Announcement Date: 2022-03-31
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Mandalay Resources Corp.
Project name: Bjorkdal
Location: Sweden
Commodities: Gold
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. 296,000 tonnes of ore at a grade of 12.4 g/t gold and 1.0% antimony into Mineral Reserves. This significant contribution in a short timespan highlights the richness of the Costerfield mineral system. Currently, the Shepherd veins are open and will be the focus of ongoing exploration efforts at Costerfield. 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.
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