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Mandalay Resources Corp.
Summary
| Project: | Costerfield | |
|---|---|---|
| Deposit: | Costerfield | |
| Location: | Australia | |
| Commodities: | Gold-Antimony | |
| Date: | 1/22/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-1-2019: Mandalay Resources Corp. announces a Resource Estimation report for its Costerfield deposit at the Costerfield project. Restated new ore reserve estimate at Costerfield. TORONTO, ON, January 22, 2019 -- Mandalay Resources Corporation ("Mandalay | |
| Resources: | (Reserve, P+P): 537Kt @ 10.4g/t Au, 3.2% Sb | |
| CP/QP: | [Resources]: Denny Kentwell (SRK Consulting) | |
| ABSTRACT: | TORONTO, ON, January 22, 2019 -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) today announced the results of an amended and restated Mineral Resources and Reserves estimate for its Costerfield gold-antimony mine in Victoria, Australia. On January 8, 2019, Mandalay announced an updated Mineral Reserves and Resources estimate for Costerfield, including a maiden Mineral Reserves estimate for the Youle lode. Subsequent to that announcement, Mandalay discovered that an error in the block volume transformation methodology utilized in the estimate as originally reported had affected the modeled vein width of Youle, leading to an understatement of the Mineral Reserves at Costerfield. The error did not affect the Mineral Resource nor did it affect the Mineral Reserves for any other lode at Costerfield. The impact of the amendment on the Mineral Reserves at Costerfield is a 17% increase in gold ounces and an 11% increase in antimony tonnes. As a result of this restatement, net of depletion from production during the first eleven months of 2018, Proven and Probable Mineral Reserves for contained gold (“Au”) increased by 48% versus the year prior, while contained antimony (“Sb”) replaced depletion in the same period. The restated Mineral Reserves do not impact the Company’s 2019 - 2021 production guidance which was announced January 16, 2019. | |
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