Mandalay Resources Reports High-Grade Antimony and Gold Intercepts, Advancing Costerfield Resource Expansion

Mandalay Resources Reports High-Grade Antimony and Gold Intercepts, Advancing Costerfield Resource Expansion


Figure 9. Discovery intersection of the Cuffley Deeps South Eastern Vein in drillhole AD213. Abundant visible gold (inset) and textures similar to that seen in the Shepherd veins (CNW Group/Mandalay Resources Corporation)


Figure 10. Longitudinal section of the Cuffley Main lode showing the locations and grade of drillholes TP021 and CB001 relative to the existing Cuffley resource envelope, and the position of the structurally disruptive Rattler Fault. (CNW Group/Mandalay Resources Corporation)

Extension and Infill drilling on Shepherd and Kendall veining provides confidence on extension with intercepts including:  

751.7 g/t gold and 1.8% antimony over 0.22 m (ETW 0.21 m) in PD142;
291.3 g/t gold over 1.26 m (ETW 0.53 m) in PD175;
547.3 g/t gold over 0.86 m (ETW 0.75 m) in KD907;
107.0 g/t gold over 0.55 m (ETW 0.40 m) in PD114 and;
33.4 g/t gold and 31.4% antimony over 1.00 m (ETW 0.67 m) in BC399

Drilling under Cuffley to the south of Costerfield indicates an exciting emerging area:  

550.0 g/t gold over 0.15 m (ETW 0.12 m) in AD213 and;
58.4 g/t gold and 17.6% antimony over 0.77 m (ETW 0.55 m) in AD203

Drilling to the north of Cuffley also intercepts high-grade mineralization and a possible extension of the Cuffley system:

17.1 g/t gold and 0.3% antimony over 1.20 m (ETW 1.12 m) in CB001 and;
4.0 g/t gold and 20.2% antimony over 0.45 m (ETW 0.34 m) in TP021

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

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

“For the last 15 years, Mandalay has successfully produced gold and antimony from its Costerfield mine, with standout periods of exceptional production, especially in the last five years from Youle and Shepherd. Through innovative practices, Mandalay has demonstrated the potential for sustained ongoing reserve replacement. In 2024, the Company’s primary focus has been on the continued development of near-mine targets to extend mine life and leverage existing infrastructure.

“Drilling activities near Youle and Shepherd have increased our confidence in immediately surrounding areas that contain pods of high-grade mineralization and are expected to be added to the production schedule.  

“Additionally, veins located below the highly profitable Cuffley deposit, which were previously underdeveloped due to the success at Youle, have shown high-grade potential. In 2024, the objective is to define enough mineral resource to justify extending the mine at depth.

“The Cuffley Deeps drilling has also been successful, with further exploration at Cuffley North intersecting a high-grade vein along strike of Cuffley, indicating the potential presence of additional mineable areas. This discovery also suggests the potential to further extend the northern areas of the Augusta and Brunswick deposits.”

2024 Costerfield Near Mine Focus

During 2024, near mine exploration has focused on building mineral resources and reserves around the immediate mining fronts of Youle and Shepherd, while also testing the significant potential beneath and around the Augusta and Cuffley system to the south.

To the north, infill and extensional drilling of Shepherd has provided further certainty of the system whilst extending the potential of the westernmost vein sets. Above Youle, the Kendall system has been historically mined, however recent drilling suggests there is still significant mineralization left undisturbed between the two mining areas.

At the end of 2023, the focus of resource extension testing moved from Brunswick Deeps to Cuffley as the depth potential of the system became apparent with the success of two initial testing holes to the south of the Cuffley Deeps panel. Mandalay recognized the potential for depth extension and repetition of ore shots and therefore redirected its exploration efforts. Consequently, significant intercepts have been returned at depth within the Cuffley Deeps South area, the Cuffley North area and Cuffley West (Figure 1).

Shepherd and Kendall Extensions

Since the last exploration update (November 2023), 133 diamond drill holes totalling 13,040 m have been drilled in the Shepherd and Kendall areas.

Within Shepherd, the drilling and subsequent geological reinterpretation has provided important insight including the significance of bedding-parallel laminated quartz faults as grade-controlling features. This dynamic has also been demonstrated during mining and integrated into the geological vein model enabling Mandalay to target further areas of potential upgrades near these interactions.

Much of the extension work at Shepherd has concentrated on delineating the westernmost vein (630) within the set. This has also resulted in the identification of parallel veins to the east and west (Figure 2) including some exceptional antimony intersects.  

Highlights from this drilling, all in addition to the holes noted above, include:

7.4 g/t gold and 49.1% antimony over 0.44 m (ETW 0.22 m) in PD147;
18.3 g/t gold and 26.2% antimony over 2.02 m (ETW 1.15 m) in PD190;
15.1 g/t gold and 22.2% antimony over 1.26m (ETW 0.53 m) in PD211;
26.7 g/t gold and 22.1% antimony over 0.31m (ETW 0.19 m) in SQ040B1 within 611;
108.0 g/t gold and 29.1% antimony over 0.58 m (ETW 0.30 m) in PD151;
26.4 g/t gold and 36.7% antimony over 0.21 m (ETW 0.18 m) in PD210 and;
19.9 g/t gold and 14.1% antimony over 1.69 m (ETW 0.94 m) in PD172 within 632.

Of note is the high-grade antimony values contained within the intercepts; this drilling has confirmed that the 630 vein in this southern area is consistently antimony-rich in addition to gold, which had been inferred from the results presented in Mandalay’s 2023 exploration update (see November 7, 2023).

Targeted drilling has consolidated the concept of the Deimos Fault acting as a major grade boundary for the Shepherd system, although promising mineralized structures have been intersected below the fault. There are indications that further south-westerly step-outs of the system beyond the 630 vein exist and could be tested from surface.

Further north, extensive mining optimization drilling has taken place with a particular focus on identifying and delineating high-grade splay zones. These interaction zones and linking structures provide an important opportunity for upside due to the potential for very high grades. The following intercepts demonstrate the high tenor that has been identified in these interaction zones:

107.0 g/t gold and 0.1% antimony over 0.55 m (ETW 0.40 m) in PD114;
48.2 g/t gold and 1.8% antimony over 2.87 m (ETW 2.47 m) in PD132 within 600;
547.3 g/t gold and 0.1% antimony over 0.86 m (ETW 0.75 m) in KD907 within 605;
73.5 g/t gold and 11.2% antimony over 0.29 m (ETW 0.27 m) in PD140 and;
751.7 g/t gold and 1.8% antimony over 0.22 m (ETW 0.21 m) in PD142 within 610.

In the Kendall zone, drilling aimed to delineate northern and up-dip continuations of the veins initially developed in 2018 when the Youle area was first accessed by Mandalay Resources. At the time, the vein continuity in this area was not well defined due to the compartmentalized geology that has subsequently been resolved through underground drilling. Only surface drilling data with low drilling angles to the veining was available at time of mining, resulting in an inadequate understanding of the Kendall veining. While the potential of this zone was recognized at the time, mining focused on the more consistent and understood Youle vein which the Kendall system coalesces into with depth.

The Kendall area contains many sub-parallel, vertical veins that occupy an approximately 80m wide zone of cleavage development within the broad hinge of the main Costerfield Anticline. Individual veins are influenced by bedding-parallel laminated quartz faults, where they often are seen to step westward along the fault for several metres. Additionally, a north-west trending fold overprint tends to control high-grade shoots within individual veins, which altogether requires close-spaced drilling to fully understand the system.

Workers in the historic Costerfield mine during the mid-1930s mined the Kendall set of veins down to 8 Level (approximately 930RL). They attempted to find new ore panels to the north and west of the mine with a short campaign of diamond drilling, but had limited success. The company at the time was mainly concerned with finding ore at the current level of mining and had little appetite for continuing vertical development or completing the 9 Level crosscut. As shown in Figure 5, the Kendall system dipped below the area of interest (both to the west and north) and remained untested.

The drilling covered in this release has significantly upgraded the “580” vein of the Kendall area up to the historic 8 Level, and has increased the endowment of the 580 vein with the following high-grade intercepts:

82.6 g/t gold and 45.0% antimony over 0.20 m (ETW 0.08 m) in BC394;
54.7 g/t gold and 63.5% antimony over 0.60 m (ETW 0.25 m) in BC395; and
38.0 g/t gold and 35.7% antimony over 1.00m (ETW 0.54 m) in BC399.

This area is readily accessible for mining with minimal capital development required, and has considerable scope for further additions. Upcoming drilling will investigate the Kendall vein set up to the boundary of the Whitelaw Fault footwall, and also extend knowledge north of the current resource boundary.

Cuffley Extension Testing

Late in 2023, drillhole AD200 intersected high-grade mineralization in a previously untested area below and south of the previously mined Cuffley deposit, approximately 150m from the southern boundary of the extant Cuffley resource. Follow-up drilling to date has intersected the mineralized structure in all directions surrounding AD200, with a total of 7,006 m (14 holes). Continued drilling is taking place in order to identify high-grade shoots within the mineralized plane that appears to be the continuation of a NE-striking vertical fault that intersects and offsets at a low angle the mined Cuffley lode. At least two additional parallel fault structures have been delineated in the Cuffley Deeps South target area that are mineralized, and in the case of AD203 contain high-grade mineralization (58.4g/t gold and 17.6% antimony over 0.77 m (ETW 0.55 m)).

AD213 intersected a gold-rich quartz vein approximately 20m east of the main Cuffley Deeps panel (550.0 g/t gold over 0.15 m (ETW 0.12 m)). Follow-up drilling is underway to determine the continuity and extent of this previously unknown mineralization.

The understanding of prospectivity at the northern end of the Cuffley deposit has increased in recent months. Previous mining of Cuffley halted to the north as the tenor decreased. The decline in grade is estimated to be related to a crosscutting north-west trending fold with a faulted hinge. Historic resource definition drilling did not identify economic extensions on the northern side of the fault. 

Drillhole TP021 met with success intercepting 4.0 g/t gold and 20.2% antimony over 0.45 m (ETW 0.34 m). Simultaneously, the Cuffley-Brunswick Gap program commenced, drilling across the Costerfield corridor from the east to test a sparsely drilled area north of the Cuffley deposit. The initial drillhole CB001 intersected high-grade mineralization (17.1 g/t gold and 0.3% antimony over 1.20 m (ETW 1.12 m)) 80 m north of the Cuffley resource boundary, 190 m north of the closest drives on the Cuffley lodes.

These two intercepts are directly along strike of Cuffley lode and may indicate that the Cuffley mineralization strengthens in tenor to the north after the interruption caused by the crossing of the Rattler Fault. Access to this area is readily facilitated from the adjacent Brunswick mine area and will be a priority area to extend throughout the remainder of 2024.

Forward Focus of Near Mine Exploration

Given the recent exciting results described above, Cuffley Deeps will remain the primary focus of near mine exploration. Drilling will also continue on the promising northern continuation of the Cuffley System as well as other ongoing targeting of the Brunswick north extension area a potential additional line of veining approximately 300 m to the east of the central corridor.

Regional drilling also continues on depth testing the satellite deposits of Robinsons and True Blue as well as the northern potential of the field.

Drilling and Assaying

All diamond drill core was logged and sampled by Costerfield geologists or contracted geologists with significant industry experience who worked under Costerfield geologist’s oversight. 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 28, 2024, 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, ramping up production from deeper Shepherd veins, both of which will continue to supply high-quality ore to the processing plant, and to extend Mineral Reserves. At Björkdal, the Company will continue to produce 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 Youle, Shepherd, Cuffley and Kendall deposits (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 28, 2024, 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 

AD203

404.05

404.57

0.52

0.43

9.9

4.9

4.07

Cuffley Deeps Adj.

AD206

373.89

374.27

0.99

0.81

2.88

0.16

1.4

Cuffley Deeps Adj.

AD211

514.77

514.88

0.11

0.08

8.76

2.62

0.54

Cuffley Deeps Adj.

AD211

578.32

579.44

1.12

1.05

3.09

LLD

1.79

Cuffley Deeps Adj.

CW002

233.24

234.8

1.56

1

1.35

2.75

3.03

Cuffley Deeps Adj.

AD200

489.7

492.79

2.98

1.44

3.69

LLD

2.96

Cuffley Deeps South

AD200W1

486.31

489.64

3.03

2.42

7.55

LLD

10.15

Cuffley Deeps South

AD202

543.3

543.35

0.05

0.04

14.7

0.4

0.3

Cuffley Deeps South

AD203

431.52

432.29

0.77

0.55

58.44

17.59

26.05

Cuffley Deeps South

AD204

528.86

529.32

0.46

0.42

0.57

LLD

0.13

Cuffley Deeps South

AD205

524.88

525.12

0.49

0.31

1.82

LLD

0.32

Cuffley Deeps South

AD206

400.49

401.79

1.3

1.05

0.44

LLD

0.25

Cuffley Deeps South

AD207

354

354.4

0.29

0.23

0.42

0.01

0.06

Cuffley Deeps South

AD208

516.82

517.01

0.19

0.16

0.68

LLD

0.06

Cuffley Deeps South

AD209A

611.6

611.96

0.36

0.29

0.29

0.01

0.05

Cuffley Deeps South

AD210

466.37

466.8

0.43

0.2

0.44

LLD

0.05

Cuffley Deeps South

AD211

531.2

534.12

2.92

2.39

1.07

0.06

1.16

Cuffley Deeps South

AD212

466.37

467.31

0.94

0.72

LLD

LLD

LLD

Cuffley Deeps South

AD213

325.09

325.24

0.15

0.12

550

0.12

35.63

Cuffley Deeps South VG Vein

AD213W1

325.17

325.33

0.16

0.11

23.9

0.01

1.5

Cuffley Deeps South VG Vein

CB001

605.68

606.88

1.2

1.12

17.15

0.33

10.98

Cuffley Main

TP021

172.62

172.82

0.45

0.34

3.96

20.2

3.4

Cuffley Main

CW004

332.9

333.7

0.8

0.63

2.09

LLD

0.73

Cuffley West

BC394

131.47

131.67

0.2

0.08

82.6

45

7.64

Kendall 580 Vein

BC395

140.58

141.18

0.6

0.22

54.7

63.5

21.48

Kendall 580 Vein

BC396

132.2

132.31

0.11

0.06

16.9

1.05

0.56

Kendall 580 Vein

BC397

123.79

123.93

0.14

0.09

2.36

4.05

0.42

Kendall 580 Vein

BC398

99.64

99.88

0.24

0.16

11.4

24.3

4.16

Kendall 580 Vein

BC399

82.96

83.96

1

0.67

33.42

31.4

35.36

Kendall 580 Vein

BC401

165.11

165.38

0.27

0.12

4.37

21.9

2.52

Kendall 580 Vein

BC403

166.11

166.43

0.32

0.06

6.53

6.93

0.57

Kendall 580 Vein

BC396

95.12

95.27

0.15

0.06

4.45

1.34

0.24

Kendall 581 Vein

BC395

155.77

156.14

0.37

0.2

4.23

9.64

2.56

Kendall 582 Vein

KD909

7.55

8.55

1

0.52

17.95

0.11

5.25

Shepherd 600 Vein

KD910

1.74

2.2

0.46

0.44

25.73

LLD

6.26

Shepherd 600 Vein

PD085

55.88

56.42

0.54

0.42

59.1

0.01

13.75

Shepherd 600 Vein

PD101

35.78

36.06

0.28

0.23

31.8

LLD

4.01

Shepherd 600 Vein

PD114

36.03

36.58

0.55

0.4

107

0.05

23.73

Shepherd 600 Vein

PD132

8.53

11.4

2.87

2.47

48.21

1.78

51.67

Shepherd 600 Vein

PD184

20.28

20.63

0.35

0.25

LLD

LLD

LLD

Shepherd 600 Vein

PD185

27.3

27.87

0.57

0.18

0.09

LLD

0.01

Shepherd 600 Vein

PD108

14.24

15.42

1.18

0.79

0.29

LLD

0.13

Shepherd 603 Vein

KD907

LLD

0.86

0.86

0.75

547.31

0.06

229.46

Shepherd 605 Vein

KD908

LLD

0.32

0.32

0.3

33.15

0.01

5.52

Shepherd 605 Vein

PD102

8

8.84

0.84

0.8

0.12

LLD

0.06

Shepherd 609 Vein

PD103

8.75

9.22

0.47

0.38

1.72

LLD

0.36

Shepherd 609 Vein

PD108

32.65

32.85

0.2

0.12

0.56

LLD

0.04

Shepherd 609 Vein

PD140

39.94

40.23

0.29

0.27

73.48

11.17

14.1

Shepherd 610 Vein

PD142

39.15

39.37

0.22

0.21

751.67

1.83

88.07

Shepherd 610 Vein

PD150

47.7

47.8

0.1

0.09

0.05

LLD

LLD

Shepherd 610 Vein

PD140

36.2

36.34

0.14

0.14

0.26

LLD

0.02

Shepherd 611 Vein

PD142

35.47

35.57

0.1

0.1

0.26

LLD

0.01

Shepherd 611 Vein

PD147

89.63

90.07

0.44

0.22

7.35

49.1

12.33

Shepherd 611 Vein

PD150

42.14

42.27

0.13

0.13

0.33

LLD

0.02

Shepherd 611 Vein

PD190

7.39

9.41

2.02

1.15

18.34

26.24

44.27

Shepherd 611 Vein

PD211

17.3

18.56

1.26

0.53

15.09

22.21

17.01

Shepherd 611 Vein

SQ040B1

347.43

347.74

0.31

0.19

26.7

22.1

7.2

Shepherd 611 Vein

PD215

19.84

19.94

0.1

0.07

0.37

LLD

0.01

Shepherd 621 Vein

PD217

14.82

14.95

0.13

0.11

5.76

LLD

0.36

Shepherd 621 Vein

PD218

22.35

22.65

0.3

0.18

7.46

0.01

0.76

Shepherd 621 Vein

PD219

15.61

15.82

0.21

0.21

5.61

4.15

1.56

Shepherd 621 Vein

PD113

2.84

3.1

0.26

0.06

0.53

0.54

0.05

Shepherd 622 Vein

PD134

47.26

47.38

0.12

0.09

40.4

3.84

2.33

Shepherd 622 Vein

PD135

68.67

68.98

0.31

0.18

0.48

LLD

0.05

Shepherd 622 Vein

PD136

48.27

48.37

0.1

0.07

41.8

6.45

2.17

Shepherd 622 Vein

PD141

47.65

47.76

0.11

0.1

29.2

18.5

3.56

Shepherd 622 Vein

PD147

54

54.45

0.45

0.29

0.91

0.34

0.25

Shepherd 622 Vein

PD151

75.1

75.6

0.5

0.25

0.54

LLD

0.08

Shepherd 622 Vein

PD171

68.9

69.14

0.24

0.12

0.18

LLD

0.01

Shepherd 622 Vein

PD172

60.74

60.86

0.12

0.07

1.44

LLD

0.05

Shepherd 622 Vein

PD175

58.58

59.84

1.26

0.53

291.33

0.02

86.49

Shepherd 622 Vein

PD176

40.7

40.91

0.21

0.12

5

LLD

0.32

Shepherd 622 Vein

PD178

29.86

30.29

0.43

0.32

13.9

LLD

2.51

Shepherd 622 Vein

PD179

86.79

87

0.21

0.09

0.32

LLD

0.02

Shepherd 622 Vein

PD181

65.78

65.93

0.15

0.08

0.35

0.01

0.02

Shepherd 622 Vein

PD109

4.5

4.72

0.22

0.21

3.86

LLD

0.44

Shepherd 625 Vein

PD175

67.15

67.3

0.15

0.08

0.13

LLD

0.01

Shepherd 625 Vein

PD176

49.71

49.9

0.19

0.12

0.06

LLD

LLD

Shepherd 625 Vein

PD111

27.33

27.52

0.19

0.15

0.24

LLD

0.02

Shepherd 630 Vein

PD112

31.42

31.8

0.38

0.14

0.13

LLD

0.01

Shepherd 630 Vein

PD113

74.09

76.06

1.97

0.55

14.47

LLD

4.39

Shepherd 630 Vein

PD128

22.9

23.01

0.11

0.1

5.96

3.14

0.7

Shepherd 630 Vein

PD129

31.82

31.92

0.1

0.06

15.6

14.5

1.43

Shepherd 630 Vein

PD131

25.81

26.03

0.22

0.16

0.02

LLD

LLD

Shepherd 630 Vein

PD134

71.02

71.68

0.66

0.49

15.6

LLD

4.23

Shepherd 630 Vein

PD135

97.6

97.83

0.23

0.13

5.97

0.03

0.45

Shepherd 630 Vein

PD136

74.9

75.28

0.38

0.27

22.1

0.02

3.37

Shepherd 630 Vein

PD151

108.14

108.72

0.58

0.3

108

29.1

27.72

Shepherd 630 Vein

PD171

105.36

105.62

0.26

0.13

5.98

23.6

3.82

Shepherd 630 Vein

PD172

93.3

94.03

0.73

0.42

1.2

0.53

0.51

Shepherd 630 Vein

PD173

118.14

118.36

0.22

0.11

0.1

LLD

0.01

Shepherd 630 Vein

PD174

116.6

116.9

0.3

0.14

0.09

LLD

0.01

Shepherd 630 Vein

PD179

120.98

121.68

0.7

0.31

1.9

LLD

0.33

Shepherd 630 Vein

PD181

96.44

96.81

0.37

0.2

21.2

19.1

6.47

Shepherd 630 Vein

PD188

62.66

63.08

0.42

0.32

1.54

LLD

0.28

Shepherd 630 Vein

PD189

15.4

16.07

0.67

0.66

0.38

0.21

0.29

Shepherd 630 Vein

PD191

26.4

26.51

0.11

0.09

0.07

1.09

0.1

Shepherd 630 Vein

PD209

19.32

20.66

1.34

1.19

0.03

LLD

0.02

Shepherd 630 Vein

PD210

23.31

23.52

0.21

0.18

26.4

36.7

9.59

Shepherd 630 Vein

SQ040A

378.74

379.54

0.8

0.61

0.2

LLD

0.07

Shepherd 630 Vein

PD134

94.17

95.62

1.45

1.05

2.14

0.23

1.51

Shepherd 632 Vein

PD135

133.46

134.65

1.19

0.69

0.71

LLD

0.27

Shepherd 632 Vein

PD136

101.91

102.27

0.36

0.26

1.24

LLD

0.18

Shepherd 632 Vein

PD171

148.36

149.14

0.78

0.41

8.57

0.12

2

Shepherd 632 Vein

PD172

123.43

125.12

1.69

0.94

19.92

14.08

24.69

Shepherd 632 Vein

PD174

147

147.41

0.41

0.19

6.4

5.89

1.9

Shepherd 632 Vein

PD181

135.13

135.53

0.4

0.22

41.4

2.83

5.68

Shepherd 632 Vein

PD205

4.91

5.28

0.37

0.15

2.16

14.72

2.55

Shepherd 632 Vein

PD206

1.96

3.3

1.34

0.09

16.77

1.85

0.99

Shepherd 632 Vein

PD134

77.54

77.98

0.44

0.16

0.46

LLD

0.04

Shepherd 634 Vein

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

Cuffley Deeps South

AD200

15271

4548

1000

719.7

-62.7

276.2

2024/01/13

Cuffley Deeps South

AD200W1

15271

4548

1000

497.4

-62.7

276.2

2024/01/14

Cuffley Deeps South

AD202

15260

4599

992

712.7

-48.4

232.9

2024/01/20

Cuffley Deeps South

AD203

15260

4601

992

500.4

-59.3

270.5

2024/03/13

Cuffley Deeps South

AD204

15259

4600

992

551.4

-55.2

249.4

2024/03/29

Cuffley Deeps South

AD205

15259

4601

992

785.0

-65.2

273.9

2024/04/13

Cuffley Deeps South

AD206

15259

4601

992

500.4

-56.9

289.6

2024/04/24

Cuffley Deeps South

AD207

15259

4600

992

410.3

-54.4

263.1

2024/04/30

Cuffley Deeps South

AD208

15260

4599

992

682.0

-60.1

244.6

2024/05/13

Cuffley Deeps South

AD209A

15260

4600

992

746.0

-62.7

231.1

2024/06/02

Cuffley Deeps South

AD210

15260

4601

992

515.7

-65.6

278.7

2024/06/26

Cuffley Deeps South

AD211

15260

4600

992

615.0

-72.2

255.8

2024/07/15

Cuffley Deeps South

AD212

15260

4599

992

500.0

-51.5

241.9

2024/06/13

Cuffley Deeps South

AD213

15261

4601

992

435.0

-57.8

267.1

2024/07/26

Cuffley Deeps South

AD213W1

15100

4599

745

329.2

-57.8

267.1

2024/07/25

Kendall North

BC394

15353

7012

922

175.4

-13.6

25.1

2024/06/20

Kendall North

BC395

15353

7012

922

224.0

-6.5

22.3

2024/06/24

Kendall North

BC396

15353

7012

922

180.0

-0.9

26.5

2024/06/27

Kendall North

BC397

15353

7012

922

200.0

-3.8

28.6

2024/06/29

Kendall North

BC398

15353

7012

922

125.4

3.0

42.5

2024/07/02

Kendall North

BC399

15354

7012

922

116.3

-6.3

45.2

2024/07/16

Kendall North

BC401

15354

7012

922

205.0

-8

18

2024/07/08

Kendall North

BC403

15354

7012

922

240.0

-13.3

16.5

2024/07/14

Cuffley North

CB001

15779

5364

1183

985.9

-30.5

275.0

2024/05/28

Cuffley West

CW002

15251

4944

944

400.0

-50.4

233.4

2024/05/24

Cuffley West

CW004

15251

4947

944

400.0

-51.0

302.0

2024/06/02

Prod. Opt. (Shepherd 600)

KD907

15242

6961

712

10.1

25.4

88.5

2024/01/25

Prod. Opt. (Shepherd 600)

KD908

15242

6961

711

10.0

-20.1

90.1

2024/01/25

Prod. Opt. (Shepherd 600)

KD909

15244

7004

711

23.4

22.0

100.0

2024/01/28

Prod. Opt. (Shepherd 600)

KD910

15245

7002

710

13.0

-20.1

99.1

2024/01/29

Prod. Opt. (Shepherd 630)

PD085

15182

6825

667

86.2

-2.8

136.2

2023/10/02

Prod. Opt. (Shepherd 630)

PD101

15182

6825

666

59.8

-26.8

123.7

2023/09/27

Prod. Opt. (Shepherd 630)

PD102

15229

6826

686

18.0

-12.4

105.8

2023/09/07

Prod. Opt. (Shepherd 630)

PD103

15229

6838

687

19.0

28.2

105.9

2023/09/08

Prod. Opt. (Shepherd 630)

PD108

15218

6770

688

47.0

28.6

132.0

2023/09/13

Prod. Opt. (Shepherd 630)

PD109

15194

6968

625

10.3

3.9

253.2

2023/09/24

Prod. Opt. (Shepherd 630)

PD111

15180

6853

666

38.3

-22.9

246.0

2023/08/12

Prod. Opt. (Shepherd 630)

PD112

15179

6774

667

52.5

-33.6

209.5

2023/10/12

Prod. Opt. (Shepherd 630)

PD113

15180

6772

668

90.7

-4.9

194.4

2023/10/17

Prod. Opt. (Shepherd 630)

PD114

15182

6803

667

62.0

-46.1

113.5

2023/10/20

Prod. Opt. (Shepherd 630)

PD128

15179

6775

668

34.0

-1.2

251.3

2023/11/03

Prod. Opt. (Shepherd 630)

PD129

15180

6775

668

50.0

18.5

216.1

2023/11/07

Prod. Opt. (Shepherd 630)

PD131

15180

6817

668

52.0

35.9

240.8

2023/11/08

Prod. Opt. (Shepherd 600)

PD132

15239

6911

740

15.9

21.8

110.3

2023/11/10

Prod. Opt. (Shepherd 630)

PD134

15215

6764

688

104.4

4.2

225.5

2023/11/28

Prod. Opt. (Shepherd 630)

PD135

15215

6764

687

168.0

-6.6

212.8

2023/12/05

Prod. Opt. (Shepherd 630)

PD136

15215

6764

687

113.2

-9.6

226.7

2023/12/11

Prod. Opt. (Shepherd 630)

PD140

15233

6882

685

68.0

-8.4

266.9

2023/11/17

Prod. Opt. (Shepherd 630)

PD141

15232

6855

686

84.0

-8.3

268.4

2023/11/21

Prod. Opt. (Shepherd 630)

PD142

15233

6882

685

55.3

-3.3

270.4

2023/11/17

Prod. Opt. (Shepherd 630)

PD147

15215

6764

688

122.6

15.0

221.0

2023/12/22

Prod. Opt. (Shepherd 630)

PD150

15226

6832

686

70.3

4.7

264.5

2023/12/19

Prod. Opt. (Shepherd 630)

PD151

15215

6764

688

148.5

-4.8

209.0

2024/01/15

Prod. Opt. (Shepherd 630)

PD171

15212

6755

688

160.0

1.9

207.7

2024/02/15

Prod. Opt. (Shepherd 630)

PD172

15212

6755

688

136.8

7.2

212.8

2024/03/21

Prod. Opt. (Shepherd 630)

PD173

15213

6757

688

132.4

-13.6

208.7

2024/02/27

Prod. Opt. (Shepherd 630)

PD174

15212

6755

688

176.5

-6.8

206.9

2024/03/06

Prod. Opt. (Shepherd 630)

PD175

15229

7021

623

72.0

-6.5

215.5

2024/04/29

Prod. Opt. (Shepherd 630)

PD176

15224

7019

622

61.0

-10.9

227.7

2024/05/03

Prod. Opt. (Shepherd 630)

PD178

15227

7024

622

43.2

-32.9

261.3

2024/05/03

Prod. Opt. (Shepherd 630)

PD179

15212

6755

688

140.2

0.0

203.1

2024/03/19

Prod. Opt. (Shepherd 630)

PD181

15212

6755

688

164.6

7.3

209.2

2024/03/22

Prod. Opt. (Shepherd 630)

PD184

15199

6999

623

39.5

-49.3

91.4

2024/04/05

Prod. Opt. (Shepherd 630)

PD185

15199

6999

623

56.9

-68.7

47.4

2024/04/08

Prod. Opt. (Shepherd 630)

PD188

15211

6756

687

112.1

-26.7

241.8

2024/03/28

Prod. Opt. (Shepherd 630)

PD189

15150

6686

703

19.3

6.0

89.4

2024/05/06

Prod. Opt. (Shepherd 630)

PD190

15146

6673

705

27.7

46.4

132.2

2024/05/15

Prod. Opt. (Shepherd 630)

PD191

15146

6673

704

33.0

18.2

121.4

2024/05/07

Prod. Opt. (Shepherd 630)

PD205

15140

6625

706

25.0

60.9

96.8

2024/05/08

Prod. Opt. (Shepherd 630)

PD206

15139

6620

705

31.1

26.0

174.8

2024/05/09

Prod. Opt. (Shepherd 630)

PD209

15141

6625

704

35.8

-1.8

118.1

2024/05/20

Prod. Opt. (Shepherd 630)

PD210

15142

6628

704

39.9

-7.1

56.9

2024/05/15

Prod. Opt. (Shepherd 630)

PD211

15145

6669

704

46.0

33.6

154.8

2024/05/20

Prod. Opt. (Shepherd Nth)

PD215

15209

7246

576

46.3

14.2

49.8

2024/06/12

Prod. Opt. (Shepherd Nth)

PD217

15209

7246

575

29.8

-30.0

101.6

2024/06/13

Prod. Opt. (Shepherd Nth)

PD218

15209

7247

575

34.0

-23.7

45.0

2024/06/14

Prod. Opt. (Shepherd Nth)

PD219

15208

7245

576

23.0

6.3

101.4

2024/06/14

Shepherd 630

SQ040A

15376

6754

958

420.0

-45.0

233.0

2024/02/21

Shepherd 630

SQ040B1

15376

6754

958

420.0

-43.3

237.6

2024/03/03

Cuffley North

TP021

15385

5484

1181

199.5

-32.6

299.8

2024/04/16

SOURCE Mandalay Resources Corporation

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