Mandalay Resources Drills Multiple High-Grade Intercepts Beneath Historic Costerfield Mine, Victoria, Australia
TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) is pleased to provide results from recent diamond drilling at its Costerfield Operations in Victoria, Australia.
This press release refers to tables and figures. The accompanying Table 2 can be found at the end of this press release, whereas the accompanying Figures 1, 2 and 3 can be found in an exploration presentation posted on the Company's website at the following address: http://www.mandalayresources.com/investor-presentations/#Technical_Presentations
Mandalay's recent and ongoing exploration drilling campaign on the property targets projections of veins beneath the historic Kendall and Costerfield mine, which was the largest historical producer in the district from 1864 to 1938 (Figure 1). Resulting intercepts demonstrate gold-antimony mineralization along a strike length of approximately 600 m and a dip length of approximately 200 m (Figures 2 and 3).
Highlights from drilling include the following six intercepts, which delineate a high-grade core of mineralization along the Costerfield Deeps projection measuring approximately 400 in strike by 150 m down-dip. The Company has named this emerging shoot the Youle vein after one of the three original prospectors in the district.
Table 1: Highlights of drill intercepts on the Youle Vein
AuEq (g/t) over
min. 1.8 m
*Using metal prices of $1,400/oz Au and $10,000/t Sb
- AuEq(g/t) = Au(g) + Sb(%) x (Price per 10 Sb(kg) × Sb Recovery(%) )/(Price per 1 Au(g) × Au Recovery (%))
Mark Sander, President and Chief Executive Officer of Mandalay commented, "We are encouraged by the high-grade cluster of drill intercepts defining the core of the emerging Youle vein beneath the historic Costerfield mine. This setting is similar to the locations of the Augusta Lodes, the Cuffley Lode and the Brunswick Lode beneath other historic mines of the district, all of which Mandalay has converted to Mineral Reserves and has either mined or is preparing to mine.
"The drill hole intercepts of Youle reported in this press release contain some extraordinary gold and antimony grades that dilute to potentially minable gold equivalent grades over our minimum mining width of 1.8 m. As well, the strike length (400-600 m) and depth extent (150-200 m) of the intercepts are entirely consistent with the dimensions of orebodies we have found beneath the other historic mines in the district that have proved very profitable for Mandalay."
Mr. Sander concluded, "There is room to grow this discovery along strike and down dip. The fact that Youle lies just several hundred metres to one kilometre from the Brunswick Lode, to which capital development access will be created later this quarter, suggests that there is potential to access the shoot quickly and for limited development capital. We plan to add additional surface rigs to the Youle drilling program to expand and infill high-grade mineralization as quickly as possible, with the goal of adding significantly to the Company's Mineral Resources and Reserves by the end of 2018."
Youle Drill Campaign History
Mandalay has drilled 27 diamond holes into the historic Costerfield mine area in three campaigns (2011, 2014 and 2017-2018). The Company reported significant early results from the Youle drill program in July, 2017 (see Mandalay July 24, 2017, press release). Drilling accelerated in late 2017 after it was clear that Mandalay would commit to developing the Brunswick Lode, which will halve the distance to access Youle from then-limits of mining at Cuffley, and after significant advances were made in the understanding of the local mineralization. This program continued into 2018 with new results reported here leading to preliminary interpretation of Youle mineralization as a downward offset of the historically mined Costerfield Lode (Figures 2 and 3).
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), which contains a complete description of drilling, sampling, and assaying procedures.)
Table 2: Significant Drill Intercepts at Youle
|BC018||26/02/2018||402.0||15353||6523||1022||0.16||0.16||0.5||7.8||14.3||Youle Parallel Mineralization|
|MB011||24/10/2011||480.0||15369||6631||923||0.14||0.12||30.8||18.7||63.7||Youle Parallel Mineralization|
|BC011*||17/01/2018||450.1||15394||7094||828||10.24||3.50||14.7||10.9||33.9||Youle Extended Composite|
|BC014||7/03/2018||500.6||15373||7185||789||1.17||0.64||2.5||1.5||5.2||Youle West Splay|
|BC014W1||19/01/2018||389.4||15384||7189||846||0.92||0.64||0.6||0.8||2.0||Youle West Splay|
|BC014W1||19/01/2018||389.4||15400||7191||810||0.11||0.10||0.7||7.4||13.7||Youle West Splay|
* Inclusive of other BC011 intercept.
- Using metal prices of $1,400/oz Au and $10,000/t Sb
- True width is preliminary estimate only and may not reflect final true width used in resource
- AuEq(g/t) = Au(g) + Sb(%) x (Price per 10 Sb(kg) × Sb Recovery(%) )/(Price per 1 Au(g) × Au Recovery (%))
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:
President and Chief Executive Officer
Director of Investor Relations
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on 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.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. 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.
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
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
Raising Internal Awareness About GDPR is Main Challenge, Say Subscription Businesses25.4.2018 20:00 | Pressmeddelande
WARRINGTON, United Kingdom, April 25, 2018 (GLOBE NEWSWIRE) -- With the countdown to the arrival of GDPR reaching the critical stages, more than a third of subscription businesses say that their biggest remaining challenge is raising internal awareness and knowledge about the legislation. GDPR comes into force May 25, with major implications for subscription businesses that collect personal data from B2B or B2C customers located in the EU. MPP Global hosted two recent webinars, focusing on the roles of data processor and data controller, to help businesses understand their responsibilities under the new regulations. Research conducted during these webinars uncovered that the main challenge identified by 34 percent of attendees ahead of GDPR was ensuring that their colleagues were aware of the changes in legislation and the potential implications of a breach. "These findings show that there is still some work to be done around GDPR," said MPP Global CEO and Co-Founder Paul Johnson. "GDP
PowerPlan Named Finalist for 2018 SAP® Pinnacle Award25.4.2018 16:10 | Pressmeddelande
ATLANTA, April 25, 2018 (GLOBE NEWSWIRE) -- PowerPlan is pleased to announce that SAP has recognized it as a finalist for an SAP® Pinnacle Award in the ISV Partner of the Year - Technology Innovation Award category. The annual SAP Pinnacle Awards acknowledge the contributions of leading SAP partners that have excelled in developing and growing their partnership with SAP and helping customers meet their goals. Finalists and winners in 29 categories were chosen based on recommendations from the SAP field, customer feedback and performance indicators. "We're honored to be recognized by SAP. Our distinction as a finalist highlights that the visions of PowerPlan and SAP continue to align," said Brent Burns, COO, PowerPlan. PowerPlan has been an OEM partner for SAP since June 2017. The introduction of the PowerPlan Adapter for SAP S4/HANA gained popularity due to its advanced cloud functionality and user-friendly interface. "Working with SAP has enabled our clients to run simple, yet strateg
Appian Announces 2018 Global and Regional Partners of the Year25.4.2018 15:01 | Pressmeddelande
RESTON, Va., April 25, 2018 (GLOBE NEWSWIRE) -- Appian (NASDAQ:APPN) today announced its 2018 Global and Regional Partners of the Year winners. These strategic partners were selected based on their success in helping companies develop and execute digital transformation initiatives using Appian's low-code platform. Appian's partner ecosystem is consists of organizations that provide world-class solutions and services globally across a variety of industries. Global and Regional Partner of the Year Winners: Global Partner of the Year - KPMG Regional Partner of the Year, Europe - PwC Regional Partner of the Year, APAC - Incessant Regional Partner of the Year (Mid-Market) - Bits In Glass Global Trusted Program: Partner of the Year - Vuram "Our recognition as Appian's Global Partner of the Year for the third consecutive year demonstrates the strength of our combined business and technology leadership," said Jerry Iacouzzi, U.S. leader for digital enablement at KPMG. "Digital transformation i
LeoVegas kommentar på information gällande ändrade förutsättningar på den norska marknaden25.4.2018 14:32 | Pressmeddelande
I LeoVegas finansiella mål om intäkter på minst 600 MEUR år 2020 och minst 100 MEUR i EBITDA år 2020, som presenterades 19 april, har det tagits i beaktning att marknadsförutsättningar kan förändras. Meddelandet igår om förslaget till norska stortinget är ett exempel på ändrade förutsättningar som LeoVegas strategiska planering tagit höjd för. LeoVegas strävar efter att vara ett transparent bolag och väljer därför att ange storleken på den norska marknaden för att ge en ökad förståelse. I mars 2018 stod den norska marknaden för 4,6% av koncernens totala intäkter. Oavsett utgång påverkar utvecklingen i Norge inte LeoVegas finansiella mål. "Ännu finns det inga detaljer kring förslaget men i alla branscher får man räkna med att förutsättningarna kan ändras. Vissa marknader stängs ner och andra öppnas och regleras. Norge har idag inget lokalt licenssystem och istället för förbud hoppas jag att Norge rör sig mot en lokal reglering likt den utvecklingen vi ser i Sverige.", säger Gustaf Hagma
LeoVegas comments on information regarding the potential for changing circumstances in the Norwegian market25.4.2018 14:32 | Pressmeddelande
In LeoVegas financial targets of at least EUR 600 million in revenue in 2020 and at least EUR 100 million in EBITDA in 2020, that were presented on April 19th, it has been taken into account that market conditions can change. The announcement yesterday about the proposal in the Norwegian Parliament is an example of changing conditions that LeoVegas' strategic planning has made room for. LeoVegas strives to be a transparent company and therefore chooses to disclose the size of the Norwegian market in order to increase understanding of the potential impact. In March 2018, the Norwegian market accounted for 4.6% of LeoVegas total revenues. Regardless of the outcome the development in Norway, it does not affect LeoVegas financial targets. "There are still no details about the proposal, but in all industries, one can expect that the conditions can change. Some markets are closed and others are opened and regulated. Norway currently has no local licensing system, and instead of prohibition,
Gemini to Launch Market Surveillance Technology in Collaboration with Nasdaq25.4.2018 12:30 | Pressmeddelande
Nasdaq is providing SMARTS Market Surveillance technology to monitor cryptocurrency market NEW YORK and STOCKHOLM, Sweden, April 25, 2018 (GLOBE NEWSWIRE) -- Gemini Trust Company, LLC (Gemini) and Nasdaq Inc. (Nasdaq:NDAQ) announced today that Gemini will be leveraging Nasdaq's SMARTS Market Surveillance technology to monitor its marketplace. The technology, which is considered the most widely deployed surveillance system in the world, will enable Gemini to monitor across all of its trading pairs, including: BTC/USD, ETH/USD and BTC/ETH. Further, SMARTS will also surveil activity across the Gemini auction process that is used to determine the settlement price for the Bitcoin XBT futures contracts that trade on Cboe's CFE Exchange. "Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole," said Tyler Winklevoss, CEO, Gemini. "Our deployment of Nasdaq's SMARTS Market
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum