logo-loader
viewMandalay Resources Corp.

Mandalay Resources reports continued exploration success from its producing Australian and Swedish mines

The miner today released diamond drill findings since its last update in September 2019

Mandalay Resources Corp. -
Mandalay has producing precious metals mines in Australia and Sweden

Metals miner Mandalay Resources Corp (TSE:MND) (OTCMKTS:MNDJF) told investors Tuesday that the recent successful exploration at its Australian and Swedish mines has underlined the positive potential at both operations.

The Toronto-headquartered miner today released diamond drill results since its last update in September. Three exploration programs are continuing at Costerfield in Australia, while at Björkdal, Sweden, the group has assayed 27 drill holes in the Aurora zone and four test holes to the north of the current mining operations. 

READ: Mackie hails Mandalay Resources' 'outstanding potential' for growth; initiates coverage with C$2.70 target

Notably, in Australia, the group has continued to develop and optimize extraction at its high-grade Youle vein, where mining is now underway.

Step-out drilling on the vein to the north has yielded mineralized extensions, Mandalay said.

Meanwhile, at the Costerfield Deeps target, the firm has now completed a daughter hole wedged off the first Costerfield Deeps hole beneath the Youle orebody, increasing the geological understanding of this prospective area.

The miner is now planning the second deep parent and daughter holes to target under the Augusta system, which will be drilled later this year.

In Sweden, extensional drilling at the Aurora zone continues to enlarge the high-grade mineralization, said Mandalay which trends at depth towards the east

Drilling of high-grade targets, including skarn mineralization near underground infrastructure, have also improved mine planning to deliver sustainable high head grades for processing.

Continuation of mineralization

Meanwhile, target holes have confirmed the continuation of mineralization in new veins up to 500 metres (m) northward from the presently defined Aurora zone, added the company.

"We are pleased to report continued exploration success at both of our sites. The most recent drilling results at Costerfield and Björkdal confirm the significant upside potential value of our operations," said Dominic Duffy, the chief executive at Mandalay.

"At Costerfield, optimization drilling within the upper part of the Youle vein has confirmed the high-grade resources previously published for the vein and filled in previous wide-spaced intercepts along a strike of 450 m. These results will support improved planning and execution of mining operations and longer life of the Youle vein.”

Duffy added: "At Björkdal, drilling to extend orebodies currently being mined has allowed us to bring higher head grade into the mine plan.

"Both the Aurora zone and skarn mineralization have been significantly extended. Meanwhile, target testing as much as 500 m north of the Aurora zone has intersected new gold bearing veins.”

Mandalay has producing mines in Australia and Sweden, and care and maintenance and development projects in Chile.

It aims to grow production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.

Shares in Toronto nudged up 0.84% to C$1.20.

---Adds share price---

Contact the author at [email protected]

Quick facts: Mandalay Resources Corp.

Price: 1.01 CAD

TSX:MND
Market: TSX
Market Cap: $91.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mandalay Resources Corp. named herein, including the promotion by the Company of Mandalay Resources Corp. in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Mandalay Resources expecting busy year on projects in Australia and Sweden

Mandalay Resources (TSX-MND) President and CEO Dominic Duffy joined Steve Darling from Proactive Investors Vancouver to discuss the latest progress on two of their projects. Duffy discussing Costerfield in Australia and Bjorkdal in Sweden. Duffy telling Proactive what work they have...

on 24/6/19

3 min read