Canada markets open in 2 hours 31 minutes
  • S&P/TSX

    20,277.41
    +56.92 (+0.28%)
     
  • S&P 500

    3,957.63
    -6.31 (-0.16%)
     
  • DOW

    33,852.53
    +3.07 (+0.01%)
     
  • CAD/USD

    0.7397
    +0.0032 (+0.43%)
     
  • CRUDE OIL

    79.96
    +1.76 (+2.25%)
     
  • BTC-CAD

    22,832.12
    +394.40 (+1.76%)
     
  • CMC Crypto 200

    400.76
    +12.03 (+3.10%)
     
  • GOLD FUTURES

    1,775.50
    +11.80 (+0.67%)
     
  • RUSSELL 2000

    1,836.55
    +5.59 (+0.31%)
     
  • 10-Yr Bond

    3.7480
    0.0000 (0.00%)
     
  • NASDAQ futures

    11,568.50
    +43.75 (+0.38%)
     
  • VOLATILITY

    22.05
    -0.16 (-0.72%)
     
  • FTSE

    7,561.32
    +49.32 (+0.66%)
     
  • NIKKEI 225

    27,968.99
    -58.85 (-0.21%)
     
  • CAD/EUR

    0.7138
    +0.0012 (+0.17%)
     

Mandalay Resources Corporation Provides an Exploration Update on Shepherd and the Newly Discovered Kendal Extension

Mandalay Resources Corporation
Mandalay Resources Corporation

Figure 1

BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.
BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.

Figure 2

Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above 7.5 g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.
Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above 7.5 g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

Figure 3

BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.
BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.

Figure 4

Longitudinal and inclined plan section of Shepherd system showing the outlines of known shepherd veining and results from the extension drilling programs. The location of the Youle East program is also shown. Results of grade above 1.5g/t AuEq when diluted to 1.8 m are also annotated with estimated true width and grade.
Longitudinal and inclined plan section of Shepherd system showing the outlines of known shepherd veining and results from the extension drilling programs. The location of the Youle East program is also shown. Results of grade above 1.5g/t AuEq when diluted to 1.8 m are also annotated with estimated true width and grade.

Figure 5

Tray photograph and photomicrographs of the Shepherd depth extension intercept in BC274W1 showing gold within the veining. Note the appreciable amount of gold visible below the surface of the quartz at bottom left.
Tray photograph and photomicrographs of the Shepherd depth extension intercept in BC274W1 showing gold within the veining. Note the appreciable amount of gold visible below the surface of the quartz at bottom left.

Figure 6

Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.
Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.

Figure 7

Longitudinal section, with cross section on right hand side, of the newly extended Kendal veining. Results of grade above 1.5g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.
Longitudinal section, with cross section on right hand side, of the newly extended Kendal veining. Results of grade above 1.5g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- 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.

New Drilling Highlights:

  • Shepherd infill drilling supports and extends high-grade veining to the north and extends and upgrades southern portion.

    • 234.7 g/t gold over 4.17 m (Estimated True Width “ETW” 1.49 m) in BC262;

    • 377.4 g/t gold over 0.54 m (ETW 0.40 m) in BC371;

  • Mineralization located 300 m to the south along trend of Shepherd and a further 150 m at depth including:

    • 332.0 g/t gold over 0.33 m (ETW 0.26 m) in BC274W1;

  • Potential third veining horizon at Shepherd located in three drill holes approximately 40 m further west of the known Shepherd veining including;

    • 17.6 g/t gold & 18.6% antimony over 0.17 m (ETW 0.17 m) in BC299;

  • Additional veining located to the east of Youle with high potential for extension including:

    • 22.2 g/t gold & 16.0% antimony over 0.24 m (ETW 0.12 m) in BC295;

  • Drilling above Youle intercepts an undiscovered and unmined panel of veining including:

    • 27.8 g/t gold & 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328.

Note: Further intercept details including significant intercepts within composite intervals can be found in the appendices to this document.

Dominic Duffy, President and CEO of Mandalay, commented:

“During the course of 2022, Mandalay has been focused on confirming grade continuity through Shepherd and extending the veining horizon both at depth and to the south. The ongoing drilling at Costerfield is achieving these goals, however, the programs are not yet complete and will progress into 2023 before the potential of the Shepherd trend is better understood. Excitingly, drilling has intercepted a potential third veining horizon within the Shepherd domain. This new discovery is slightly deeper and further to the west of the domain and could represent the continuation of a stepped progression of gold concentration across structures.

“The results of the infill program have largely supported the findings discussed in our previous Shepherd update (see October 5 2021, press release) with the northern and southern higher-grade domains within Shepherd confirmed and, in the case of the Suffolk vein, improved results in both the northern and southern extents . Furthermore, the transition from Youle to Shepherd has now been mined on 13 levels with in-mine sampling showing strong correlation to drilling.

“Mandalay has also been focused on investigating the surrounds of the upper Youle and Kendal area. Two areas have emerged with the potential to be near mine sources of ore and are a focus of continued exploration.

“Currently, drill platforms underground are not optimally placed for the emerging veining system at depth at Costerfield. Mandalay is currently designing a purpose-built drill drive that will extend from the Shepherd underground infrastructure. This location will allow for shorter drill holes and will access the veining at a more favourable angle. In the meantime, Mandalay is taking the opportunity to progress on other near mine and regional targets with a view to discovering and developing new deposits within the Costerfield region.”

A video has been prepared by Mr. Chris Davis, Vice President of Operational Geology and Exploration, to further explain the information in this release. The video can be found on Mandalay’s website or by clicking here.

The Shepherd Zone Infill Drilling

The Shepherd veining system contains a series of gold bearing quartz veins that, in some locations, also contains stibnite. The gold within the veining is characterized as being of coarse grain size. This characteristic lends itself to greater variability in gold grades across intercepts compared to those seen in the Youle orebody. As such, Mandalay has invested in further drilling to increase the confidence of high-grade domains as well as sparsely drilled extensions. Since the last update in October 2021 a further 57 holes have been drilled into the inferred veining of Shepherd, improving grade confidence through these areas.

Excitingly, the northern high-grade zone of Suffolk has been confirmed by three additional intercepts of the same vein with a highlight of 377g/t gold over 0.54m (ETW 0.40m) in BC317 (Figure 1) and 347g/t gold over 0.27m (ETW 0.20m) in BC316 (Figure 2).

BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.
BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.


Figure 1. BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.

Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above
Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above


Figure 2. Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above 7.5 g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

Additionally, the southern portion of the Suffolk vein has recently been upgraded and extended with ongoing drilling highlighting an emerging high-grade domain with 204 g/t gold and 15.9% antimony over 0.11m (ETW 0.08 m) in BC335 (Figure 3) and 361 g/t gold and 8.1% antimony over 0.52 m (ETW 0.19 m) in BC336.

BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.
BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.


Figure 3. BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.

Extension Drilling

During 2022, Mandalay has also embarked on an extension drilling program of the Shepherd veining. Navigational drilling and long, sweeping drillholes from surface have been required in order to access some of the areas due to a lack of appropriate drilling platforms underground, leading to the extension program progressing slowly. To this end, Mandalay is designing an appropriate, purpose-built underground drill platform to further access the areas required.

Initial drill results, however, are encouraging and show the system is mineralized for a further 150 m below previous drilling and a further 300 m to the south. Two intercepts approximately 50 - 100 m below previous known mineralization and 170 m from each other show good potential for an extension immediately below the higher-grade southern portion of Shepherd veining. These intercepts are 332g/t gold over 0.33 m (ETW 0.30 m) in BC274W1 and 46.7 g/t gold over 0.27 m (ETW 0.15 m) in BC342W1 (Figure 4).

Mandalay Resources Corporation
Mandalay Resources Corporation


Figure 4. Longitudinal and inclined plan section of Shepherd system showing the outlines of known shepherd veining and results from the extension drilling programs. The location of the Youle East program is also shown. Results of grade above 1.5g/t AuEq when diluted to 1.8 m are also annotated with estimated true width and grade.

Mandalay Resources Corporation
Mandalay Resources Corporation


Figure 5. Tray photograph and photomicrographs of the Shepherd depth extension intercept in BC274W1 showing gold within the veining. Note the appreciable amount of gold visible below the surface of the quartz at bottom left.

The southern portion of Shepherd is yet to be sufficiently understood, however, an intercept furthest south along the Shepherd trend (BC315) could be an indication of grade building again along strike. Repetition of grade shoots at Costerfield is common within the Augusta and Cuffley deposits which exist along trend of Shepherd approximately 1.5 km to the south.

Excitingly, this drilling campaign has also highlighted another veining horizon to the west which has now been intercepted in three drill holes. When projected north this veining could parallel the Shepherd veins and be a host for a westward grade step across the Shepherd system. This potential is the focus of near future exploration.

At depth the Shepherd system appears to progress through a series of westward offsets over flat lying laminated quartz veins. The system at depth remains underexplored and with the encouraging results of BC274 and BC342W1 the area remains a high priority for near future exploration by Mandalay.

Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.
Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.


Figure 6. Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.

Youle East

Above the southern extension to Shepherd and again within the footwall of Youle, further veining has been located within the Youle East drill program. The results are not as high grade as the main portions of Youle and Shepherd. However, like the Shepherd South program, it has shown grade further to the south of current workings. This new veining horizon is approximately 100 m from the Youle access infrastructure and has only been tested locally however it is likely that this mineralization persists to the north alongside Youle. The location of the intercepts can be seen on figure 4 and 6 with the southern-most intercept (BC298) grading 9.98 g/t gold over 0.29 m (ETW 0.12 m). A highlight within this area is 131 g/t gold and 45% antimony over a true width of 7 cm in MB011.

Kendal

Like the Shepherd veining, the Kendal system is made up of subvertical stibnite-quartz-gold veins. However, instead of residing below Youle the Kendal veining diverges from the top of Youle. This style of veining was prominent within the historic Costerfield mine operated between the 1860s and 1930s. Recent drilling to the south and west of the historic mine has resulted in the upward extension of Kendal veining that was also mined in the initial development of Youle in 2018.

Initial results for this area are encouraging with 40.6 g/t gold and 40.4% antimony over 0.40 m (ETW 0.26 m) in BC308 and 27.8 g/t gold as well as 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328. Geological interpretation of the area so far indicates that the veining exists between two flat lying structures, with the Youle orebody at its base and the number 3 fault at its upper limit. The panel grows in height towards the South and is closed off where the number 3 converges with Youle to the north (Figure 7). The southern extent of the panel is not understood and will be the focus of a coming drill program.

Longitudinal section
Longitudinal section


Figure 7. Longitudinal section, with cross section on right hand side, of the newly extended Kendal veining. Results of grade above 1.5g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

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.

For Further Information

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Director, Business Valuations and IR

Contact:
647.260.1566 ext. 1

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural 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 online the deeper Shepherd veins, both of which will continue to supply high-grade ore to the processing plant, and to extend Youle 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 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, 2022, 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

BC243

175.10

175.30

0.20

0.13

82.5

LLD

5.9

Coopworth

BC245

345.89

346.75

0.86

0.51

16.1

LLD

4.6

Coopworth

BC246

319.59

319.79

0.20

0.10

99.3

LLD

5.7

Coopworth

BC249

135.41

135.52

0.11

0.11

0.1

LLD

0.0

Coopworth

BC262

73.64

73.85

0.21

0.16

168.0

LLD

15.2

Coopworth

BC263

65.00

65.72

0.72

0.46

164.0

0.2

42.3

Coopworth

BC271

68.05

70.38

1.45

0.75

24.2

7.1

16.9

Coopworth

BC267

140.85

141.00

0.15

0.14

0.1

LLD

0.0

Dorper

BC268

184.70

184.89

0.19

0.12

0.1

LLD

0.0

Dorper

BC269

189.73

190.03

0.30

0.23

13.6

LLD

1.7

Dorper

BC316

199.10

199.30

0.20

0.12

113.0

0.2

7.6

Dorper

BC317W1

189.35

189.57

0.22

0.19

9.2

LLD

1.0

Dorper

BC261

156.66

156.76

0.10

0.06

0.1

LLD

0.0

Hampshire

AG023

68.05

69.67

1.62

0.85

21.0

31.8

44.3

Kendal

BC001

279.55

279.62

0.07

0.06

3.1

LLD

0.1

Kendal

BC125

42.11

42.55

0.44

0.33

1.6

10.9

4.9

Kendal

BC126

38.92

39.14

0.22

0.19

1.1

8.2

2.1

Kendal

BC307

68.61

68.99

0.38

0.22

39.0

14.3

9.0

Kendal

BC308

51.96

52.36

0.40

0.26

40.6

40.4

19.2

Kendal

BC311

48.09

51.45

3.36

2.38

6.0

5.0

17.4

Kendal

BC325

62.61

62.73

0.12

0.07

52.3

13.2

3.3

Kendal

BC326

66.16

66.28

0.12

0.07

9.0

6.8

0.9

Kendal

BC328

78.34

79.01

0.67

0.36

27.8

31.5

20.3

Kendal

KD529

71.6

71.81

0.21

0.19

50.0

48.3

16.9

Kendal

KD530

74.5

74.65

0.15

0.14

2.7

6.3

1.4

Kendal

KD553

35

35.1

0.1

0.08

23.7

3.1

1.4

Kendal

KD557

51.25

52.3

1.05

0.72

0.1

2.0

1.9

Kendal

KD574

51.36

51.485

0.125

0.09

47.2

25.2

5.3

Kendal

KD576

68.72

68.88

0.16

0.08

20.1

10.4

1.9

Kendal

KD580

18

18.27

0.27

0.18

65.5

21.3

11.8

Kendal

KD588

16.27

16.6

0.33

0.27

20.9

9.3

6.4

Kendal

KD688

29.87

30.01

0.14

0.11

50.7

0.2

3.1

Kendal

MA005

206.47

206.73

0.26

0.19

9.1

6.9

2.6

Kendal

BC243

157.85

158.21

0.36

0.22

26.2

LLD

3.2

Merino

BC244

196.20

196.33

0.13

0.11

0.9

LLD

0.1

Merino

BC245

333.45

336.74

3.29

1.34

11.2

LLD

8.4

Merino

BC246

307.94

308.21

0.27

0.00

7.4

1.0

0.0

Merino

BC270

96.25

96.40

0.15

0.12

0.8

LLD

0.1

Merino

BC272

142.24

143.46

1.22

0.85

0.8

LLD

0.4

Merino

BC273

140.07

141.10

1.03

0.72

120.2

LLD

47.8

Merino

BC299

912.39

912.56

0.17

0.17

17.6

18.6

5.7

Perendale

BC300

351.46

351.69

0.23

0.13

0.1

LLD

0.0

Perendale

BC344

375.86

376.67

0.81

0.58

0.4

2.3

1.8

Perendale

BC320

26.78

27.45

0.67

0.38

0.4

LLD

0.1

Shepherd

BC321

279.43

279.75

0.32

0.29

0.4

LLD

0.1

Shepherd

BC323

64.17

64.29

0.12

0.07

1.7

LLD

0.1

Shepherd

BC323

76.54

76.65

0.11

0.07

50.7

16.5

3.4

Shepherd

BC324

50.74

52.70

1.96

1.85

LLD

LLD

0.0

Shepherd

BC324

116.08

118.10

2.02

1.07

39.2

LLD

23.4

Shepherd

BC327

147.68

149.34

1.66

1.00

0.9

LLD

0.5

Shepherd

BC329

27.78

30.47

1.38

0.73

2.1

LLD

0.9

Shepherd

BC330

17.06

18.55

1.49

1.26

1.5

LLD

1.0

Shepherd

BC331

20.23

20.43

0.20

0.10

0.5

LLD

0.0

Shepherd

BC332

23.90

24.30

0.40

0.30

0.1

LLD

0.0

Shepherd

BC333

27.76

28.47

0.71

0.41

2.3

LLD

0.5

Shepherd

BC242

98.76

99.05

0.29

0.17

24.3

LLD

2.3

Shepherd

BC243

165.38

167.54

2.16

0.98

18.4

0.8

11.0

Shepherd

BC244

212.76

212.91

0.15

0.06

1.2

LLD

0.0

Shepherd

BC245

338.78

340.31

400.20

0.62

107.8

14.8

48.9

Shepherd

BC246

314.89

319.79

4.90

1.19

37.9

7.9

37.0

Shepherd

BC247

174.29

174.89

0.60

0.32

359.4

0.4

64.1

Shepherd

BC249

126.94

127.30

0.36

0.19

119.0

LLD

12.6

Shepherd

BC250

159.86

160.47

0.61

0.43

6.1

LLD

1.5

Shepherd

BC250W1

158.88

159.65

0.77

0.48

22.2

LLD

5.9

Shepherd

BC258

45.80

46.75

0.95

0.52

24.0

LLD

6.9

Shepherd

BC260

107.53

107.71

0.18

0.14

2.4

LLD

0.2

Shepherd

BC260W1

106.47

107.00

0.53

0.33

1.2

LLD

0.2

Shepherd

BC261

126.01

126.54

0.53

0.41

4.5

LLD

1.0

Shepherd

BC262

60.76

64.93

4.17

1.49

234.7

LLD

194.4

Shepherd

BC263

55.39

56.14

0.75

0.26

70.6

LLD

10.2

Shepherd

BC266

237.58

237.98

0.40

0.33

0.5

LLD

0.1

Shepherd

BC270

109.11

110.43

1.32

0.70

63.0

11.4

34.7

Shepherd

BC271

62.45

63.20

0.75

0.34

18.1

36.5

19.3

Shepherd

BC273W1

148.25

149.15

0.90

0.25

0.5

LLD

0.1

Shepherd

BC274

321.48

321.72

0.24

0.19

65.0

LLD

6.9

Shepherd

BC275

382.65

386.35

3.70

2.17

5.1

LLD

5.1

Shepherd

BC276

38.07

38.74

0.67

0.68

0.5

LLD

0.2

Shepherd

BC279

65.67

66.08

0.41

0.17

41.3

LLD

3.9

Shepherd

BC281

26.75

26.96

0.21

0.13

282.0

39.6

26.9

Shepherd

BC282

95.53

98.62

3.09

1.59

11.0

LLD

9.7

Shepherd

BC287

279.36

279.49

0.13

0.07

2.8

7.6

0.8

Shepherd

BC287

290.97

292.04

1.07

0.53

35.6

10.9

17.9

Shepherd

BC296

235.31

236.88

1.69

0.64

2.6

LLD

0.9

Shepherd

BC301

293.24

293.35

0.11

0.08

0.6

LLD

0.0

Shepherd

BC319

26.80

27.30

0.50

0.32

28.2

20.8

13.6

Shepherd

BC274W1

380.89

381.22

0.33

0.26

332.0

LLD

48.0

Shepherd Depth

BC274W2

423.08

430.56

7.48

5.29

0.2

LLD

0.2

Shepherd Depth

BC303

208.94

209.05

0.11

0.08

3.5

LLD

0.2

Shepherd Depth

BC304

218.37

218.51

0.14

0.11

6.1

LLD

0.4

Shepherd Depth

BC309

201.03

201.30

0.27

0.13

LLD

LLD

0.0

Shepherd Depth

BC310

211.77

211.90

0.13

0.09

5.1

LLD

0.3

Shepherd Depth

BC322

381.20

381.40

0.20

0.13

6.6

LLD

0.5

Shepherd Depth

BC339

457.71

458.74

1.03

0.77

1.8

LLD

0.8

Shepherd Depth

BC342W1

324.31

324.58

0.27

0.15

46.7

LLD

3.9

Shepherd Depth

BC290

340.17

340.31

0.14

0.09

0.9

LLD

0.0

Shepherd South

BC299

810.41

810.53

0.12

0.08

1.6

0.5

0.1

Shepherd South

BC299W1

758.61

758.82

0.21

0.14

0.1

1.6

0.3

Shepherd South

BC299W1

731.77

731.88

0.11

0.11

0.1

4.9

0.7

Shepherd South

BC299W1

909.57

909.97

0.40

0.37

0.3

LLD

0.1

Shepherd South

BC299W1

579.84

580.04

0.20

0.10

2.1

LLD

0.1

Shepherd South

BC315

719.35

720.02

0.67

0.38

1.7

3.5

2.1

Shepherd South

BC315

713.05

713.43

0.38

0.32

0.2

6.4

2.7

Shepherd South

BC243

246.36

246.82

0.46

0.16

86.4

4.1

8.5

Suffolk

BC244

271.55

271.80

0.25

0.22

9.3

LLD

1.1

Suffolk

BC244

271.55

271.80

0.25

0.22

9.3

LLD

1.1

Suffolk

BC245

428.61

430.55

253.02

1.40

24.0

LLD

18.7

Suffolk

BC246

425.59

427.33

1.74

1.27

44.5

LLD

31.4

Suffolk

BC247

202.14

202.41

0.27

0.19

0.6

LLD

0.1

Suffolk

BC250

197.26

197.68

0.42

0.22

93.9

LLD

11.6

Suffolk

BC264

124.20

124.97

0.77

0.38

2.4

LLD

0.5

Suffolk

BC266

211.07

211.61

0.54

0.51

1.0

LLD

0.3

Suffolk

BC267

133.94

134.13

0.19

0.17

308.0

LLD

29.9

Suffolk

BC268

153.62

153.95

0.33

0.28

LLD

LLD

0.0

Suffolk

BC269

161.96

162.08

0.12

0.07

4.1

LLD

0.2

Suffolk

BC273

187.19

187.33

0.14

0.11

0.5

LLD

0.0

Suffolk

BC274

376.78

377.07

0.29

0.19

24.1

LLD

2.6

Suffolk

BC275

291.53

291.70

0.17

0.09

59.7

2.5

3.2

Suffolk

BC277

16.38

16.96

0.58

0.56

LLD

LLD

0.0

Suffolk

BC278

29.15

29.74

0.59

0.25

3.0

LLD

0.4

Suffolk

BC279

39.12

40.33

1.21

0.55

0.1

LLD

0.0

Suffolk

BC286W1

259.36

259.65

0.29

0.28

0.1

LLD

0.0

Suffolk

BC297

332.81

333.05

0.24

0.14

1.4

LLD

0.1

Suffolk

BC316

176.11

176.38

0.27

0.20

347.0

LLD

38.6

Suffolk

BC317

165.06

165.60

0.54

0.40

377.4

LLD

83.9

Suffolk

BC317W1

167.24

167.38

0.14

0.12

246.0

LLD

16.4

Suffolk

BC318

162.76

162.89

0.13

0.12

64.2

LLD

4.3

Suffolk

BC321

233.42

234.08

0.66

0.55

10.1

LLD

3.1

Suffolk

BC335

104.55

104.66

0.11

0.08

204.0

15.9

10.7

Suffolk

BC336

80.20

80.72

0.52

0.19

361.4

8.1

40.1

Suffolk

BC337

59.32

59.69

0.37

0.31

43.2

4.6

9.3

Suffolk

BC338

194.79

194.90

0.11

0.08

2.3

LLD

0.1

Suffolk

BC007

634.76

635.24

0.48

0.39

0.2

LLD

0.0

Youle East

BC041

377.22

377.32

0.10

0.07

0.5

LLD

0.0

Youle East

BC041

385.41

386.23

0.82

0.14

5.9

1.5

0.7

Youle East

BC291

115.28

115.59

0.31

0.14

0.3

7.5

1.4

Youle East

BC291

124.08

124.39

0.31

0.07

8.1

LLD

0.3

Youle East

BC292

151.60

151.77

0.17

0.12

1.0

LLD

0.1

Youle East

BC294

103.25

103.68

0.43

0.42

4.0

2.9

2.5

Youle East

BC295

93.38

93.62

0.24

0.12

22.2

16.0

3.9

Youle East

BC298

135.58

135.87

0.29

0.12

10.0

LLD

0.7

Youle East

MB011

306.96

307.10

0.14

0.14

30.8

18.7

5.7

Youle East

MB011

317.98

318.05

0.07

0.07

130.9

44.6

9.1

Youle East

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 = 1,700; Sb $/t = 12,500; Au Recovery = 93% and; Sb Recovery = 95%
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

Kendall Upper

AG023

15374

6773

959

89.66

5.3

45.5

16/09/2019

Kendall Upper

BC001

15203

6724

1193

394.30

-40.7

110.8

8/07/2014

Kendall Upper

BC125

15380

6794

953

60.37

10.7

65.2

8/07/2020

Kendall Upper

BC126

15380

6794

954

51.48

19.0

85.2

10/07/2020

Kendall Upper

BC307

15377

6725

969

153.50

52.0

101.1

11/04/2022

Kendall Upper

BC308

15377

6724

969

150.00

39.7

77.7

16/04/2022

Kendall Upper

BC311

15407

6879

953

74.60

32.5

113.2

4/07/2022

Kendall Upper

BC325

15377

6725

969

113.80

44.6

131.0

16/06/2022

Kendall Upper

BC326

15377

6724

969

137.30

34.9

146.1

24/06/2022

Kendall Upper

BC328

15374

6734

969

117.78

32.2

54.8

27/06/2022

Kendall Upper

KD529

15344

6759

959

82.80

5.8

80.0

26/07/2019

Kendall Upper

KD530

15344

6758

959

81.00

15.0

103.0

28/07/2019

Kendall Upper

KD553

15383

6765

961

44.30

22.1

77.9

9/09/2019

Kendall Upper

KD557

15373

6773

958

82.00

11.8

58.6

23/09/2019

Kendall Upper

KD574

15374

6740

969

70.00

16.5

62.4

22/10/2019

Kendall Upper

KD576

15374

6740

969

90.45

12.8

40.1

23/10/2019

Kendall Upper

KD580

15399

6795

951

35.00

23.7

66.6

25/10/2019

Kendall Upper

KD588

15396

6735

970

34.90

10.9

135.4

8/11/2019

Kendall Upper

KD688

15399

6824

952

39.15

30.5

122.7

1/04/2020

Kendall Upper

MA005

15531

6501

1188

230.10

-41.1

289.5

6/11/2020

Shepherd Depth Extension

BC274W1

15379

6754

958

603.00

-66.7

289.1

11/04/2022

Shepherd Depth Extension

BC274W2

15379

6754

958

605.80

-66.7

289.1

20/05/2022

Shepherd Depth Extension

BC303

15064

7178

632

254.80

-47.5

79.9

7/03/2022

Shepherd Depth Extension

BC304

15064

7177

632

257.10

-54.3

90.1

15/03/2022

Shepherd Depth Extension

BC309

15063

7179

632

308.70

-49.1

54.5

1/04/2022

Shepherd Depth Extension

BC310

15063

7176

632

313.50

-49.4

119.3

27/04/2022

Shepherd Depth Extension

BC322

15379

6754

634

549.00

-65.5

268.5

21/06/2022

Shepherd Depth Extension

BC334W1

15329

7089

736

480.00

-70.1

254.9

29/07/2022

Shepherd Depth Extension

BC339

15379

6755

958

518.80

-65.5

292.5

28/07/2022

Shepherd Depth Extension

BC342W1

15329

7089

736

549.90

58.0

222.0

22/08/2022

Shepherd Infill

BC242

15311

6889

820

150.00

-48.5

232.8

15/09/2021

Shepherd Infill

BC243

15347

7057

764

312.00

-13.6

220.5

16/09/2021

Shepherd Infill

BC244

15346

7057

763

500.00

-31.8

224.0

1/10/2021

Shepherd Infill

BC245

15380

6755

958

500.00

-56.2

313.9

4/10/2021

Shepherd Infill

BC246

15380

6755

958

454.10

-57.0

313.1

21/10/2021

Shepherd Infill

BC247

15347

7061

763

227.80

-44.1

301.0

14/10/2021

Shepherd Infill

BC249

15346

7060

763

230.00

-40.7

276.1

6/10/2021

Shepherd Infill

BC250

15346

7061

763

224.69

-46.2

287.4

26/10/2021

Shepherd Infill

BC250W1

15346

7061

763

162.80

-46.2

287.4

28/10/2021

Shepherd Infill

BC258

15226

7153

652

84.50

-9.1

48.5

21/12/2021

Shepherd Infill

BC260

15184

7195

697

155.60

-37.0

70.5

5/10/2021

Shepherd Infill

BC260W1

15184

7195

697

191.50

-37.0

70.5

18/10/2021

Shepherd Infill

BC261

15185

7195

696

177.40

-57.8

88.9

11/10/2021

Shepherd Infill

BC262

15285

7030

737

117.80

-21.6

219.3

5/10/2021

Shepherd Infill

BC263

15285

7032

736

68.60

-42.7

255.6

10/10/2021

Shepherd Infill

BC264

15147

7139

658

182.00

-56.5

61.9

2/11/2021

Shepherd Infill

BC266

15055

7175

634

264.00

-4.5

135.7

3/11/2021

Shepherd Infill

BC267

15093

7177

633

225.10

-22.8

71.9

26/11/2021

Shepherd Infill

BC268

15093

7178

632

243.26

-20.8

51.0

13/12/2021

Shepherd Infill

BC269

15079

7180

632

242.13

-31.7

60.2

17/11/2021

Shepherd Infill

BC270

15309

6942

792

144.00

-32.8

216.4

28/11/2021

Shepherd Infill

BC271

15283

6971

756

120.00

-21.9

210.1

3/11/2021

Shepherd Infill

BC272

15297

6965

774

153.00

-46.3

220.1

9/11/2021

Shepherd Infill

BC273

15346

7059

764

218.20

-33.2

243.1

12/11/2021

Shepherd Infill

BC273W1

15346

7059

764

155.40

-33.2

243.1

16/11/2021

Shepherd Infill

BC274

15379

6754

958

400.00

-66.7

289.1

18/11/2021

Shepherd Infill

BC275

15054

7175

635

442.50

7.9

151.0

19/11/2021

Shepherd Infill

BC276

15210

7142

652

72.60

5.7

120.5

16/12/2021

Shepherd Infill

BC277

15210

7142

651

75.19

-34.5

124.8

14/12/2021

Shepherd Infill

BC278

15210

7142

650

85.00

-58.1

119.8

13/12/2021

Shepherd Infill

BC279

15209

7140

651

108.01

-35.7

160.9

9/12/2021

Shepherd Infill

BC281

15274

6851

794

156.70

-52.1

233.1

23/11/2021

Shepherd Infill

BC282

15296

6881

811

141.50

-46.9

215.7

29/11/2021

Shepherd Infill

BC286W1

15055

7174

635

420.00

8.5

146.7

18/01/2022

Shepherd Infill

BC287

15379

6754

958

386.80

-60.5

265.1

6/12/2021

Shepherd Infill

BC296

15379

6754

958

453.00

-57.1

273.1

27/01/2022

Shepherd Infill

BC297

15379

6753

958

370.00

-53.4

257.2

3/02/2022

Shepherd Infill

BC301

15379

6753

959

410.80

-58.0

252.6

22/02/2022

Shepherd Infill

BC316

15065

7180

632

246.00

-24.5

55.0

8/06/2022

Shepherd Infill

BC317

15065

7179

632

215.13

-28.8

64.6

17/06/2022

Shepherd Infill

BC317W1

15065

7179

632

193.03

-28.8

64.6

21/06/2022

Shepherd Infill

BC318

15065

7178

632

209.00

-30.2

75.1

28/06/2022

Shepherd Infill

BC319

15270

6789

760

60.80

-44.7

315.6

27/04/2022

Shepherd Infill

BC320

15271

6786

760

90.00

-37.0

232.5

28/04/2022

Shepherd Infill

BC321

15063

7175

634

407.70

-6.3

146.6

20/05/2022

Shepherd Infill

BC323

15277

6783

760

113.20

-46.1

244.0

2/06/2022

Shepherd Infill

BC324

15278

6786

760

150.00

-45.4

325.6

7/06/2022

Shepherd Infill

BC327

15275

6785

760

155.00

-58.5

250.0

2/08/2022

Shepherd Infill

BC329

15275

6784

762

130.10

12.7

230.3

19/07/2022

Shepherd Infill

BC330

15274

6785

761

109.80

0.6

254.6

25/07/2022

Shepherd Infill

BC331

15274

6785

760

149.31

-25.0

263.2

15/07/2022

Shepherd Infill

BC332

15275

6784

761

151.59

-3.5

233.3

27/07/2022

Shepherd Infill

BC333

15275

6784

761

139.39

-21.3

236.3

21/07/2022

Shepherd Infill

BC335

15243

6892

712

142.00

-17.6

215.2

7/08/2022

Shepherd Infill

BC336

15243

6892

712

134.60

-5.8

226.9

11/08/2022

Shepherd Infill

BC337

15243

6892

712

106.70

-25.1

221.9

19/08/2022

Shepherd Infill

BC338

15064

7180

632

281.50

-31.5

50.3

11/07/2022

Shepherd South Extension

BC290

15379

6753

959

393.00

-58.4

249.5

13/01/2022

Shepherd South Extension

BC299

15823

6150

1188

995.00

-36.0

300.0

20/04/2022

Shepherd South Extension

BC299W1

15823

6150

1188

995.00

-36.0

300.0

24/03/2022

Shepherd South Extension

BC300

15379

6753

958

450.00

-49.5

238.4

11/02/2022

Shepherd South Extension

BC315

15822

6149

1187

953.80

-34.8

287.7

21/07/2022

Youle East

BC007

15863

6476

1189

779.50

-40.0

295.7

30/06/2017

Youle East

BC041

15205

6728

1192

452.72

-60.9

85.7

16/10/2018

Youle East

BC291

15347

6755

958

228.20

-43.9

157.8

12/01/2022

Youle East

BC292

15347

6755

959

200.00

-19.8

156.7

17/01/2022

Youle East

BC294

15297

6659

961

201.03

-8.4

139.4

21/01/2022

Youle East

BC295

15297

6659

960

201.20

-35.3

141.9

25/01/2022

Youle East

BC298

15297

6660

961

203.00

-33.6

163.0

28/01/2022

Youle East

MB011

15220

6670

1189

480.00

-61.0

104.9

24/10/2011

 

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/954b3a02-1885-432d-825b-17f4e7975d6a

https://www.globenewswire.com/NewsRoom/AttachmentNg/3eab5c99-de8d-4ad8-9d72-71b2499c268c

https://www.globenewswire.com/NewsRoom/AttachmentNg/7d0afeec-6f1d-450f-b6e9-7344e1072448

https://www.globenewswire.com/NewsRoom/AttachmentNg/52866bc7-6e97-49d5-9c4a-df5bae4531ed

https://www.globenewswire.com/NewsRoom/AttachmentNg/b28e7a29-36fd-4d2e-bd22-6c0966d32283

https://www.globenewswire.com/NewsRoom/AttachmentNg/0f459b9b-5d3d-4f2f-a54c-cfca4f40bf9a

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3e04d1b-6efe-4972-8d28-fb95fb48dfb0