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

Rhea-AI Summary

Mandalay Resources Corporation provided an update on drilling progress at its Costerfield operation in Victoria, Australia. The results include high-grade gold and antimony intercepts, infill and extension drilling related to the Shepherd orebody beneath Youle, and the discovery of high-grade gold veining beneath the historic Brunswick deposit. The company aims to maintain its current healthy self-funding spending rate at Costerfield.

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

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SOURCE Mandalay Resources Corporation

FAQ

What is the company providing an update on?

Mandalay Resources Corporation provided an update on drilling progress at its Costerfield operation in Victoria, Australia.

Where are the drilling highlights located?

The drilling highlights are located at the Costerfield operation in Victoria, Australia.

Who is the Qualified Person for the technical and scientific information provided in the release?

Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is the Qualified Person.

What is the ticker symbol for Mandalay Resources Corporation?

The ticker symbol for Mandalay Resources Corporation is MND on the TSX and MNDJF on the OTCQB.