NASDAQ OMX

Mandalay Resources Corporation Announces Update on Youle Vein Drilling Program at Costerfield Mine, Australia

Dela

TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) (OTCQB:MNDJF) is pleased to provide an exploration update from recent diamond drilling on the emerging Youle vein at its Costerfield operation in Victoria, Australia.

The most recent drilling results from the Youle vein since Mandalay's press release of April 3, 2018 further demonstrate that mineralization of the vein system remains continuous at depth. The currently known strike of Youle extends 600 m and has a vertical depth of 150 m.

Highlights from the recent Youle drilling include the following intercepts:

  • BC020: 0.27m @ 165.1 g/t Au and 20.7% Sb (30.2 g/t AuEq @ 1.8m mining width)
  • BC023: 0.16m @ 551.0 g/t Au and 25.6% Sb (54.3 g/t AuEq @ 1.8m mining width)
  • BC023W1: 0.38m @ 148.7 g/t Au and 8.8% Sb (34.2g/t AuEq @ 1.8m mining width)
  • BC031: 0.41m @ 108.1 g/t Au and 22.4% Sb (33.5 g/t AuEq @ 1.8m mining width)

Dominic Duffy, President and Chief Executive Officer of Mandalay commented, "The Youle discovery is extremely exciting for Mandalay, as our drilling campaign continues to demonstrate consistent, high-grade results that share a similar structural setting to the previously mined Augusta and Cuffley Lodes. Mandalay's current infill drilling program and related studies are being undertaken with the intention of delivering Mineral Reserve additions from Youle in our 2018 year-end Mineral Resources and Reserves update. The high grades, along with the fact that the Youle vein is in relatively close proximity to where we are currently mining, provides good potential for it to be the next viable ore source for Mandalay at Costerfield."

Mr. Duffy concluded, "The Youle discovery has the strong potential to continue Mandalay's trend of continuous Mineral Reserve replacement at Costerfield over the past eight years and demonstrates the remarkable prospectivity of the district. Mandalay will be looking to increase its brownfields exploration spending in 2019 with the aim of making further discoveries."

Figure 1: Youle Drilling - Plan and Long Section

A figure accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/174033ce-7836-4b37-b15b-985f0f2347b8

Note:

- True width is preliminary estimate only and may not reflect final true width used in resource estimation

- AuEq(g/t) = Au(g) + Sb(5) x (Price per 10 Sb (kg) x Sb Recovert (%) / Price per 1 Au (g) x Au Recovery (%))

Figure 2: Youle Drilling - Schematic Cross Section

A figure accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/eb2b8fff-9be5-47ab-99dc-822c10f1511b

Drilling details for Youle are found in the table below:

Table 1: Youle Drilling Results (April 2018 to June 2018)

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
BC020 10/04/2018 399.9 15395 6887 915 0.33 0.27 165.1 20.7 30.2
BC022 4/04/2018 600.0 15339 7035 788 0.10 0.09 37.0 10.0 2.7
BC023 24/04/2018 500.9 15329 7109 757 0.20 0.16 551.0 25.6 54.3
BC023W1 17/05/2018 458.5 15352 7114 792 0.49 0.38 148.7 8.8 34.2
BC025W1 15/05/2018 497.9 15324 6947 815 0.52 0.49 50.3 4.9 16.1
BC027 10/05/2018 431.0 15337 6853 837 0.13 0.12 12.1 4.1 1.3
BC029W1 29/05/2018 422.5 15349 6881 863 0.45 0.40 33.8 24.0 16.8
BC030 8/06/2018 404.4 15370 6885 889 0.14 0.13 13.5 9.4 2.2
BC031 29/05/2018 441.1 15365 6781 917 0.43 0.41 108.1 22.4 33.5
BC032W1 25/05/2018 381.0 15368 6962 863 0.34 0.33 73.1 16.0 18.6
BC033 15/06/2018 440.5 15373 6935 882 0.32 0.29 22.3 19.5 9.2


Infill drilling over the next six months is aimed at demonstrating the economic potential of the central portion of Youle, by drilling at hole spacing of approximately 40 m. The Company also expects to carry out extension drilling along strike and at depth with the goal of extending mineralization to a depth of 700 RL. This program is expected to comprise 37 holes.

Youle Drill Campaign History

Mandalay has drilled 39 diamond holes into the historic Costerfield mine area in three campaigns (2011, 2014 and 2017-present). The Company reported significant early results from the Youle drill program in July 2017 (see Mandalay July 24, 2017 press release) and in April 2018 (see Mandalay April 3, 2018 press release). Drilling was accelerated in late 2017. This program has continued over 2018 and Mandalay is accelerating its efforts to bring Youle into Mineral Reserves in the Company's year-end 2018 Mineral Reserves and Resources update.

Drilling and Assaying

Diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to Onsite Laboratory 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. (see March 29, 2018, Technical Report entitled "Costerfield Operation, Victoria, Australia NI 43-101 Report", available on SEDAR (www.sedar.com) and the Company's website (www.mandalayresources.com), which contains a complete description of drilling, sampling, and assaying 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

Greg DiTomaso 
Director of 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 executing a roll-up strategy, creating critical mass by aggregating advanced or in production gold, copper, silver and antimony projects in Australia, the Americas, and Europe to generate near-term cash flow and shareholder value.

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, silver and antimony for the 2018 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 29, 2018, 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.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corporation via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Compuware Acquires XaTester and Partners with Parasoft to Deliver Essential Automated Unit Testing to Mainframe DevOps Teams18.7.2018 12:00Pressmeddelande

Topaz Further Established as the Leading Solution for Continuously Improving Velocity, Quality and Efficiency of Enterprise Systems Large enterprises must rigorously safeguard the quality of their mission-critical mainframe systems as digital demands drive them to develop and deploy mainframe code more quickly and frequently. With the acquisition of XaTester, new enhancements, and partnership with Parasoft, Compuware Topaz for Total Test is the clear leader in the automated unit testing essential for Agile and DevOps on the mainframe. With Topaz, developers at all skill levels can quickly and efficiently produce the highest-quality code for the mainframe-enabling enterprises to achieve the digital agility essential for success in fast-moving markets. DETROIT, July 18, 2018 (GLOBE NEWSWIRE) -- Compuware today announced a product acquisition, enhancements to Topaz for Total Test, and a partnership that together dramatically improve the ability of large enterprises to embrace Agile and De

Cryptomining Replaces Ransomware as Most Popular Cybercrime Malware18.7.2018 09:00Pressmeddelande

Analysis of vulnerability and threat trends shows cryptomining malware dominates threat landscape in the first half of 2018 SAN JOSE, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- Skybox® Security, a global leader in cybersecurity management, announced today the release of its mid-year update to the Vulnerability and Threat Trends Report which analyzes vulnerabilities, exploits and threats in play. The report, compiled by the team of security analysts at the Skybox® Research Lab, aims to help organizations align their security strategy with the reality of the current threat landscape. The mid-year update explores trends observed from January to June of 2018. One of the most significant findings is the replacement of ransomware as the cybercriminal tool of choice with cryptomining malware. In the last six months of 2017, ransomware accounted for 32 percent of attacks, while malicious cryptominers accounted for seven percent. By the first half of 2018, the figures had switched almost exactly

GridGain® Continues In-Memory Computing Industry Leadership in 201818.7.2018 09:00Pressmeddelande

GridGain Continues Rapid Growth, Delivers Product Innovations, Hosts Vital Industry Conferences and Earns Top Industry Accolades FOSTER CITY, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite(TM), today announced continuing strong momentum for the first half of 2018. Key achievements during the first half of the year included more new customer wins in the first half of 2018 than in all of 2017, launching major new products including GridGain Professional Edition 2.4 and GridGain Cloud, winning several top industry accolades, and driving continued growth of the popular In-Memory Computing Summit® in Europe. Growth New customer acquisition surged during the first half of 2018 with the company acquiring 40 percent more new customers than were signed in all of 2017. New customers acquired in 2018 include leading companies in financial services, transportation, telecommunications, retail, healthcar

ERYTECH Pharma Reports Voting Results from Annual General Meeting Held on June 28, 201817.7.2018 22:30Pressmeddelande

LYON, France and CAMBRIDGE, Mass., July 17, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext:ERYP) (Nasdaq:ERYP) announced that its 2018 Annual General Meeting was held in Lyon on Thursday, June 28, 2018. At the meeting, all resolutions for which management recommended a vote in favor, were adopted, including: - Approval of the annual financial statements and consolidated financial statements for the year ended December 31, 2017 and quietus of directors; - Allocation of the financial year's results; - Approval of regulatory agreements and commitments referred to in Article L.225-38 of the French Commercial Code; - Approval of the regulations of the share subscription and/or purchase options plan adopted by the Board of Directors on June 27, 2017; - Authorization for the Board of Directors to grant share subscription and/or share purchase options and/or to issue detachable share subscription warrants to corporate officers and employees of the Company or companies in the ERYTECH Pharma

Williams Scotsman Receives Competition Bureau Clearance for ModSpace Acquisition17.7.2018 22:15Pressmeddelande

BALTIMORE, July 17, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman"), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that, on July 16, 2018, the Canadian Competition Bureau issued a No Action Letter relating to Williams Scotsman's proposed acquisition of Modular Space Corporation ("ModSpace"). WillScot has now obtained the regulatory approvals required to complete the acquisition and continues to progress towards closing in the third quarter of 2018. About Williams Scotsman Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol "WSC." Williams Scotsman is a specialty rental services market leader providing innovative modular space and portable storage solutio

Minerva Neurosciences Elects Jeryl Hilleman to Board of Directors17.7.2018 22:05Pressmeddelande

WALTHAM, Mass., July 17, 2018 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today announced the election of Jeryl Hilleman to the Board of Directors of the Company. "Jeri brings a broad life sciences background to Minerva that includes high growth commercial biopharma, med-tech and data science companies," said William F. Doyle, Lead Independent Director of Minerva. "Her track record of delivering strategic and financial growth through execution, strategic partnering and multiple acquisitions will serve Minerva well as the Company completes five ongoing late-stage clinical trials with roluperidone, seltorexant and MIN-117." Ms. Hilleman is presently Chief Financial Officer of Intersect ENT (NASDAQ:XENT), a medical device company with commercial products for the treatment of chronic sinusitis. Previously, she served as CFO of several public

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum