Mandalay Resources Corporation Announces Significant Grades and Depth Extension to the Lake Zone Veining of the Björkdal Deposit
Björkdal Depth Testing Highlights
15 veins containing significant grades have been intercepted with inferred strike extensions of up to and over 300 meters ( m )
Standout intercepts identified:
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Identified skarnified marble lens:
Note: Significant drill composites are provided in Table 1 in the Appendix to this document.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, Given Björkdal s long mine life of over 10 years, our exploration focus there has shifted away from incremental additions to existing resources and reserves to identifying and drilling more prospective areas with higher-grade mineralization possibilities. These exciting initial high-grade intercepts from the depth extension drilling have demonstrated significant continuation within the Lake Zone area. Follow up infill drilling will be ongoi
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?Key Highlights
2021 production expected to range between 35,000 to 45,000 ounces of gold.
Indicated Resource increased 36% to 1.0 million ounces of gold grading 5.2 g/t.
Extensive 2021 drill program including 27,000 metres targeting resource definition and extensional opportunities.
Feasibility Study with initial Mineral Reserve expected at the end of the first quarter 2021.
Michael Holmes, President and CEO of OceanaGold said, ?We are very pleased with the progress we have made at Martha Underground where we have achieved first gold production and expect steady-state in the second half of the year. We will continue to batch process MUG ore this month ahead of the planned mill shut down to install a new SAG mill shell which remains on schedule for completion in late second quarter. Once completed, we expect underground production to sustain continuous milling.?