TORONTO, Sept. 10, 2024 /PRNewswire/ -- Mandalay Resources Corporation ("Mandalay" or the "Company") (OTCQB: MNDJF) is pleased to provide an update on drilling progress at its Costerfield operation in Victoria, Australia.
New Drilling Highlights:
-- 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).
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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.
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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.
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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.
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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.
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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. [https://c212.net/c/link/?t=0&l=en&o=4251304-1&h=939080922&u=http%3A%2F%2Fwww.sedar.com%2F&a=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 FROM (M) TO (M) DRILL TRUE AU GRADE SB GRADE AU (G/T) VEIN NAME HOLE ID WIDTH WIDTH (G/T) (%) OVER MIN. 1.8M (M) (M) MINING WIDTH 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 Easting Northing Elevation Depth Dip Azimuth Date Complete ID 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
For Further Information: Frazer Bourchier, President and Chief Executive Officer; Edison Nguyen, Director, Business Valuations and Investor Relations; Contact: 647.258.9722
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