Mandalay Resources Corp. Reports Operational Results for the First Half of 2015
Jul 29 15
Mandalay Resources Corporation provided half-year exploration updates for all its sites. During the first half of 2015, Mandalay drilled 4,515 m of diamond core in 19 holes. In addition, the Company completed 1,721 m of on-vein operating development and associated sampling of the N- and Cuffley lodes. Drill core was logged and sampled by Costerfield geologists, who also mapped and sampled the development advances. All samples were sent to Onsite Laboratory in Bendigo, Victoria, Australia, for sample preparation and assay. Four new intercepts were generated, one high-grade (AD119), one medium-grade (AD127), and two low-grade (AD118, AD126). These intercepts were generated incidental to reaching the primary target in the Cuffley Deeps zone below the Tiger Fault and are not expected to significantly change the estimated resources in the Cuffley Main Zone as they penetrated the Main Zone within the boundaries of already-Indicated Resource. High- and medium-grade mineralization is proved to continue downward into the currently Inferred Resource in Cuffley Deeps in AD114, AD116, AD118, AD. These intercepts suggest a zone of high-grade mineralization just below the Tiger fault at the top and just above the King Cobra fault at the bottom of the fault block, with the intervening material inadequately drilled. Mandalay believes the upper high-grade zone below the Tiger fault will support mining development and convert to reserves at year-end. The lower zone just above the King Cobra may not, but it could significantly enhance the viability of potential deeper development to reach merging mineralization under the King Cobra fault. Hole CSK001 intercepted a 28 m wide zone of quartz-stibnite-gold veins and veinlets, with the best (559 m elevation) containing 39.7 g/t Au and 1.4% Sb over 0.13 m. This intercept is believed to be correlative with AD107, drilled and announced in 2014, which contained similarly high gold/low antimony values. If this is true, then the two intercepts represent a zone with a strike length of at least 200 m and a depth extent of at least 100 m. CSK001 is the first of 8 holes planned to test below the King Cobra fault during the balance of 2015. A total of 11,076 m of NX and BX diamond core were drilled in 27 holes at Cerro Bayo during the first six months
of 2015, including three holes still in progress on June 30. All of these holes were drilled from surface platforms on the margins of Laguna Verde, except for DLV15-022, collared in an underground station on the Dagny vein 70 m level. All drill holes were directionally surveyed except for DLV15-002, in which a twisted-off drill pipe precluded measurements by the downhole instrument. In addition, a total of 3,191 m of on-vein development drifts were completed during the period. Eighteen new drill holes completed during the first six months of 2015 infilled and modestly extended the Coyita SE segment under Laguna Verde and the peninsula.
Mandalay Resources Corp. Reaches Collective Agreement with Mining Union at Cerro Bayo
Jul 15 15
Mandalay Resources Corp. reported that it has reached a new collective agreement with its mining union at Cerro Bayo for a new two-year contract. The company is negotiating separately with its plant operators' union for a new contract and an agreement is expected within the coming days. Work will immediately resume on site to prepare the mine for normal and safe operations. Due to the strike, and limited damage to electrical installations which occurred during an unusually strong wind storm on June 27, the company currently expects it to take four to five days to resume normalized operations.
Mandalay Resources Corporation Announces Production and Sales Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 13 15
Mandalay Resources Corporation reported production and sales results for the second quarter and six months ended June 30, 2015. For the quarter, the company produced total of 26,418 ounces gold, 842 tonnes antimony and 597,489 ounces silver, representing a total of 40,717 ounces of gold equivalent production. Production at Costerfield (Australia) was 9,563 oz Au and 842 t Sb, a greater volume of Au and a slightly lower volume of Sb than in the second quarter of 2014. The overall increase in production was due to higher tonnages and grades mined and processed. Production at Cerro Bayo (Chile) was 5,361 oz Au and 597,489 oz Ag, lower than the year-ago quarter due to a combination of lower grades and lower production volumes than the prior period. Production at Björkdal (Sweden) was 11,494 oz Au.
For the six months, the company's produced a total of 54,158 oz Au, 1,811 t Sb and 1,188,243 oz Ag, representing a total of 82,993 oz of Au Eq. production. Production at Costerfield was 19,979 oz Au and 1,811 t Sb, greater volume of Au and Sb than in the corresponding six months of 2014. Production at Cerro Bayo was 10,366 oz Au and 1,188,243 oz Ag. Production at Björkdal was 23,813 oz Au.
For the quarter, the company sold 27,308 oz Au, 899 t Sb, and 685,703 oz Ag, representing a total of 43,233 oz Au Eq.
For the six months, the company sold 55,965 oz Au, 1,680 t Sb, and 1,478,500 oz Ag, representing a total of 87,944 oz Au Eq.