.54
DOD2019-076 30/06/2019 1763.209 1290.188 -389.498 75.15 78.5 3.35 3.34 5.37 5.37
DOD2019-077 02/07/2019 1773.238 1300.484 -402.742 83.08 85.72 2.64 2.51 7.24 6.04
DOD2019-078 20/07/2019 1775.85 1321.227 -399.189 81.9 88.05 6.15 6.03 2.78 2.78
DOD2019-079 18/07/2019 1761.896 1321.197 -377.872 75.45 78.97 3.52 3.50 6.99 6.99
MU9-019 08/08/2019 1858.279 1518.94 -529.552 150.2 158.35 8.15 5.24 1.46 1.46
MU9-020 18/08/2019 1887.54 1511.106 -600.533 204.7 224.15 19.45 9.19 1.57 1.57
POD2019-012 08/05/2019 1806.281 1414.745 -451.053 84.2 89 4.8 4.43 0.85 0.85
POD2019-013 11/05/2019 1803.162 1433.972 -446.062 78.16 85.55 7.39 7.07 1.47 1.47
POD2019-014 16/05/2019 1809.44 1445.913 -451.242 82.3 95.2 12.9 12.02 1.29 1.29
Table 5: Skarn Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To (m) Drilled
Width
(m) True Width (m) Au (g/t) Au min. 3m mining width (g/t)
MU9-009A 24/06/2019 1690.45 1586.03 -508.33 67.65 68.95 1.3 0.65 23.77 5.15
MU9-012 04/08/2019 1687.81 1612.9 -507.67 69.7 72 2.3 0.95 1.32 0.42
MU9-013 09/08/2019 1677.41 1637.61 -504.47 72.6 77.74 5.14 1.81 1.71 1.03
MU9-014 11/08/2019 1659.49 1619.51 -486.32 45.9 49.05 3.15 1.65 14.31 7.87
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/39ab60c1-8d7f-42e2-ab79-516a1d5bb210
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c0b8412-5a42-4f7e-909e-b3abb449db53
Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/a8c652ef-fb29-4e89-b323-8bbe23d04e0e
Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53
Figure 5: https://www.globenewswire.com/NewsRoom/AttachmentNg/e281e025-2510-4f37-8c1e-83a9a4f35eb4
Figure 6: https://www.globenewswire.com/NewsRoom/AttachmentNg/bbf6894d-06c9-407e-86c3-d35d144fa1b7
Figure 7: https://www.globenewswire.com/NewsRoom/AttachmentNg/c570f17a-6077-415e-84fa-88bb51828bb5
Figure 8: https://www.globenewswire.com/NewsRoom/AttachmentNg/11e72bf7-c85a-4367-b770-6d09258bca45
Figure 9: https://www.globenewswire.com/NewsRoom/AttachmentNg/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608
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 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 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.
image: https://www.globenewswire.com/newsroom/ti?nf=NzcyNDAxMiMzMTQwMTg1IzIwMjg0ODA=
image: https://ml.globenewswire.com/media/b5f2fa1c-f64d-4f0c-a9c7-ff4d73fc1ef0/small/mandalay-resources-logo.jpg
Primary Logo
Figure 1
image: https://ml.globenewswire.com/media/39ab60c1-8d7f-42e2-ab79-516a1d5bb210/medium/figure-1.png
Longitudinal Section and Plan Section of Youle (Costerfield) Illustrating Location of Recent Intercepts along with first access on Youle
Figure 2
image: https://ml.globenewswire.com/media/8c0b8412-5a42-4f7e-909e-b3abb449db53/medium/figure-2.png
Longitudinal Section Illustrating Current Drill Hole CD001 and Planned Drill Hole Locations of Costerfield Deep Drilling Program
Figure 3
image: https://ml.globenewswire.com/media/a8c652ef-fb29-4e89-b323-8bbe23d04e0e/medium/figure-3.png
Downhole trace-level geochemistry of CD001, showing correlation of elevated Au-Sb-As-Ag and hydrothermal muscovite alteration between 975-1040m.
Figure 4
image: https://ml.globenewswire.com/media/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53/medium/figure-4.png
Björkdal Mine Scale Overview Map Showing the Location of the Aurora Zone and Lake Zone Skarn in Relation to Mine Development. Black Box Denotes Level Plan for Lake Zone Skarn
Figure 5
image: https://ml.globenewswire.com/media/e281e025-2510-4f37-8c1e-83a9a4f35eb4/medium/figure-5.png
Longitudinal Section of the Aurora Zone Illustrating Location of Recent Intercepts
Figure 6
image: https://ml.globenewswire.com/media/bbf6894d-06c9-407e-86c3-d35d144fa1b7/medium/figure-6.png
Cross Sections of Björkdal Mine Area Showing the Location and Current Size of the Aurora Zone (A-A’) and Lake Zone Skarn (C-C’), in which the Black Box Denotes Focused Cross Section in Figure 7
Figure 7
image: https://ml.globenewswire.com/media/c570f17a-6077-415e-84fa-88bb51828bb5/medium/figure-7.png
Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 8
image: https://ml.globenewswire.com/media/11e72bf7-c85a-4367-b770-6d09258bca45/medium/figure-8.png
Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 9
image: https://ml.globenewswire.com/media/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608/medium/figure-9.png
Schematic Level Plan of the Lake Zone Skarn Horizon Illustrating Location of Recent Intercepts
GlobeNewswire
September 30, 2019 - 1:30 PM PDT
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Mandalay Resources Corporation Announces Commencement of On Vein Development on the Youle Lode
T.MND | 12 days ago
TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce that the first access drive has been completed at the Youle lode with level development now commenced.
Dominic Duffy, President and CEO of Mandalay, commented, “We are extremely pleased with the team’s execution in accessing Youle on the 957 level safely and sooner than originally planned.
Furthermore, on vein development was initiated on the lode, and we will begin processing ore during September.
We foresee the first stope being mined late in the fourth quarter of this year.”
Mr. Duffy continued, “Initial assays have been as expected with the most significant being 118 g/t gold and 55.3% antimony over a true width of 0.2 metres.”
Mr. Duffy continued, “We were able to access the Youle lode sooner though design changes allowing the access drive to begin higher up the primary access ramp. With the orebody accessed, development and stoping will be ramping up and we expect a continual uplift in Youle production over the next 12 months.”
Mr. Duffy concluded, “On the exploration side, due to the late start to our drilling programs in 2019, assays have been delayed on key exploration holes although we will be providing an update on all of our drilling programs by the end of September.”
Table 1: Initial Youle Vein Grades
Read more at https://stockhouse.com/news/press-releases/2019/09/12/mandalay-resources-corporation-announces-commencement-of-on-vein-development-on#t0oT6qhwYmTIVO30.99
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