| Announcement Date: | 2022-03-31 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | NI43-101 |
| Company name: | Mandalay Resources Corp. |
| Project name: | Costerfield |
| Location: | Australia |
| Commodities: | Gold,Antimony |
| Highlight: | Updated Resource and Reserve Estimates for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | TORONTO, ON, February 16, 2022 — Mandalay Resources Corporation (“Mandalay” or the “Company”) (TSX: MND, OTCQB: MNDJF) is pleased to announce updated Mineral Resources and Reserves estimates for its Costerfield gold-antimony mine in Victoria, Australia and its Björkdal gold mine in Skellefteå, Sweden as at December 31, 2021. All dollar amounts in this press release are in U.S. dollars unless otherwise noted. In addition to drilling, 4,585 m of on-vein development was completed within the Youle ore body, with 75 m development from October 2021 into the Shepherd ore body. Rock chip samples used in mine grade control were also included in the geological database and used in the Mineral Resources estimation process to improve Mineral Resources classification in areas accessed by development. Drill core was logged and sampled by Costerfield geologists, who also performed mine sampling. All samples were submitted to Onsite Laboratory Services in Bendigo, Victoria, Australia for sample preparation and assay. |
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