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Mandalay Resources Corp.
Summary
| Project: | Costerfield | |
|---|---|---|
| Deposit: | Costerfield | |
| Location: | Australia | |
| Commodities: | Gold-Antimony | |
| Date: | 7/25/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-7-2016: Mandalay Resources Corp. announces an Exploration/Drilling Update report for its Costerfield deposit at the Costerfield project. Drilling results incl. 1.11m @ 113.7g/t Au, 2.6% Sb. TORONTO, ON, July 25, 2016 -- Mandalay Resources Corporation ( | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Chris Gregory (Internal) | |
| ABSTRACT: | TORONTO, ON, July 25, 2016 -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) is pleased to provide exploration updates for the first half of 2016 at all four of its properties: the three producing properties Costerfield (Australia), Björkdal (Sweden), and Cerro Bayo (Chile); plus the Challacollo (Chile) development project. Dr. Mark Sander, President and CEO of Mandalay, commented, “In the first half of 2016, exploration across the Company demonstrated the potential for significant near-term Mineral Reserve additions at all our operating mines and potential for significant new mineral discoveries at Björkdal and Challacollo. We intend to accelerate exploration at all of our projects in the second half of the year to confirm or convert as much of this potential as possible into Mineral Resources and Reserves by year-end. “At Costerfield, new mineralized intercepts suggest that at least three branches of the Cuffley lode occur below the King Cobra fault; all three intercepts contain high gold and/or antimony grades typical of what we have found in intercepts of orebodies we are currently mining. We have further demonstrated that N-lode mineralization extends more than 200 metres (“m”) north of its previously documented limits. A new discovery in the nearby New lode also contains a coherent mineralized zone. We are optimistic that further drilling planned for the balance of the year will enlarge and infill all of these emerging lodes so that we can convert these initial drill intercepts into additional Indicated Resources and potential mine life-extending Mineral Reserves at the year-end estimate. All of these mineralized zones are located quite close to our existing infrastructure in N-lode and Cuffley lode and we expect they will require only a minimal amount of additional capital development to access and mine. “We are further evaluating the potential to mine the Brunswick lode in light of steadily decreasing mining and processing costs at Costerfield. Two recent deep drill holes have demonstrated the potential for significant depth extension to the Brunswick lode. Infill and extensional drilling around the current Indicated and Inferred Resources at Brunswick is being undertaken now and will continue for the balance of the year to improve our confidence in the size and grade of the lode; the geotechnical characteristics of the lode and its impact on projected mining costs; and the metallurgical characteristics of mineralization contained in the lode.” | |
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