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

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.

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

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.

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

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

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.

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

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

 


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