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Mandalay Resources Corp.
Summary
| Project: | Cerro Bayo | |
|---|---|---|
| Deposit: | Cerro Bayo | |
| Location: | Chile | |
| Commodities: | Gold-Silver | |
| Date: | 1/27/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 27-1-2017: Mandalay Resources Corp. announces an Exploration/Drilling Update report for its Cerro Bayo deposit at the Cerro Bayo project. Drilling results incl. 3.98m @ 8.87g/t Au, 282g/t Ag from 488.85m. Mandalay Resources Corporation ("Mandalay" or the | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Scott Manske (Internal) | |
| ABSTRACT: | Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) is pleased to provide exploration updates for the second half of 2016 at all four of its properties: the three producing properties, Björkdal (Sweden), Costerfield (Australia) and Cerro Bayo (Chile); and the Challacollo (Chile) development project. Dr. Mark Sander, President and CEO of Mandalay, commented, “In the second half of 2016, exploration yielded generally favourable results. Our drilling generated significant new drill intersections that are expected to support short-term and eventual long-term Mineral Resource and Reserve additions for the Company as a whole. At Cerro Bayo, while new drilling from the shore of Laguna Verde has infilled mineralization on Branca vein to support addition to reserves, new development data along Delia SE suggests a pending reduction in minable reserves along the vein at the coming Mineral Resource and Reserve update scheduled for later in the first quarter of 2017. As well, target testing of our highest priority surface targets failed to generate positive results. Dr. Sander continued, “At Cerro Bayo, detailed development sampling refined our understanding of gold and silver distribution in the Delia SE vein. Whereas the limits of ore grades at shallow development levels of the vein approximated the drilling-based block model, the deepest three levels have exposed more internal waste in the mineralized shoot than was previously thought. This finding is being investigated as part of the updated Mineral Resources and Reserves estimate for year-end 2016, expected to be released later in the first quarter of 2017. We have been successful at infill drilling on that part of the Branca vein reachable from collars on the shore of Laguna Verde. We expect conversion of Branca mineralization to Mineral Reserves in the coming update to offset part of the anticipated reduction in Delia SE. Meanwhile, initial testing of our highest priority vein targets elsewhere in the district failed to generate significant results. | |
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