Mandalay Resources Corporation Provides an Exploration Update on Shepherd and Brunswick Deeps Discovery

2023-11-07 / @newswire

 

TORONTO, Nov. 7, 2023 /PRNewswire/ -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) is pleased to provide an update on drilling progress at its Costerfield operation in Victoria, Australia. A video has been prepared to further explain the information in this release and can be found on Mandalay's website or by clicking here.

New Drilling Highlights:

  • Shepherd Southern extension drilling defines new high grade domain including intercept highlights of:
    • 26.0 g/t gold and 39.9% antimony over 1.39 m (Estimated True Width "ETW" 0.63m) in SQ020;
    • 4.9 g/t gold and 10.4% antimony over 2.77 m (ETW 1.74 m) in SQ026;
  • Additional veins within Shepherd identified though optimization drilling including:
    • 797.0 g/t gold over 0.52 m (ETW 0.29 m) in PD036 and;
    • 122.0 g/t gold over 0.55 m (ETW 0.52 m) in KD957
  • Preliminary drilling underneath the Brunswick Deposit intercepts 2 parallel veins with highlight grades of:
    • 17.8 g/t gold over 1.87 m (ETW 1.62 m) in BD357 and;
    • 16.4 g/t gold and 1.5% antimony over 1.39 m (ETW 1.12 m) in BD354

Note: Further intercept details including significant intercepts within composite intervals can be found in the appendix to thispress release.

Frazer Bourchier, President and CEO commented:

"The continuity and longevity of Costerfield is pivotal to Mandalay, and we've strategically focused on near-mine drilling in recent exploration activities. The operation stands as one of the highest-grade gold mines globally1 and, notably, the second-highest in Australia, surpassed only by the neighbouring Fosterville mine, situated approximately 30 km to the northwest.

"These recent encouraging results primarily cover infill and extension drilling related to the Shepherd orebody beneath Youle and the discovery of high-grade gold veining beneath the historic Brunswick deposit, 800 meters south of Shepherd. Replacing reserves and growing this mineral resource, with equivalent high margin ounces from both near mine and regional exploration success, remain a top priority for Mandalay. These results reinforce our intention to maintain our current healthy self-funding spending rate at Costerfield."

Chris Davis, VP of Exploration and Operational Geology, continued:

"Shepherd has revealed itself as a network of sheeted subvertical veins, extending from the base of the west-dipping Youle orebody. Initially, further exploration of Shepherd's depth and southern extension faced temporary challenges due to access constraints. These constraints were resolved when a dedicated drill drive was developed earlier this year. Subsequently, much of the 2023 Shepherd drilling has been conducted from this drive, resulting in the modelling of 12 veins. Notably, a significant additional high-grade gold and antimony domain has been identified along the trend to the south.

"Drilling below Brunswick has delivered positive results, with two intercepts uncovering a new domain displaying substantial gold endowment. This area holds considerable interest, as the upper orebody is situated to the west of the main corridor, exhibiting mineralization similar to the upper parts of Augusta, where grades increased at depth. The veining observed in the initial deep drilling further supports the possibility of depth propagation to higher gold grades.

"While the results from the initial campaign are encouraging, we have temporarily paused the step-out drilling program. This decision allows us time to define the faulted architecture and update our targeting model for the upcoming phase."

________________________

1  Kitco News September 3, 2021, "Richest gold mines in the world in Q1 2021 – report"

2023 Costerfield Near Mine Focus

During 2023 near mine exploration has focussed on two major drilling campaigns: extension of the Shepherd orebody and testing the Brunswick orebody at depth. To infill and extend the currently mined Shepherd orebody, 49 exploration drillholes were completed, predominantly from a newly developed exploration drive that extended south from the bottom of the Youle decline. The drive was designed specially to allow better targeting of the Shepherd vein system to the south and at depth than existing infrastructure allowed. These results were further complemented with 82 production optimization holes that were drilled from a variety of locations within and near to the Shepherd veining.

The Shepherd drilling occurred simultaneously with the Brunswick Deeps program, including 23 holes drilled from the Brunswick - Youle access drive and the base of the Brunswick decline with the aim of building a new economic panel for extension of Costerfield mine by testing below the Brunswick orebody and workings.

Shepherd Extensions 

Drilling over the past year has successfully extended both the 600 and 620 veins (previously called Shepherd and Suffolk veins respectively) to the south, adding approximately 100 m of strike length to the 620 vein due to an upgrade to the orebody seen in SQ020 and SQ026 (figure 2).  Updated modelling during the 2023 campaign has resolved the Shepherd system into 12 discrete veins. These include the primary veins, striking roughly NNE, as well as a secondary vein set often striking at roughly 45 degrees from the primary veins.  The interaction of these two sets often coincides with increased endowment within the primary veins.

Additionally, depth continuations of both the 600 and the 620 veins has been targeted and delineated from the 2023 drilling campaign.  These holes have confirmed significant gold enrichment on the 600 structure (SQ001 – 0.74m ETW @ 22.7 g/t gold and 3.9% antimony).  A continuation of the shallow, north plunging enrichment zone of the 620 vein has been identified below the grade-controlling "Quartzite" stratigraphic layer (distinctive thick sandstone bed represented by a yellow band on long sections) from drilling in 2023, particularly the intercept obtained in drillhole SQ029.

In addition to southern and depth extension potential of Shepherd, the drilling indicates a westward step of gold endowment across of the southern veins, corresponding with an apparent enrichment of stibnite relative to the bulk of Shepherd.  This was evidenced by the progression from 600 to 620 and now initial intercepts into 630 indicate the progression continues (Figure 2). Future delineation of the westernmost veins provide an opportunity for further growth as the system remains open and untested to the west.

Brunswick Deeps Discovery

Mineralization below the currently defined Brunswick resource remains open at depth.  Drill programs conducted in prior years indicated the continuation of the orebody below a well-developed stack of thrust faults which define the base of the orebody mined between 2018 and 2020. Further thrust faults at depth have been identified from regional drilling including the continuation of the fault that hosts Youle to the north. Throughout the Costerfield mineral district, it has been recognized that these low-angle faults have been active at all stages of the ore-forming process and it is likely that the system continues through a western progression of offsets to the mineral system.

The program conducted in 2023 was designed to test this hypothesis with holes that would sweep under the Brunswick mine and cover the potential offset position.

The program successfully identified two veins - offset veins identified approximately 100m relative to the upper Brunswick Vein and 60m relative to the currently mined lower portion of Brunswick.  The first vein (called the Breccia Vein) is quartz breccia with a gold-dominant style of mineralization.  It is surrounded by pervasive sericite alteration and trace disseminated pyrite. Highlights from this vein include 1.39m (ETW 1.12m) at 16.4 g/t gold and 1.5% antimony in BC354 and 1.87m (ETW 1.62m) at 17.8 g/t gold with only trace antimony in BC357 (Figure 5 and 6). Follow up drilling was also conducted following the hits on BD354 and BD357; these found the Breccia Vein to be somewhat continuous, striking in a northeast direction towards Youle and Shepherd.

The second vein intercepted appears to be the depth continuation of the Brunswick orebody as it shares many 'Brunswick-like' characteristics such as a strongly sheared footwall and well developed stibnite mineralization with lesser quartz relative to other Costerfield orebodies. As such this has been called the Brunswick Deeps "Main Vein". Key intercepts on this vein include 0.22m  (ETW 0.18m) at 25.5 g/t gold and 0.23% antimony in BD354, and 0.97m (ETW 0.47m) at 11.5 g/t gold and 4.6% antimony in BD356A.  This vein occupies the sheared hinge of a north-striking anticline which also plunges gently to the north. The Breccia Vein is currently interpreted to be truncated by the Main Vein at their intersection, although the possibility remains for the identification of additional repeats along strike, or offset continuations of the Breccia Vein to be tested in the future.

Some larger step outs were conducted towards the end of the program, showing vein continuity in all directions for the Main Vein.  It also showed that Breccia Vein grades appear to increase with proximity to the Main Vein. Interpretation of drillholes that failed to intercept the Breccia structure up-dip have delineated a thrust fault that appears to cap the vein, which is interpreted to represent the Youle hosting fault. This fault is intimately related to mineralization at Costerfield and is interpreted to have had an influence on ore forming environments in all major orebodies along the central corridor at Costerfield.

Forward Focus of Near Mine Exploration

Near mine exploration will continue to focus on the Shepherd area and surrounds, particularly on the potential connection between Shepherd South and Brunswick at depth. Early interpretation shows a strike connection between these vein systems that warrants further investigation.  There is also further potential for Shepherd to continue its westerly steps to the South and at depth.

Drilling of regional prospects has taken place, and is continuing, at Costerfield throughout the year, particularly at the True Blue and West Costerfield prospects. An update on these programs will be provided in the near future.

Drilling and Assaying

All diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Samples featuring coarse grained visible gold were assayed using a variant of fire assay known as screen fire assay. This method is routinely used to mitigate potential problems associated with heterogeneity in the distribution of coarse gold within drill samples. The procedure collects all coarse heterogenous coarse gold by screening at 75µm after crushing and pulverisation, and subsequently fire assays the resultant mass to extinction. A mass weighted average of gold grade of the sample is subsequently calculated from the +75µm and -75µm fractions of the sample. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled "Costerfield Operation, Victoria, Australia NI 43-101 Report" dated March 30, 2020, available on SEDAR (www.sedar.com) for a complete description of drilling, sampling, and assaying procedures.

Qualified Person:

Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), as well as a Member of the Australian Institute of Geoscientists (MAIG) and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

Mandalay's mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle vein at Costerfield, bring the deeper Shepherd veins into production, both of which are expected to continue to supply high-grade ore to the processing plant, and to extend Youle's Mineral Reserves. At Björkdal, the Company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years in order to maximize profit margins from the mine. 

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Brunswick and Shepherd deposit (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 31, 2023, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Appendix
Table 1. Drilling Composites

DRILL
HOLE ID 

FROM
(M) 

TO
(M) 

DRILL
WIDTH (M) 

TRUE
WIDTH (M) 

AU
GRADE (G/T) 

SB
GRADE (%) 

AU (G/T)
OVER MIN.
1.8M MINING
WIDTH 

VEIN NAME 

BD349

347.90

349.79

1.89

0.36

4.38

LLD

0.88

Brunswick Breccia Vein

BD354

387.56

388.95

1.39

1.12

16.39

1.53

12.02

Brunswick Breccia Vein

BD355

373.57

376.55

2.98

2.11

1.83

1.14

4.70

Brunswick Breccia Vein

BD356A

396.96

397.13

0.17

0.13

16.50

0.01

1.19

Brunswick Breccia Vein

BD357

410.53

412.40

1.87

1.62

17.80

0.09

16.17

Brunswick Breccia Vein

BD359A

440.43

440.62

0.19

0.15

26.30

1.50

2.43

Brunswick Breccia Vein

BD360

414.26

416.29

1.40

0.97

0.21

LLD

0.11

Brunswick Breccia Vein

BD361

423.26

424.28

1.02

0.85

3.15

LLD

1.49

Brunswick Breccia Vein

BD362

404.94

405.73

0.79

0.68

1.97

LLD

0.74

Brunswick Breccia Vein

BD363

414.85

415.44

0.59

0.45

5.37

LLD

1.34

Brunswick Breccia Vein

BD364

405.07

406.93

1.86

1.32

4.19

LLD

3.06

Brunswick Breccia Vein

BD365W1

456.85

457.15

0.30

0.23

0.86

LLD

0.11

Brunswick Breccia Vein

BD367

398.74

399.81

1.07

0.76

0.38

LLD

0.16

Brunswick Breccia Vein

BD368

439.25

440.38

1.13

0.40

0.15

LLD

0.03

Brunswick Breccia Vein

BD348

375.21

381.21

6.00

4.91

0.59

0.01

0.61

Brunswick Main

BD349

417.58

417.68

0.10

0.08

6.63

0.07

0.30

Brunswick Main

BD350

231.10

232.45

1.35

0.95

8.31

0.56

4.95

Brunswick Main

BD351

243.00

245.00

2.00

1.68

0.31

LLD

0.29

Brunswick Main

BD352

498.00

501.00

3.00

2.12

0.06

LLD

0.07

Brunswick Main

BD353A

402.00

402.83

0.83

0.62

0.01

LLD

0.00

Brunswick Main

BD354

453.73

453.95

0.22

0.18

25.50

0.23

2.59

Brunswick Main

BD355

474.00

474.29

0.29

0.19

0.03

LLD

0.00

Brunswick Main

BD356A

442.78

443.75

0.97

0.47

11.49

4.60

5.29

Brunswick Main

BD358A

456.55

456.99

0.44

0.23

0.46

4.03

1.04

Brunswick Main

BD359

510.95

512.94

1.99

1.31

LLD

LLD

0.00

Brunswick Main

BD363

464.71

464.95

0.24

0.17

0.03

LLD

0.00

Brunswick Main

BD364

489.30

490.26

0.96

0.74

0.04

LLD

0.02

Brunswick Main

BD366

229.91

236.00

5.46

2.73

3.77

0.01

5.75

Brunswick Main

BD368

448.52

448.99

0.47

0.42

3.66

1.62

1.58

Brunswick Main

BD369

267.94

268.05

0.11

0.07

1.02

0.02

0.04

Brunswick Main

BD349

274.61

274.92

0.31

0.25

1.81

LLD

0.25

Brunswick minor vein

BD349

412.50

413.00

0.50

0.40

1.12

LLD

0.25

Brunswick minor vein

BD351

193.59

193.86

0.27

0.10

1.98

LLD

0.11

Brunswick minor vein

BD351

247.65

247.76

0.11

0.10

2.76

LLD

0.15

Brunswick minor vein

BD351

259.82

260.82

1.00

0.91

1.52

0.02

0.79

Brunswick minor vein

BD351

287.30

287.45

0.15

0.14

1.75

0.02

0.14

Brunswick minor vein

BD363

481.00

481.54

0.54

0.29

1.38

0.01

0.23

Brunswick minor vein

BD369

224.47

225.27

0.80

0.51

1.45

LLD

0.41

Brunswick minor vein

BC341

336.13

336.40

0.27

0.13

60.80

LLD

4.30

Shepherd 600

KD936

4.18

5.02

0.84

0.40

0.69

0.01

0.16

Shepherd 600

KD942

12.19

12.44

0.25

0.23

4.08

9.81

2.98

Shepherd 600

KD945

36.05

36.18

0.13

0.12

2.95

7.52

1.15

Shepherd 600

KD946

43.84

43.97

0.13

0.11

0.00

LLD

0.00

Shepherd 600

KD947

42.69

43.32

0.63

0.38

0.01

LLD

0.00

Shepherd 600

KD948

43.85

45.00

1.15

0.90

20.50

0.08

10.28

Shepherd 600

KD949

61.08

61.22

0.14

0.07

0.45

LLD

0.02

Shepherd 600

KD950

70.22

70.76

0.54

0.28

2.57

LLD

0.41

Shepherd 600

KD952

6.73

7.13

0.40

0.28

4.03

LLD

0.62

Shepherd 600

KD953

13.26

13.59

0.33

0.17

2.20

0.01

0.21

Shepherd 600

KD964

80.30

80.50

0.20

0.04

0.50

LLD

0.01

Shepherd 600

KD976

2.39

2.49

0.10

0.10

325.00

13.70

18.54

Shepherd 600

KD977

2.39

2.59

0.20

0.12

313.00

48.90

28.00

Shepherd 600

KD980

58.15

58.45

0.30

0.18

64.30

0.02

6.48

Shepherd 600

KD996

8.82

8.92

0.10

0.09

0.84

0.03

0.05

Shepherd 600

PD038

19.11

19.26

0.15

0.14

9.84

LLD

0.78

Shepherd 600

PD074

58.62

58.79

0.17

0.11

2.00

0.01

0.12

Shepherd 600

SQ001

306.83

307.82

0.99

0.74

22.74

3.90

12.42

Shepherd 600

SQ002

288.24

288.40

0.16

0.12

20.70

LLD

1.41

Shepherd 600

SQ003

338.08

338.29

0.21

0.14

2.06

LLD

0.16

Shepherd 600

SQ005

256.56

256.66

0.10

0.08

1.32

LLD

0.06

Shepherd 600

SQ007

303.35

304.30

0.95

0.62

7.60

LLD

2.62

Shepherd 600

SQ019

394.11

395.22

1.11

0.74

1.01

3.74

3.33

Shepherd 600

BC342

492.35

492.50

0.15

0.08

2.98

0.01

0.12

Shepherd 600

SQ006

284.25

284.84

0.59

0.30

0.77

0.01

0.13

Shepherd 600

SQ008A

295.08

295.24

0.16

0.11

13.90

LLD

0.85

Shepherd 600

SQ009

339.87

340.07

0.20

0.17

0.32

LLD

0.03

Shepherd 600

SQ010

363.00

363.30

0.30

0.21

6.47

LLD

0.75

Shepherd 600

SQ011A

379.32

379.58

0.26

0.15

0.15

LLD

0.01

Shepherd 600

KD970

2.03

2.26

0.23

0.19

31.60

13.90

6.16

Shepherd 602

KD971

2.19

2.35

0.16

0.14

2.70

LLD

0.21

Shepherd 602

KD972

2.55

2.69

0.14

0.13

2.40

LLD

0.17

Shepherd 602

KD976

9.16

9.26

0.10

0.09

0.03

LLD

0.00

Shepherd 602

KD977

9.93

10.08

0.15

0.13

0.65

LLD

0.05

Shepherd 602

KD956

0.15

0.30

0.15

0.13

8.48

0.02

0.63

Shepherd 604

KD957

0.40

0.95

0.55

0.52

122.00

0.02

35.10

Shepherd 604

KD958

0.95

1.20

0.25

0.24

55.50

0.24

7.50

Shepherd 604

KD959

2.12

2.95

0.83

0.76

38.49

6.00

21.10

Shepherd 604

KD960

1.11

1.31

0.20

0.19

89.10

LLD

9.55

Shepherd 604

PD025

5.07

5.41

0.34

0.22

21.40

LLD

2.61

Shepherd 605

PD027

7.01

7.14

0.13

0.12

0.77

LLD

0.05

Shepherd 605

PD028

5.47

6.14

0.67

0.39

117.00

LLD

25.22

Shepherd 605

PD019

9.66

9.77

0.11

0.09

0.56

LLD

0.03

Shepherd 606

PD024

21.90

22.10

0.20

0.06

1.09

0.02

0.04

Shepherd 606

PD032

0.00

0.32

0.32

0.20

64.80

0.01

7.24

Shepherd 606

PD033

6.29

7.00

0.71

0.60

18.02

LLD

6.02

Shepherd 606

PD034

8.21

10.46

2.25

1.56

36.90

0.02

32.04

Shepherd 606

PD036

7.43

7.95

0.52

0.29

797.00

LLD

127.52

Shepherd 606

PD019

4.14

4.28

0.14

0.11

19.20

0.02

1.21

Shepherd 607

PD020

6.51

6.77

0.26

0.20

31.01

LLD

3.37

Shepherd 607

PD024

8.59

8.88

0.29

0.09

4.88

LLD

0.24

Shepherd 607

PD033

2.46

2.72

0.26

0.22

36.60

0.03

4.47

Shepherd 607

PD034

1.56

1.87

0.31

0.22

26.40

LLD

3.19

Shepherd 607

KD945

22.23

22.48

0.25

0.23

0.56

LLD

0.07

Shepherd 609

KD946

27.19

27.54

0.35

0.27

0.31

LLD

0.05

Shepherd 609

KD947

30.57

30.97

0.40

0.25

0.33

LLD

0.05

Shepherd 609

KD948

28.89

29.06

0.17

0.13

0.43

LLD

0.03

Shepherd 609

KD949

42.26

42.47

0.21

0.11

1.72

LLD

0.10

Shepherd 609

KD950

40.30

40.50

0.20

0.11

29.20

LLD

1.78

Shepherd 609

KD961

79.45

80.90

1.45

0.47

18.29

0.23

4.93

Shepherd 609

KD964A

64.66

66.00

1.34

0.47

20.35

0.02

5.37

Shepherd 609

KD965

54.68

56.38

1.70

0.72

6.87

0.04

2.79

Shepherd 609

KD979

55.85

56.70

0.85

0.40

494.06

0.45

109.81

Shepherd 609

KD980

40.10

40.22

0.12

0.07

0.15

LLD

0.01

Shepherd 609

KD992A

81.29

82.10

0.81

0.22

7.13

LLD

0.86

Shepherd 609

KD995

9.35

9.63

0.28

0.14

2.59

LLD

0.20

Shepherd 609

KD997

26.39

26.53

0.14

0.06

0.41

LLD

0.01

Shepherd 609

KD999

38.90

39.51

0.61

0.15

20.77

LLD

1.69

Shepherd 609

PD002

55.68

56.97

1.29

0.25

28.39

0.01

4.02

Shepherd 609

PD003

34.67

35.00

0.33

0.06

3.07

LLD

0.11

Shepherd 609

PD004

25.38

25.85

0.47

0.18

128.00

0.01

12.86

Shepherd 609

PD037

20.72

20.92

0.20

0.14

4.06

LLD

0.31

Shepherd 609

PD038

19.94

20.12

0.18

0.15

45.30

LLD

3.71

Shepherd 609

PD072

25.43

25.69

0.26

0.21

0.27

LLD

0.03

Shepherd 609

PD073

25.20

25.46

0.26

0.18

11.70

0.09

1.17

Shepherd 609

SQ012

387.40

387.52

0.12

0.08

0.20

LLD

0.01

Shepherd 609

BC340

416.95

417.60

0.65

0.44

0.24

0.03

0.07

Shepherd 620

BC344

375.86

376.67

0.81

0.52

2.25

0.41

0.88

Shepherd 620

BC345

426.05

426.42

0.37

0.22

0.89

LLD

0.11

Shepherd 620

BC346

95.19

95.40

0.21

0.13

30.90

10.20

3.70

Shepherd 620

BC347

64.84

65.00

0.16

0.13

1.34

25.20

3.45

Shepherd 620

BC348

105.68

105.79

0.11

0.06

0.88

LLD

0.03

Shepherd 620

BC349

91.92

92.20

0.28

0.17

10.70

3.65

1.66

Shepherd 620

BC352A

334.28

334.38

0.10

0.07

42.20

0.28

1.66

Shepherd 620

BC363

175.34

175.62

0.28

0.26

10.50

LLD

1.53

Shepherd 620

BC368

107.71

107.81

0.10

0.07

0.00

LLD

0.00

Shepherd 620

BC369

154.14

154.28

0.14

0.08

0.01

LLD

0.00

Shepherd 620

BC370

154.78

155.44

0.66

0.35

0.00

LLD

0.00

Shepherd 620

BC371

108.81

109.08

0.27

0.24

98.90

0.01

13.13

Shepherd 620

BC375

180.81

181.77

0.96

0.48

0.00

LLD

0.00

Shepherd 620

KD924

18.98

19.08

0.10

0.10

0.23

LLD

0.01

Shepherd 620

KD936

42.51

42.89

0.38

0.15

0.80

0.00

0.07

Shepherd 620

KD947

139.90

141.99

2.09

1.32

2.46

9.60

15.31

Shepherd 620

KD948

97.22

97.49

0.27

0.22

200.00

0.06

24.89

Shepherd 620

PD006A

27.78

27.91

0.13

0.13

15.20

14.70

3.11

Shepherd 620

PD007

33.69

33.81

0.12

0.09

4.18

0.12

0.23

Shepherd 620

PD011

10.34

10.47

0.13

0.13

10.90

LLD

0.77

Shepherd 620

PD012

15.25

15.54

0.29

0.22

0.06

LLD

0.01

Shepherd 620

PD013

16.77

16.93

0.16

0.10

0.13

LLD

0.01

Shepherd 620

PD015

14.70

14.81

0.11

0.08

0.05

LLD

0.00

Shepherd 620

PD016

9.98

10.12

0.14

0.13

0.16

LLD

0.01

Shepherd 620

PD017

22.88

23.23

0.35

0.25

1.95

0.01

0.27

Shepherd 620

PD018

20.60

20.74

0.14

0.12

0.43

LLD

0.03

Shepherd 620

PD021

26.53

26.66

0.13

0.13

0.00

0.05

0.01

Shepherd 620

PD042

32.79

33.16

0.37

0.20

11.30

LLD

1.25

Shepherd 620

PD043

19.08

19.39

0.31

0.26

7.97

LLD

1.16

Shepherd 620

PD044

33.16

33.35

0.19

0.10

6.76

LLD

0.39

Shepherd 620

PD049

68.68

69.15

0.47

0.32

0.05

LLD

0.01

Shepherd 620

PD050

84.82

85.11

0.29

0.16

4.53

5.21

1.30

Shepherd 620

PD057

44.38

44.63

0.25

0.25

47.97

5.21

7.90

Shepherd 620

PD058

48.24

48.48

0.24

0.23

62.90

4.80

9.08

Shepherd 620

PD059

67.24

67.44

0.20

0.16

117.00

20.10

13.72

Shepherd 620

PD060

79.47

80.15

0.68

0.41

0.57

LLD

0.13

Shepherd 620

PD061

60.36

60.50

0.14

0.10

0.00

0.01

0.00

Shepherd 620

PD062

78.43

78.85

0.42

0.27

0.11

LLD

0.02

Shepherd 620

PD063

12.54

12.82

0.28

0.25

0.41

LLD

0.06

Shepherd 620

PD064

16.34

16.85

0.51

0.44

7.64

0.01

1.88

Shepherd 620

PD066

23.91

24.08

0.17

0.13

1.13

LLD

0.08

Shepherd 620

PD067

24.76

24.90

0.14

0.10

1.51

LLD

0.08

Shepherd 620

PD072

123.68

123.83

0.15

0.10

0.00

0.01

0.00

Shepherd 620

PD073

137.84

138.21

0.37

0.25

0.01

0.01

0.00

Shepherd 620

PD074

132.56

132.96

0.40

0.25

9.96

10.50

4.13

Shepherd 620

PD075

33.59

33.78

0.19

0.16

109.00

7.90

11.24

Shepherd 620

PD076

28.05

28.31

0.26

0.26

1.95

0.03

0.29

Shepherd 620

SQ001

263.81

264.26

0.45

0.30

0.19

LLD

0.03

Shepherd 620

SQ003

304.69

304.84

0.15

0.09

0.10

LLD

0.01

Shepherd 620

SQ007

259.42

259.80

0.38

0.28

77.60

1.85

12.72

Shepherd 620

SQ012

310.45

310.86

0.41

0.25

203.00

0.76

27.97

Shepherd 620

SQ014

345.56

345.70

0.14

0.08

0.05

LLD

0.00

Shepherd 620

SQ016

401.59

402.06

0.47

0.24

40.20

42.40

16.40

Shepherd 620

SQ019

311.63

312.39

0.76

0.62

8.53

1.09

3.65

Shepherd 620

SQ020

413.98

415.37

1.39

0.63

26.04

39.96

35.83

Shepherd 620

SQ022

368.95

369.31

0.36

0.26

16.30

1.44

2.74

Shepherd 620

BC342W1

324.58

325.07

0.27

0.15

46.70

LLD

3.89

Shepherd 620

BC374

236.23

236.53

0.30

0.30

1.98

LLD

0.33

Shepherd 620

PD023

45.90

46.02

0.12

0.10

10.60

LLD

0.59

Shepherd 620

SQ004

265.36

265.59

0.23

0.15

6.25

0.01

0.52

Shepherd 620

SQ005

209.70

210.17

0.47

0.30

1.11

0.01

0.19

Shepherd 620

SQ006

215.55

215.82

0.27

0.22

7.08

0.01

0.87

Shepherd 620

SQ008A

244.50

244.61

0.11

0.10

2.42

0.01

0.14

Shepherd 620

SQ011A

345.96

346.11

0.15

0.10

0.13

LLD

0.01

Shepherd 620

SQ017

375.58

375.68

1.66

1.07

2.15

0.62

1.98

Shepherd 620

SQ023

330.48

330.68

0.20

0.14

5.44

0.02

0.43

Shepherd 620

SQ027

397.54

398.65

1.11

0.94

3.42

0.01

1.80

Shepherd 620

SQ025

364.90

365.00

0.40

0.30

5.70

0.20

1.01

Shepherd 620

SQ024

321.62

322.49

0.87

0.78

3.80

LLD

1.64

Shepherd 620

SQ026

340.60

343.37

2.77

1.74

4.90

10.35

23.85

Shepherd 620

SQ028A

243.04

243.17

0.13

0.09

2.99

LLD

0.15

Shepherd 620

SQ031

423.49

424.53

1.04

0.82

0.53

0.01

0.25

Shepherd 620

SQ033

403.28

403.43

0.15

0.10

1.34

2.41

0.32

Shepherd 620

SQ029

204.15

204.45

0.30

0.27

24.40

LLD

3.66

Shepherd 620

BC304

218.37

218.51

0.14

0.11

6.13

LLD

0.36

Shepherd 620

BC303

208.94

209.05

0.11

0.08

3.54

LLD

0.16

Shepherd 620

BC373

250.52

250.82

0.30

0.15

0.21

0.01

0.02

Shepherd 620

BC379

155.00

155.26

0.26

0.15

0.99

0.01

0.08

Shepherd 620

BC368

149.34

149.45

0.11

0.07

0.00

0.03

0.00

Shepherd 621

PD011

23.30

23.41

0.11

0.11

33.60

LLD

1.97

Shepherd 623

PD012

27.68

27.85

0.17

0.14

0.50

LLD

0.04

Shepherd 623

KD939

2.21

2.46

0.25

0.25

89.80

0.15

12.32

Shepherd 624

KD940

2.84

3.24

0.40

0.30

196.00

0.02

32.35

Shepherd 624

PD030

2.07

2.23

0.16

0.14

0.34

LLD

0.03

Shepherd 624

PD031

7.19

7.52

0.33

0.30

9.57

LLD

1.58

Shepherd 624

PD042

15.33

16.16

0.83

0.52

0.23

LLD

0.07

Shepherd 624

PD044

12.21

12.54

0.33

0.20

6.64

LLD

0.75

Shepherd 624

BC347

106.75

106.87

0.12

0.09

0.38

0.02

0.02

Shepherd 630

PD050

99.98

100.42

0.44

0.38

0.01

0.05

0.02

Shepherd 630

PD060

99.29

99.61

0.32

0.28

0.18

LLD

0.03

Shepherd 630

PD062

98.52

98.72

0.20

0.17

38.10

15.30

6.52

Shepherd 630

SQ003

267.12

267.95

0.83

0.42

2.00

LLD

0.47

Shepherd 630

SQ007

224.97

225.26

0.29

0.19

0.56

LLD

0.06

Shepherd 630

SQ011A

308.00

308.84

0.84

0.36

10.70

LLD

2.14

Shepherd 630

SQ019

277.51

278.73

1.22

0.61

54.14

0.06

18.38

Shepherd 630

Notes



1.

The AuEq (gold equivalent) grade is calculated using the following formula:


AuEq g per t=Au g per t+Sb%×

(Sb price per 10kg×Sb processing recovery)
  (Au price per g×Au processing recovery)


Prices and recoveries used: Au $/oz = 1,900; Sb $/t = 11,700; Au Recovery = 93% and; Sb Recovery = 92%

2.

LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01%

3.

Composites that are not interpreted to be connected to a named vein and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here.

Table 2. Drill Hole Collar Details

Drill Program

Drill Hole ID

Easting

Northing

Elevation

Depth

Dip

Azimuth

Date  Complete

Shepherd South Extension

BC340

15379

6754

958

480.0

-43.2

222.8

2022/08/05

Shepherd Reserve Infill

BC341

15061

7175

634

403.9

-6.4

152.6

2022/09/14

Shepherd Depth Extension

BC342

15330

7087

736

608.0

-58.4

222.7

2022/09/03

Shepherd Depth Extension

BC342W1

15330

7087

736

549.9

-58.7

222.4

2022/08/22

Shepherd South Extension

BC344

15378

6753

958

527.1

-39.1

234.3

2022/08/14

Shepherd South Extension

BC345

15379

6755

958

499.8

-32.2

220.8

2022/08/22

Shepherd Reserve Infill

BC346

15243

6892

712

115.1

-32.8

227.8

2022/08/19

Shepherd Reserve Infill

BC347

15242

6894

712

119.9

-36.1

274.1

2022/08/25

Shepherd Reserve Infill

BC348

15242

6893

712

162.8

-47.3

231.9

2022/08/30

Shepherd Reserve Infill

BC349

15242

6894

712

140.0

-50.9

272.4

2022/09/07

Shepherd South Extension

BC352A

15378

6753

958

485.2

-42.4

238.0

2022/08/30

Shepherd Reserve Infill

BC363

15059

7180

632

253.7

-33.5

62.8

2022/09/21

620 Reserve Infill

BC368

15128

7231

612

229.7

-21.5

49.6

2022/12/02

620 Reserve Infill

BC369

15127

7231

610

155.7

-28.8

36.8

2022/12/06

620 Reserve Infill

BC370

15127

7231

610

180.6

-41.1

40.2

2022/12/04

620 Reserve Infill

BC371

15127

7231

610

119.7

-43.7

66.1

2022/12/21

620 Northern Extension

BC373

15127

7231

610

317.6

-36.5

28.7

2022/12/22

620 Northern Extension

BC374

15127

7231

610

245.8

-33.5

20.6

2023/01/11

620 Northern Extension

BC375

15127

7231

610

377.6

-22.3

25.5

2022/12/16

Brunswick Deeps

BD348

14974

6020

967

458.3

-41.7

248.9

2022/10/02

Brunswick Deeps

BD349

14974

6021

967

450.0

-48.2

283.7

2022/10/11

Brunswick Deeps

BD350

14817

5773

922

269.8

-50.6

279.7

2022/10/18

Brunswick Deeps

BD351

14817

5772

922

338.7

-55.1

260.5

2022/11/02

Brunswick Deeps

BD352

14974

6020

968

647.5

-58.2

241.7

2023/02/03

Brunswick Deeps

BD353A

14971

6023

967

576.1

-53.0

257.1

2023/02/13

Brunswick Deeps

BD354

14974

6021

968

596.3

-53.5

278.9

2023/02/27

Brunswick Deeps

BD355

14974

6022

967

506.3

-53.8

307.1

2023/03/08

Brunswick Deeps

BD356A

14931

5910

965

551.2

-52.0

297.0

2023/03/17

Brunswick Deeps

BD357

14820

5770

922

458.5

-42.2

340.4

2023/03/19

Brunswick Deeps

BD358A

14971

6023

967

521.5

-57.4

264.9

2023/05/17

Brunswick Deeps

BD359

14971

6023

967

599.4

-60.4

284.6

2023/05/30

Brunswick Deeps

BD359A

14971

6023

967

456.0

-60.4

284.6

2023/06/04

Brunswick Deeps

BD360

14971

6023

967

462.0

-58.9

297.9

2023/06/16

Brunswick Deeps

BD361

14971

6023

967

497.3

-59.5

307.8

2023/06/29

Brunswick Deeps

BD362

14971

6023

967

449.2

-54.1

314.2

2023/07/07

Brunswick Deeps

BD363

14971

6023

967

497.0

-55.7

277.6

2023/07/15

Brunswick Deeps

BD364

14971

6023

967

527.3

-56.3

284.4

2023/07/25

Brunswick Deeps

BD365W1

14971

6023

967

485.2

-56.5

325.5

2023/08/10

Brunswick Deeps

BD366

14817

5773

922

388.9

-49.5

281.4

2023/09/03

Brunswick Deeps

BD367

14976

6023

968

460.0

-47.3

325.6

2023/08/18

Brunswick Deeps

BD368

14976

6021

968

480.0

-60.0

265.6

2023/08/25

Brunswick Deeps

BD369

14817

5772

922

300.0

-61.4

272.5

2023/09/08

Production Optimisation Drilling

KD924

15240

7105

653

35.5

-14.5

258.3

2022/10/11

Production Optimisation Drilling

KD936

15230

7042

654

44.5

-25.2

219.0

2022/09/30

Production Optimisation Drilling

KD939

15238

7025

683

15.7

13.4

270.2

2022/10/17

Production Optimisation Drilling

KD940

15238

7025

682

14.7

-38.1

265.6

2022/10/17

Production Optimisation Drilling

KD942

15263

6822

715

24.1

20.5

270.0

2022/10/20

Production Optimisation Drilling

KD945

15263

6821

714

38.5

-12.3

264.4

2022/10/25

Production Optimisation Drilling

KD946

15262

6822

713

49.7

-29.6

278.5

2022/10/28

Production Optimisation Drilling

KD947

15264

6821

714

154.0

-5.5

226.2

2022/11/08

Production Optimisation Drilling

KD948

15263

6821

713

134.1

-28.1

253.5

2022/12/08

Production Optimisation Drilling

KD949

15264

6821

714

83.7

-20.2

224.8

2022/11/09

Production Optimisation Drilling

KD950

15264

6821

714

91.3

-31.1

227.2

2022/11/10

Production Optimisation Drilling

KD952

15236

7008

674

12.4

4.2

246.9

2022/11/11

Production Optimisation Drilling

KD953

15237

7006

674

21.2

5.0

209.2

2022/11/11

Production Optimisation Drilling

KD956

15252

7120

673

6.9

29.4

271.7

2022/11/15

Production Optimisation Drilling

KD957

15252

7120

672

11.2

-8.9

269.6

2022/11/15

Production Optimisation Drilling

KD958

15251

7115

672

6.5

-0.2

267.3

2022/11/15

Production Optimisation Drilling

KD959

15250

7110

672

12.6

-13.1

269.7

2022/11/15

Production Optimisation Drilling

KD960

15249

7104

672

8.7

0.0

267.0

2022/11/17

Production Optimisation Drilling

KD961

15265

6825

713

130.1

-24.9

331.1

2023/02/03

Production Optimisation Drilling

KD964

15263

6825

713

110.0

-35.1

321.2

2022/11/23

Production Optimisation Drilling

KD964A

15264

6825

713

80.1

-36.0

322.0

2022/11/25

Production Optimisation Drilling

KD965

15263

6824

713

105.0

-46.6

302.3

2022/11/30

Production Optimisation Drilling

KD970

15248

6916

732

11.6

27.3

93.2

2023/01/17

Production Optimisation Drilling

KD971

15248

6916

730

13.0

-33.9

105.8


Production Optimisation Drilling

KD972

15248

6925

731

10.1

15.2

99.7


Production Optimisation Drilling

KD976

15247

6907

748

18.2

-19.7

115.6

2023/01/26

Production Optimisation Drilling

KD977

15247

6908

749

19.1

15.4

112.2

2023/01/25

Production Optimisation Drilling

KD979

15266

6822

713

86.1

-49.4

288.6

2023/02/09

Production Optimisation Drilling

KD980

15265

6821

713

98.5

-44.0

248.7

2023/02/13

Production Optimisation Drilling

KD995

15222

6940

658

44.0

39.4

124.6

2023/03/08

Production Optimisation Drilling

KD996

15223

6940

657

40.0

-24.6

125.2

2023/03/06

Production Optimisation Drilling

KD997

15220

6933

658

32.6

19.2

146.0

2023/02/23

Production Optimisation Drilling

KD999

15220

6932

658

56.2

8.9

160.7

2023/03/22

Production Optimisation Drilling

PD007

15222

6991

656

48.1

8.8

239.9

2023/03/21

Production Optimisation Drilling

PD011

15226

7093

622

31.3

4.8

245.8

2023/03/25

Production Optimisation Drilling

PD012

15227

7093

621

38.2

-38.5

246.8

2023/04/10

Production Optimisation Drilling

PD013

15228

7111

620

35.9

-40.2

255.5

2023/04/03

Production Optimisation Drilling

PD016

15232

7122

620

16.2

-15.4

273.6

2023/04/07

Production Optimisation Drilling

PD017

15243

7160

620

34.2

-20.2

240.4

2023/03/30

Production Optimisation Drilling

PD018

15243

7160

621

30.8

24.3

258.8

2023/04/02

Production Optimisation Drilling

PD019

15253

7184

620

16.1

14.1

85.1

2023/04/07

Production Optimisation Drilling

PD020

15252

7184

619

16.2

-35.1

86.6

2023/04/07

Production Optimisation Drilling

PD021

15249

7184

620

41.7

-10.8

275.5

2023/04/04

Production Optimisation Drilling

PD023

15249

7184

619

67.3

-29.5

299.8

2023/04/11

Production Optimisation Drilling

PD024

15252

7185

620

35.2

10.5

43.4

2023/04/02

Production Optimisation Drilling

PD025

15239

6962

701

13.1

-44.3

110.4

2023/04/12

Production Optimisation Drilling

PD027

15238

6974

702

13.1

21.3

90.8

2023/04/13

Production Optimisation Drilling

PD028

15238

6974

700

17.6

-55.7

90.7

2023/04/13

Production Optimisation Drilling

PD030

15240

6994

702

5.6

31.9

271.2

2023/04/14

Production Optimisation Drilling

PD031

15244

7016

701

19.3

-18.9

250.1

2023/04/20

Production Optimisation Drilling

PD032

15248

7167

643

11.6

34.5

75.1

2023/04/14

Production Optimisation Drilling

PD033

15253

7184

642

10.2

-25.7

91.5

2023/04/19

Production Optimisation Drilling

PD034

15254

7184

644

14.3

33.5

87.0

2023/04/17

Production Optimisation Drilling

PD036

15260

7192

643

20.0

9.3

60.7

2023/04/25

Production Optimisation Drilling

PD049

15243

6862

704

90.0

13.6

241.3

2023/05/05

Production Optimisation Drilling

PD050

15243

6862

704

110.0

14.5

232.1

2023/05/19

Production Optimisation Drilling

PD057

15241

6882

703

67.0

-5.9

276.2

2023/05/11

Production Optimisation Drilling

PD058

15241

6882

703

70.1

-16.8

273.0

2023/05/12

Production Optimisation Drilling

PD059

15241

6882

703

95.6

-7.9

230.2

2023/05/16

Production Optimisation Drilling

PD060

15243

6862

704

109.6

8.3

233.0

2023/05/24

Production Optimisation Drilling

PD061

15243

6862

704

92.0

8.5

245.2

2023/05/26

Production Optimisation Drilling

PD062

15243

6862

703

115.1

-4.8

231.2

2023/05/31

Production Optimisation Drilling

PD072

15264

6821

714

158.0

-4.1

234.3

2023/06/22

Production Optimisation Drilling

PD073

15264

6821

714

161.9

4.8

229.4

2023/06/27

Production Optimisation Drilling

PD074

15263

6821

714

146.0

-12.4

229.3

2023/07/05

Production Optimisation Drilling

PD075

15220

6986

644

47.0

5.0

238.0

2023/07/21

Production Optimisation Drilling

PD076

15220

6986

644

35.0

6.8

267.0

2023/07/20

Shepherd Depth Extension

SQ001

14996

7050

637

341.6

-0.8

136.0

2023/03/30

Shepherd Depth Extension

SQ002

14996

7050

637

338.6

-5.0

132.5

2023/04/04

Shepherd Depth Extension

SQ003

14984

7035

637

372.1

0.0

136.3

2023/03/30

Shepherd Depth Extension

SQ004

14996

7050

637

374.7

-5.9

138.1

2023/04/11

Shepherd Depth Extension

SQ005

14997

7050

637

317.6

-14.1

124.0

2023/04/15

Shepherd Depth Extension

SQ006

14997

7050

637

313.1

-16.4

130.9

2023/04/21

Shepherd Depth Extension

SQ007

14985

7035

638

362.9

3.0

130.2

2023/04/29

Shepherd Depth Extension

SQ008A

14997

7050

637

356.0

-12.4

134.4

2023/04/28

Shepherd Depth Extension

SQ009

14984

7035

637

377.8

-13.0

137.7

2023/04/06

Shepherd Depth Extension

SQ010

14984

7035

637

419.4

-4.4

143.3

2023/04/14

Shepherd Depth Extension

SQ011A

14984

7035

638

450.0

2.4

145.2

2023/05/14

Shepherd Depth Extension

SQ012

14984

7035

638

428.1

8.4

140.4

2023/04/24

Shepherd South Extension

SQ014

14984

7035

638

380.0

17.4

143.8

2023/05/21

Shepherd South Extension

SQ016

14984

7035

638

458.9

14.0

151.7

2023/06/10

Shepherd South Extension

SQ017

14984

7035

638

410.8

13.4

148.5

2023/06/22

Shepherd South Extension

SQ019

14984

7035

638

470.6

7.4

144.8

2023/07/11

Shepherd South Extension

SQ020

14984

7035

638

464.3

8.4

151.6

2023/07/22

620 South Reserve Infill

SQ022

15380

6754

958

399.9

-44.9

237.5

2023/07/30

620 South Reserve Infill

SQ023

15377

6753

958

479.1

-38.8

237.2

2023/08/07

620 South Reserve Infill

SQ024

15379

6753

958

425.2

-42.3

244.9

2023/08/22

620 South Reserve Infill

SQ025

15379

6753

958

391.7

-35.6

229.4

2023/08/30

620 South Reserve Infill

SQ026

15379

6753

958

380.0

-49.5

249.4

2023/09/09

620 South Reserve Infill

SQ027

15379

6753

958

425.2

-42.1

231.3

2023/09/17

Shepherd Depth Extension

SQ028A

14997

7050

636

389.7

-26.6

137.3

2023/09/21

Shepherd Depth Extension

SQ029

14997

7050

636

290.4

-25.5

100.0

2023/09/27

620 South Reserve Infill

SQ031

15379

6753

958

490.0

-35.2

220.4

2023/09/25

Frazer Boucher, President and Chief Executive Officer; Edison Nguyen, Director, Business Valuations and Investor Relations; Contact: 647.258.9722

Cision View original content:https://www.prnewswire.co.uk/news-releases/mandalay-resources-corporation-provides-an-exploration-update-on-shepherd-and-brunswick-deeps-discovery-301979243.html

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