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Mandalay Resources Provides 2015 Year-End Exploration Updates for Its Costerfield, Bjorkdal and Cerro Bayo Mines

19.01.2016  |  Globenewswire Europe

TORONTO, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Mandalay Resources Corp. ("Mandalay" or the "Company") (TSX:MND) is pleased to provide 2015 year-end exploration updates for all three of its mines. Figures accompanying this release can be found in an exploration presentation posted on the Company's website. It can be accessed here: 
http://www.mandalayresources.com/investor-presentations/#Technical_Presentations

Brad Mills, CEO of Mandalay, commented, "Our exploration programs across the Company once again continued on track to approximately replace reserves with our end-of-2015 resource and reserves update expected to be released in mid-February, 2016.  Exploration at all sites continued to identify new quality target areas for future exploration.  At Costerfield, exciting new intercepts suggest that at least three branches of the Cuffley lode occur below the King Cobra fault in the vicinity of our underground infrastructure; all three contain high gold and/or antimony grades and we are optimistic that further drilling planned for 2016 will outline a potentially significant new resource. Intercepts obtained at the Margaret and Brunswick targets have confirmed the presence of mineralized veins and improved our understanding of the structural settings for potential mineralization in these areas. Finally, an initial round of shallow reverse circulation drilling to test the large top-of-bedrock gold and antimony anomaly at West Costerfield has demonstrated the presence of an extensive system of mineralized structures, which may be followed up by core drilling in 2016."

Mr. Mills continued, "At Cerro Bayo, drilling under Laguna Verde continued to reveal the southeast and depth limits of the Coyita vein, with a gap remaining in the middle of the lake that has proved difficult to drill from currently accessible locations. New intercepts on the Yasna vein under Laguna Verde have further defined and slightly enlarged this ore shoot as well.  We expect modest increases in resources on both these veins at the year-end 2015 resources and reserves update. Our first hole to test below the northeastern half of the lake intersected a new vein called Victoria.  While this wide intercept did not contain economic grades, it indicates that significant structures exist to the east of the current Laguna Verde vein system that were active at the time of mineralization."

Mr. Mills concluded, "At Björkdal, drilling has pushed the limits of underground mineralization some 200 m to the north and up to 100 m to east and northeast. We expect this work will translate into a significant increase in underground resources and reserves in our year-end reserve and resource update.  Furthermore, drilling results in and around the southeast part of the open pit suggests we will be able to expand the pit in this area.  This year's core drilling has also confirmed the validity of the Nylunds resource model that had previously only been defined by historic RC drilling. We expect the Nylunds resource to convert to a new open pit reserve as a result. Finally, a new mineralized zone was intercepted in the Storheden area some 700 m north of the current Björkdal mine. This intercept, which is anomalously wide for the district, represents a new high quality exploration target for the coming year."

Costerfield

Drilling, Sampling, and Assaying

During the second half of 2015, Mandalay drilled 11,525 metres ("m") of diamond core in 29 holes on Cuffley, Sub-King Cobra, Margaret, Brunswick and Corridor projects (Figure 1). In addition, the Company completed 1,781 m of on-vein operating development and associated sampling of the N- and Cuffley lodes. Thirty-eight reverse circulation ("RC") drill holes totaling 2,780 m were drilled at the West Costerfield bedrock geochemical anomaly. Diamond drill core and RC cuttings were 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, (with the exception of the West Costerfield and Margaret drilling samples that were sent to ALS in Orange, NSW, Australia) for sample preparation and assay. Site geological and metallurgical personnel have implemented a QA/QC process that includes the regular submission of standard reference materials and blanks with drill and face samples submitted for assay. Standard reference materials have been certified by Geostats Pty Ltd. (see March 31, 2015, Technical Report entitled "Costerfield Operation, Victoria, Australia NI 43-101 Report", available on SEDAR (www.sedar.com), which contains a complete description of drilling, sampling, and assaying procedures).

Drill Results

Assay results are summarized in Tables 1 through 6 below; they are displayed in geologic context in Figures 2 through 7. 

Cuffley Main (Table 1; Figure 2)

  • Four new intercepts were obtained in the Cuffley Main zone, incidental to testing the Corridor target.  The highest grade of these, COR003, intercepted 0.045 m at 14.4 grams per tonne ("g/t") gold ("Au") and 2.3% antimony ("Sb").
     
  • These intercepts were generated while drilling to reach the primary target in the Corridor 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.  
     
  • However, they do increase the level of confidence for mine planning in the area.

Table 1: Significant new drill intercepts on Cuffley Main

Hole ID Hole 
Completion
Date
Intercept 
Easting 
(Mine Grid, m)
Intercept 
Northing 
(Mine Grid, m)
Elevation
(m)
True Width* 
(m)
Gold Grade 
(g/t)
Antimony Grade
(%)
AuEq (g/t)
over 1.8m **
Total Hole 
Depth (m)
COR003 18/08/2015 15199 4916 956 0.04 14.4 2.3 0.03 680
COR003 18/08/2015 15181 4920 942 0.43 1.3 0.0 0.67 680
COR003 18/08/2015 15179 4920 940 0.20 2.8 0.0 0.11 680
COR004A 11/11/2015 15133 4575 898 1.11 4.5 0.0 2.85 721

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x Price per 10 Sb(kg) × Sb Recovery(%)
Price per 1 Au(g) × Au Recovery (%)

Cuffley Deeps (Table 2; Figure 3)

  • Two drill holes were completed with the aim of increasing the confidence in the geometry and the extent of the high grade mineralization found at the top of the Cuffley Deeps zone. These holes were successful in delineating the southern boundary of the high grade zone and proving that the grade continues to the north.

Table 2: Significant new drill intercepts on Cuffley Deeps

Hole ID Hole 
Completion
Date
Intercept 
Easting
(Mine Grid, m)
Intercept 
Northing 
(Mine Grid, m)
Elevation
(m)
True Width*
(m)
Gold Grade 
(g/t)
Antimony Grade
(%)
AuEq (g/t) 
over 1.8m **
Total Hole 
Depth (m)
AD130 7/10/2015 15189 5068 848 0.73 0.4 0.0 0.16 171
AD131 16/11/2015 15181 5102 847 2.75 16.6 19.4 55.9 163

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x  Price per 10 Sb(kg) × Sb Recovery(%) 
Price per 1 Au(g) × Au Recovery (%)

Sub King Cobra (Table 3, Figure 4)

  • Three high grade structural zones have been identified in drilling beneath the King Cobra fault system (Eastern, Central and Western). The vein composition within these mineralized zones vary from high stibnite concentrations (54.8 g/t Au and 37.2% Sb) in the Eastern structure to visible coarse gold in quartz (3,928 g/t Au and 0.02% Sb) within the Central and Western. 

  • Assaying and interpretation of the "Eastern" mineralized zone has resulted in      significant intercepts in CSK009 of 0.77 m at 2.6 g/t Au and 3.8% Sb, 1.07 m at  6.4 g/t Au and 4.1% Sb.

  • Hole CSK007 identified the "Central" Zone as a wide, 8 m zone consisting of quartz-stibnite veins with visible gold in two veins at ~374 m (0.071 m at 119.4 g/t Au and 7.0% Sb, 1.39 m at 136.8 g/t Au and 1.2% Sb). 

  • The "Western" mineralized zone is located 120 m to the west of the central zone in CSK007 (2.37 m @ 47.5 g/t Au). It consists of a 1.75 m fault zone, containing minor quartz-gold fragments. 

  • These three zones represent high priority drill targets for follow up in 2016.

Table 3: Significant new drill intercepts on Sub King Cobra

Hole ID Hole 
Completion
Date
Intercept 
Easting 
(Mine Grid, m)
Intercept 
Northing
(Mine Grid, m)
Elevation
(m)
True Width* 
(m)
Gold Grade 
(g/t)
Antimony Grade 
(%)
AuEq (g/t)
over 1.8m **
Total Hole  
Depth (m)
Target
CSK009 5/11/2015 15193 4616 621 2.36 0.95 0.8 2.48 551 Eastern
CSK009 5/11/2015 15190 4618 617 0.77 2.60 3.8 4.43 551 Eastern
CSK009 5/11/2015 15188 4620 615 1.07 6.45 4.1 8.83 551 Eastern
CSK007 12/10/2015 15127 4818 546 0.08 81.0 3.8 3.89 520 Central
CSK008 16/09/2015 15128 4941 542 0.11 41.4 8.6 3.69 480 Central
CSK008 16/09/2015 15091 4964 492 0.57 9.9 0.0 3.16 480 Central
CSK007 12/10/2015 15097 4817 504 0.07 119.4 7.0 5.25 520 Central
CSK007 12/10/2015 15095 4817 502 1.39 136.76 1.2 107.57 520 Central
CSK008 16/09/2015 15116 4948 525 0.28 19.4 14.2 7.58 480 Central
CSK007 12/10/2015 15020 4813 404 2.37 47.51 0.0 47.51 520 Western
CSK007 12/10/2015 15089 4816 493 0.43 1.8 1.4 1.08 520 Unnamed
CSK008 16/09/2015 15120 4946 531 0.08 0.5 14.3 1.23 480 Unnamed
CSK008 16/09/2015 15112 4951 520 0.08 15.8 6.8 1.39 480 Unnamed
CSK008 16/09/2015 15099 4959 502 0.28 1.1 2.9 1.09 480 Unnamed
NSK001 14/07/2015 15243 4838 824 0.06 39.7 51.3 4.74 200 Unnamed

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x Price per 10 Sb(kg) × Sb Recovery(%)
Price per 1 Au(g) × Au Recovery (%)

Margaret (Table 4, Figure 5)

  • Three holes have been drilled on the Margaret target for a total of 1,274 m. The drilling program resulted in shallow intercepts ranging from 75 to 100 m downhole on the "Margaret East" target zones. MM011 displayed visible gold in core and returned grades of 0.14 m at 46.5g/t Au and 3.5% Sb. MM010 was also successful and intercepted high grades in "Margaret East": 0.19 m at 5.8 g/t Au and 9.4% Sb; and 0.1 m at 5.6 g/t Au and 6.7% Sb.
     
  •  Follow-up drilling is anticipated in 2016.

Table 4: Significant new drill intercepts on Margaret

Hole ID Hole 
Completion
Date
Intercept 
Easting 
(Mine Grid, m)
Intercept 
Northing
(Mine Grid, m)
Elevation
(m)
True Width*
(m)
Gold Grade
(g/t)
Antimony Grade 
(%)
AuEq (g/t) 
over 1.8m **
Total Hole
Depth (m)
MM009 5/11/2015 15038 3299 1134 0.09 7.8 0.0 0.39 400
MM009 5/11/2015 15139 3298 1055 0.10 1.4 0.4 0.12 400
MM009 5/11/2015 15193 3298 1013 0.06 1.4 0.0 0.05 400
MM010 4/12/2015 15180 3101 1121 0.85 3.9 0.9 2.73 553
MM010 4/12/2015 15182 3101 1123 0.17 5.8 9.4 2.38 553
MM010 4/12/2015 15183 3101 1124 0.06 1.2 1.8 0.15 553
MM010 4/12/2015 15184 3101 1125 0.10 3.7 0.0 0.20 553
MM010 4/12/2015 15220 3100 1156 0.07 1.3 1.2 0.15 553
MM010 4/12/2015 15238 3100 1171 0.12 1.0 0.0 0.07 553
MM010 4/12/2015 14933 3106 913 0.09 2.3 0.0 0.12 553
MM010 4/12/2015 14962 3105 937 0.11 1.8 0.0 0.12 553
MM011 23/12/2015 15248 2901 1184 0.21 0.9 0.0 0.11 320
MM011 23/12/2015 15248 2901 1184 0.78 1.0 0.0 0.45 320
MM011 23/12/2015 15197 2909 1141 0.94 13.1 1.7 8.69 320

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x  Price per 10 Sb(kg) × Sb Recovery(%)
Price per 1 Au(g) × Au Recovery (%)

Corridor (Table 5, Figure 2)

  • Five holes totaling 3,545 m have been drilled in the mineralized Corridor program.
     
  • Four of the five holes drilled on the target confirmed a sub-vertical structure approximately 350 m to the west of the Cuffley Deposit. This newly identified structure has a confirmed strike length of 500 m and is open along strike to the north and south. Mineralization consists of brecciated quartz with pyritic matrix that bears strongly anomalous Au and Sb.

Table 5: Significant new drill intercepts on Corridor

Hole ID Hole 
Completion
Date
Intercept 
Easting 
(Mine Grid, m)
Intercept 
Northing
(Mine Grid, m)
Elevation
(m)
True Width*
(m)
Gold Grade 
(g/t)
Antimony Grade 
(%)
AuEq (g/t) 
over 1.8m **
TotalHole 
Depth (m)
COR001 20/07/2015 15018 5284 794 0.10 3.0 0.0 0.17 851
COR003 18/08/2015 14750 4990 624 0.22 2.0 0.0 0.24 680
COR004A 11/11/2015 14981 4600 785 0.11 1.1 0.1 0.08 721
COR005 27/11/2015 14786 4357 629 0.06 1.5 2.4 0.20 724

 * True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x  Price per 10 Sb(kg) × Sb Recovery(%) 
Price per 1 Au(g) × Au Recovery (%)

 Brunswick (Table 6, Figure 5)

  • During November - December 2015, 3 diamond drill holes totalling 1,172 m were drilled at Brunswick, targeting the northern extension of mineralization and a continuation of the lode at depth below the Brunswick pit.
     
  • BD238 and B240 confirmed the continuation of the Brunswick structure at depth and to the north, respectively; however, the structure intercepted in these holes only contains trace mineralization.

  • BD239 has proven up the continuation of mineralization below the south end of the Brunswick pit returning assays of 0.3 m at 8.1 g/t Au and 0.6% Sb.
     
  • While the 2015 program bounded the upside potential of Brunswick to the north, should metal prices and economic analysis warrant, a follow-up program to infill the southern area around and below BD239 plus other sparsely drilled gaps in the lode is possible.

             
Table 6: Significant new drill intercepts on Brunswick

Hole ID Hole 
Completion
Date
Intercept
Easting 
(Mine Grid, m)
Intercept 
Northing
(Mine Grid, m)
Elevation
(m)
True Width* 
(m)
Gold Grade 
(g/t)
Antimony Grade 
(%)
AuEq (g/t) 
over 1.8m **
Total Hole
Depth (m)
BD238 13/11/2015 14812 5890 972 0.30 0.1 0.0 0.00 372
BD239 23/11/2015 14774 5760 962 0.76 4.2 0.3 1.33 295
BD240 2/12/2015 14830 6063 1054 0.11 0.7 0.0 0.04 270

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x  Price per 10 Sb(kg) × Sb Recovery(%) 
Price per 1 Au(g) × Au Recovery (%)

West Costerfield (Table 7, Figure 6)

  • A total of 38 holes totaling 2,780 m of RC drilling was undertaken during the second half of 2015 in order to confirm the bedrock geochemical anomaly found in the 2014 auger drilling program.
     
  • Results from the RC drilling confirmed bedrock mineralization in the anomaly. The identification of the geochemical anomaly represented an almost entirely untested, near surface mineralized system. 
     
  • The program generated five low grade intercepts, one of 4 m width and the others of 1 m each.
     
  • Correlations in the district suggest that RC results tend to underestimate grades found in the same vein by neighbouring core holes, suggesting that follow-up of the mineralized RC intercepts by core holes may be warranted in the future.

Table 7: Significant new drill intercepts on West Costerfield

Hole ID Hole 
Completion 
Date
Intercept 
Easting 
(Mine Grid, m)
Intercept 
Northing
(Mine Grid, m)
Elevation 
(m)
Down Hole 
Length (m)
Gold Grade 
(g/t)
Antimony Grade 
(%)
Total Hole 
Depth (m)
WCRC004 4/09/2015 13878 7227 1230 2.0 0.61 0.004 72
WCRC006 8/09/2015 13950 7205 1203 1.0 0.87 0.026 72
WCRC006 8/09/2015 13934 7207 1180 2.0 0.66 0.005 72
WCRC008 10/09/2015 14023 7191 1184 1.0 0.80 0.005 72
WCRC011 11/09/2015 13878 7226 1208 1.0 1.33 0.006 72
WCRC014 21/09/2015 13671 6975 1185 3.0 0.82 0.005 72
WCRC014 21/09/2015 13665 6976 1176 1.0 0.83 0.004 72
WCRC014 21/09/2015 13660 6978 1167 4.0 1.16 0.006 72
WCRC022 28/09/2015 13694 6951 1175 1.0 0.87 0.005 72
WCRC022 28/09/2015 13701 6946 1165 1.0 0.63 0.000 72
WCRC024 30/09/2015 13662 6763 1204 1.0 0.99 0.006 72
WCRC028 29/09/2015 13687 6753 1163 1.0 0.83 0.005 72
WCRC030 1/10/2015 13475 6827 1210 1.0 0.62 0.000 72
WCRC032 9/10/2015 13523 6569 1204 1.0 0.97 0.000 72
WCRC034 5/10/2015 13611 6568 1197 4.0 0.93 0.005 72
WCRC034 5/10/2015 13610 6569 1196 1.0 1.51 0.006 72
WCRC034 5/10/2015 13590 6576 1170 1.0 0.26 0.288 72
WCRC035 5/10/2015 13657 6551 1204 1.0 0.57 0.005 72
WCRC037 7/10/2015 13611 6570 1197 2.0 0.59 0.005 72
WCRC038 8/10/2015 13562 6553 1192 3.0 0.53 0.005 72
WCRC038 8/10/2015 13588 6540 1153 1.0 0.50 0.004 72

* True width is preliminary estimate only and may not reflect final true width used in resource estimate

** AuEq(g/t) = Au(g) + Sb(%) x  Price per 10 Sb(kg) × Sb Recovery(%)
Price per 1 Au(g) × Au Recovery (%)

Cerro Bayo

Drilling, Sampling and Assaying

A total of 14,007 m of NX and BX diamond drill core were produced from 34 holes at Cerro Bayo during the second half of 2015.  The bulk of this meterage was drilled from surface platforms on the margins of Laguna Verde, while the rest was completed from underground stations in the Dagny and Yasna mines.  All drill holes were directionally surveyed by standard techniques with a downhole instrument.

Drill core was logged and sampled by staff geologists and all core samples (including blanks, standards and duplicates) were submitted to the on-site assay laboratory of Compañia Minera Cerro Bayo. The Cerro Bayo assay laboratory was audited in 2011 by SGS Lakefield Research Ltd. and routinely sends check samples to the ALS laboratory (ISO 9001:2008 and ISO/IEC 176025:2005 certified) in La Serena, Chile, following QA/QC practices established by the parent company, Mandalay Resources.  (Please see the Company's previously filed document, 'Technical report on the Cerro Bayo project, Region XI (Aysèn) Chile', dated March 28, 2014, and available on SEDAR (www.sedar.com), for a full description of the drilling, logging, assaying and estimation processes, including data verification procedures).

Drill Results

The following tables and figures display mineralized intercepts obtained through December 31, 2015, correlated by vein according to the latest structural interpretation. Such structural interpretation may be subject to revision as more drilling data are acquired.

Coyita vein (Table 8, Figures 9,10,11)

27 new drill holes completed during the second six months of 2015 indicate that the Coyita vein is a strongly mineralized fissure essentially all the way across Laguna Verde to the district-scale fault structure of the Falla Cañadón Verde (Figure 9). The mineralization in the vein largely has been closed off in both its SE and NW extents, with a few gaps remaining on the extreme southern end and the central section under the lake to be drilled (Table 8, Figures 10 and 11).  Localized, significant grade has been recognized in subordinate branch veins lying to the west of the Coyita vein. A new vein was intersected far to the east of the Coyita, dubbed the 'Victoria' vein (Figure 9).  This latter feature was not well-mineralized in this initial intercept, but the characteristics of hydrothermal alteration and gangue mineralogy encourage further drill testing at higher structural levels and along strike.

Table 8:  Summary of mineralized intercepts correlated to the Coyita vein

Hole ID Hole 
Completion 
Date
Total Hole
Depth 
(m)
Intercept 
UTM_E
Intercept 
UTM_N
Intercept 
Elev.
(m)
From
(m)
To 
(m)
Length 
(m)
True
Width 
(m)
Gold 
Grade 
(g/t)
Silver 
Grade 
(g/t)
DLV15-026 6/22/2015 368.60 272334.81 4840648.75 -33.65 319.18 323.5 4.32 2.51 1.04 45
DLV15-027 8/2/2015 379.35 271990.07 4841129.09 126.18 360.3 360.88 0.58 0.4 0.96 467
DLV15-028 7/12/2015 179.95 271733.41 4841459.28 125.35 162.7 167.35 4.65 2.02 0.68 222
DLV15-029 7/14/2015 368.15 272348.741 4840600.51 -45.989 346.7 349.9 3.2 2.1 3.78 896
DLV15-031 7/19/2015 293.80 271778.69 4841459.28 36.02 260.01 262.77 2.76 1.1 0.45 23
DLV15-032 8/19/2015 390.80 272343.63 4840623.07 -78.12 369.7 371.05 1.35 0.78 4.17 514
DLV15-033 7/29/2015 403.90 272307.84 4840690.62 -60.36 357.91 358.95 1.04 0.67 6.28 115
DLV15-035 8/25/2015 437.60 272016.06 4841092.76 92.83 387.6 388.2 0.6 0.33 0.33 133
DLV15-036 8/15/2015 402.00 272284.99 4840730.61 -71.47 387.03 388.55 1.52 1.11 1.08 102
DLV15-037 8/30/2015 499.60 272135.17 4840990.9 15.94 407.16 409.07 1.91 1.16 0.66 21
DLV15-038 9/2/2015 158.80 271718.92 4841466.31 160.32 131.3 131.6 0.3 0.19 0.49 10
DLV15-039 9/16/2015 351.05 271954.89 4841187.97 96.7 330.04 332.72 2.68 2.11 1.03 287
DLV15-041 10/12/2015 364.50 272257.12 4840780.9 -65.22 345.52 348.15 2.63 1.48 2.29 149
DLV15-042 9/20/2015 395.00 272364.28 4840581.84 -62.88 370.68 373.11 2.43 1.37 3.69 194
DLV15-043 9/30/2015 304.60 271912.2 4841182.3 148.18 290.4 291.121 0.81 0.66 5.58 1324
DLV15-044 9/30/2015 470.00 272365.31 4840609.56 -103.89 396.48 397.07 0.59 0.3 15.22 347
DLV15-045 10/16/2015 477.85 272131.77 4840990.88 -10.77 425.86 428.35 2.49 1.5 1.44 219
DLV15-047 10/23/2015 531.00 272095.08 4840970.38 96.29 490.31 490.75 0.44 0.27 3.41 410
DLV15-048 10/17/2015 431.00 272411.27 4840555.99 -89.7 403.54 406.7 3.16 1.34 10.18 1308
DLV15-049 11/5/2015 523.60 272113.68 4840990.02 75.15 502.27 504.25 1.98 1.26 3.67 1040
DLV15-050 11/6/2015 502.25 NO VEIN
DLV15-051 11/19/2015 405.70 NO VEIN
DLV15-053 11/26/2015 350.50 272321.09 4840597 -19.78 328.85 329.35 0.5 0.35 1.84 598
DLV15-055 11/26/2015 378.05 271969.7 4841149.64 133.95 340.81 341.15 0.34 0.25 0.05 1
DLV15-057 12/13/2015 373.80 272288.69 4840654 66.94 224.89 227.02 2.13 1.35 0.31 49
DLV15-058 12/13/2015 560.60 272109.56 4840961.98 62.17 505.58 509.6 4.02 2.32 6.8 811
DLV15-059 12/9/2015 452.00 272374.66 4840604.07 -90.15 384.48 386.2 1.72 0.81 3.11 164

Yasna vein (Table 9, Figure 12)

Three new infill drill holes on the Yasna vein largely confirm that the mineralized zone has been closed off and remains approximately 200 m long by 70 m high, down-dip.  Minor increases in the size of the shoot could be generated by more infill drilling, but Mandalay has decided to wait to complete this work until excavation of a nearby drill station makes the project cheaper and more cost effective.

Table 9:  Summary of Mineralized Intercepts Correlated with the Yasna Vein System

Hole ID Hole 
Completion 
Date
Total Hole
Depth 
(m)
Intercept 
UTM_E
Intercept 
UTM_N
Intercept 
Elev.
(m)
From
(m)
To 
(m)
Length 
(m)
True
Width 
(m)
Gold 
Grade 
(g/t)
Silver 
Grade 
(g/t)
DLV15-040 9/30/2015 515.20 271863.2 4840817.5 54.54 424.66 425.23 0.57 0.53 0.73 208
DLV15-046 11/4/2015 440.65 271804.19 4840885.35 99.55 425.12 426.78 1.66 1.51 0.3 50
DLV15-034 8/28/2015 507.15 271815.26 4840827.97 43.36 391.76 395.3 3.54 3.44 1.04 109

Kasia vein (Table 10, Figure 13)

Five new drill intercepts were obtained on the Kasia vein, in the southern sector where the Kasia and Yasna systems appear to converge.  Some remarkable grades were obtained from veins lying between the Kasia fissure and the Coyita vein, which may represent a step-over or linking system between the two named veins, similar in orientation to the Yasna inflection (drill hole DLV15-054; Figure 9). 

Table 10:  Summary of Mineralized Intercepts Correlated to the Kasia Vein System

Hole ID Hole 
Completion 
Date
Total Hole 
Depth 
 (m)
Intercept 
UTM_E
Intercept 
UTM_N
Intercept 
Elev.
(m)
From
(m)
To 
(m)
Length 
(m)
True
Width 
(m)
Gold 
Grade 
(g/t)
Silver 
Grade 
(g/t)
DLV15-034 8/28/2015 507.15 271896.19 4840888.15 38.3 494.09 494.95 0.86 0.86 1.84 320
DLV15-040 9/30/2015 515.20 271920.77 4840853.59 56.43 492.53 493.23 0.7 0.7 0.17 34
DLV15-054 11/23/2015 413.00 272060.85 4840689.9 -7.96 367.2 367.6 0.4 0.23 0.2 0.22
DLV15-056 12/1/2015 389.00 272070.12 4840632.04 -16.84 373.7 374.6 0.9 0.56 0.63 165
DLV15-052 11/16/2015 391.60 272085.17 4840671.12 48.64 312.52 312.91 0.39 0.25 0.33 381

Björkdal

Drilling, Sampling and Assaying

All the surface, and the majority of the underground exploration diamond drilling were conducted by third party contractors, producing WL66-, NQ2- and WL76-sized core (50.7 mm, 50.6 and 57.5 mm diameter core, respectively). During the period from July 1, 2015, to December 31, 2015, 21 diamond core drill holes totalling 3,098 m were drilled to infill and extend open pit resources; 26 core holes for 6,768 m were drilled to infill and extend underground resources; 17 core holes totalling 2,875 m were drilled to confirm and extend the historic resource at the near-mine Nylunds Deposit; and 12 core holes for 2,111 m were drilled to test targets within the near-mine exploration tenements. All diamond drill hole collars are surveyed. Downhole surveys are also carried out to record hole azimuth and dip.

Diamond core samples were logged by Mandalay geologists on-site. Assaying of Björkdal samples was completed at CRS Minlab Oy (CRS) in Kempele, Finland. Whole core samples were sent directly to the independent laboratory for sample preparation and assaying. Assaying was conducted utilizing the LeachWELL process. Our rigorous QA/QC program included the use of standard reference samples, blanks, duplicates, repeats, and internal laboratory quality assurance procedures. More details on the drilling, logging, sampling, and assaying procedures are contained in the Technical Report "Mandalay Resources Corp. Technical Report on the Björkdal Gold Mine, Sweden" filed March 31, 2015 and available on SEDAR (www.sedar.com).

Drill Results

Underground (Table 11, Figures 14 and 15)
                               
Underground diamond drilling at Björkdal intercepted many new economic gold-bearing veins (Table 11). These new intercepts come from the Lake zone, Lake zone north, Central zone and Main zone (Figure 15). They serve to push the limits of continuous mineralization 200 m to the north and up to 100 m to the northeast and east of previously interpreted limits; mineralization remains open in those directions.

Table 11: Significant Björkdal Underground Drill Results

Hole ID Hole 
Completion
Date
Total Hole 
Depth (m)
Intercept 
Easting  (MG)
Intercept 
Northing  (MG)
Intercept RL 
(MG)
Drilled 
Width (m)
Intercept
Angle (°)
True 
Width (m)
 

Au Grade (g/t)
DDU2015-020 12/05/2015 281 1319.872 1799.43 -375.399 1.8 42 1.16 4.85
DDU2015-020     1245.075 1861.744 -392.608 0.35 40 0.18 18.40
DDU2015-021 24/05/2015 317 1361.426 1776.265 -387.608 2.05 47 1.46 4.32
DDU2015-021     1349.392 1790.654 -395.498 0.35 15 0.03 10.70
DDU2015-021     1311.714 1833.701 -420.414 0.25 60 0.18 36.70
DDU2015-021     1233.996 1915.041 -471.812 0.35 72 0.31 33.40
DDU2015-021     1230.19 1918.819 -474.331 2.7 55 2.18 2.52
DDU2015-021     1222.474 1926.421 -479.436 2.55 73 2.42 5.09
DDU2015-022 27/06/2015 312 1472.816 1701.949 -397.425 1.9 18 0.53 8.66
DDU2015-022     1535.81 1692.907 -436.392 1.75 21 0.57 7.89
DDU2015-022     1570.253 1688.21 -457.464 0.35 30 0.12 31.50
DDU2015-023 01/06/2015 306 1494.872 1680.03 -416.701 2.9 43 1.93 23.92
DDU2015-023     1520.253 1671.038 -435.297 0.55 22 0.15 8.63
DDU2015-023     1539.863 1664.111 -450.009 2 45 1.37 5.80
DDU2015-023     1589.134 1647.043 -487.845 1.95 47 1.38 4.54
DDU2015-023     1643.003 1629.423 -529.136 0.3 73 0.27 38.20
DDU2015-024 29/08/2015 252 1557.307 1188.722 -387.21 0.3 31 0.10 21.30
DDU2015-024     1643.082 1154.168 -431.573 1.05 50 0.76 16.95
DDU2015-024     1650.097 1151.544 -435.091 0.4 49 0.26 8.83
DDU2015-025     1555.749 1179.746 -383.39 0.4 29 0.14 62.50
DDU2015-025     1640.112 1120.657 -419.733 1.25 48 0.89 3.00
DDU2015-026 10/09/2015 250 1522.984 1130.484 -379.296 1.45 40 0.88 14.55
DDU2015-026     1579.726 1119.964 -410.959 0.3 64 0.24 14.00
DDU2015-026     1608.053 1115.033 -427.051 0.3 50 0.19 11.10
DDU2015-026     1613.641 1114.095 -430.236 1.4 30 0.65 4.72
DDU2015-026     1675.623 1104.433 -465.826 2.25 88 2.25 2.41
DDU2015-027     1580.92 1097.956 -406.979 0.3 77 0.28 34.60
DDU2015-027     1664.215 1063.137 -448.73 4.15 49 3.09 31.95
DDU2015-031 02/07/2015 240 723.941 2037.814 -245.606 0.35 35 0.15 22.80
DDU2015-031     693.97 2053.038 -243.637 0.4 61 0.32 9.08
DDU2015-032 09/07/2015 321 565.586 2112.478 -246.63 0.85 85 0.84 96.21
DDU2015-033 22/07/2015 311 725.93 2049.374 -254.67 0.4 89 0.40 135.00
DDU2015-033     627.524 2119.852 -266.564 0.6 74 0.56 7.64
DDU2015-034 31/07/2015 207 1565.705 1349.258 -391.178 0.35 29 0.11 10.60
DDU2015-034     1600.947 1338.102 -407.539 0.3 31 0.10 23.90
DDU2015-034     1614.084 1334.103 -413.697 0.7 52 0.51 23.00
DDU2015-034     1662.474 1320.194 -436.505 1.35 36 0.74 2.69
DDU2015-034     1724.952 1303.427 -465.092 1 50 0.73 3.16
DDU2015-035 04/08/2015 213 1642.374 1303.278 -435.636 1.45 33 0.74 3.14
DDU2015-035     1683.639 1281.888 -458.103 3.1 35 1.73 4.09
DDU2015-035     1707.818 1269.706 -471.082 0.95 40 0.56 3.46
DDU2015-035 04/08/2015 213 1716.365 1265.541 -475.597 0.5 38 0.26 37.80
DDU2015-036 10/08/2015 213 1604.526 1276.614 -410.418 0.3 54 0.21 15.10
DDU2015-036     1611.976 1274.456 -413.155 0.25 68 0.21 130.00
DDU2015-036     1651.916 1263.494 -427.557 0.45 59 0.35 15.70
DDU2015-036     1702.537 1250.255 -444.661 1.05 53 0.80 6.01
DDU2015-036     1723.136 1245.162 -451.269 0.9 40 0.53 13.20
DDU2015-037 19/08/2015 228 1635.51 1199.33 -437.517 0.3 73 0.27 13.30
DDU2015-037     1711.016 1186.406 -475.705 2.1 35 1.15 17.12
DDU2015-038 24/08/2015 232 1558.673 1208.622 -396.087 1.35 67 1.22 13.02
DDU2015-038     1573.867 1201.378 -403.333 0.3 48 0.18 32.00
DDU2015-038     1609.553 1184.792 -420.351 3.15 66 2.85 4.83
DDU2015-038     1621.038 1179.589 -425.835 0.25 41 0.12 18.40
DDU2015-038     1671.623 1157.117 -450.319 0.6 29 0.24 6.18
DDU2015-039 18/09/2015 252 1579.16 1090.036 -411.738 0.3 53 0.20 11.83
DDU2015-039     1592.417 1082.656 -419.515 0.3 49 0.18 11.80
DDU2015-041 06/10/2015 276 1450.552 1680.713 -386.315 1.7 49 1.24 13.60
DDU2015-041     1470.716 1666.36 -401.089 1.45 42 0.92 45.54
DDU2015-041     1475.737 1662.829 -404.805 0.7 23 0.22 9.50
DDU2015-042 20/10/2015 305 1491.312 1674.097 -408.71 4.05 40 2.55 29.12
DDU2015-042     1496.247 1671.933 -411.876 1.55 22 0.52 2.04
DDU2015-042     1549.721 1649.703 -446.5 1.5 71 1.40 2.22
DDU2015-042     1637.213 1617.278 -503.362 0.75 49 0.52 19.87
DDU2015-043 07/11/2015 353 1419.226 1700.522 -364.078 1 50 0.73 6.40
DDU2015-043     1438.827 1680.402 -377.77 0.3 59 0.22 21.20
DDU2015-044 28/10/2015 327 1448.44 1686.043 -385.61 0.75 38 0.41 8.34
DDU2015-044     1593.195 1601.317 -493.814 0.55 65 0.47 6.29
DDU2015-044     1628.014 1584.247 -520.101 1.15 54 0.89 3.60
DDU2015-045 06/09/2015 291 1481.299 1598.572 -387.118 2 44 1.34 8.33
DDU2015-045     1491.647 1587.966 -390.827 0.55 48 0.37 29.07
DDU2015-045     1524.373 1554.713 -402.421 0.6 44 0.37 28.40
DDU2015-045     1535.685 1543.414 -406.397 0.45 65 0.38 206.00
DDU2015-045     1558.394 1520.816 -414.516 0.45 54 0.33 11.11
DDU2015-046 20/09/2015 276 1527.354 1564.966 -415.813 4.4 27 1.94 2.60
DDU2015-047 03/10/2015 282 1504.995 1604.414 -403.033 0.4 51 0.27 61.20
DDU2015-047     1532.745 1587.865 -414.471 3.75 14 0.85 1.33
DDU2015-047     1550.079 1577.744 -421.369 2.3 58 1.92 30.25
DDU2015-047     1650.683 1519.72 -461.185 0.25 52 0.16 25.60
DDU2015-048 21/10/2015 262 1561.425 1601.518 -426.825 0.3 56 0.21 12.10
DDU2015-048     1574.06 1596.887 -432.225 1 44 0.65 4.39
DDU2015-048     1606.058 1585.423 -445.8 2 18 0.56 1.52
DDU2015-048     1612.553 1583.155 -448.525 2.4 N/A   4.81
DDU2015-048     1632.06 1576.437 -456.722 3 45 2.08 3.64
DDU2015-048     1640.528 1573.572 -460.29 3.95 32 2.04 7.18
DDU2015-048     1647.107 1571.355 -463.06 1 N/A   6.03
DDU2015-050 18/11/2015 239 1571.428 1625.331 -425.431 5.65 36 3.27 2.62
DDU2015-050     1593.879 1621.406 -434.143 3.95 21 1.36 1.34
DDU2015-051 30/09/2015 241 1275.919 1587.712 -338 0.55 64 0.47 273.00
DDU2015-052 13/10/2015 312 1490.307 1653.617 -400.892 0.25 46 0.14 21.90
DDU2015-052     1512.047 1639.498 -412.676 0.5 38 0.26 6.44
DDU2015-052     1566.06 1606.514 -441.444 2.65 32 1.35 3.46
DDU2015-052     1622.412 1575.319 -470.463 0.45 59 0.35 7.02
DDU2015-053 26/11/2015 176 1052.714 1970.993 -334.695 1.35 69 1.24 2.58
DDU2015-053     1022.79 2000.74 -347.515 0.35 81 0.34 58.90
DDU2015-053     999.522 2023.118 -357.612 0.3 85 0.29 12.40
DDU2015-053     991.985 2030.26 -360.929 0.3 82 0.29 295.00
DDU2015-053     979.603 2041.838 -366.438 7.55 68 6.98 9.75
DDU2015-054 23/11/2015 177 1051.576 1981.345 -344.147 0.7 47 0.47 4.90
DDU2015-054     1032.467 2008.473 -360.117 0.35 68 0.30 47.90
DDU2015-054     1019.562 2026.362 -370.779 0.25 62 0.19 14.50
DDU2015-054     1014.193 2033.728 -375.187 1.3 83 1.28 2.35
DDU2015-054     1010.919 2038.195 -377.86 0.3 62 0.24 169.00

The completion of the test drilling program within the eastern limit (mine-grid) of the Main zone (DDT diamond drilling program, Figure 15) has also seen extremely positive results in that many new significant intercepts have been reported (Table 12). The test drilling program was drilled with oriented core to successfully identify mineralized veins of several different orientations within the Main zone of the mine. These veins strike at an oblique angle to the dominant vein direction and commonly contain higher than average gold grades.  The use of oriented, closely-spaced drilling has allowed for a detailed understanding of a geologically complex area within the mine. This new geological knowledge is now being successfully transferred to other areas of the operation where it has confirmed the similar behaviour of the orebody throughout the known limits of the deposit.

Table 12: Significant New Detailed Test Drilling (DDT) Intercepts

Hole ID Hole 
Completion 
Date
Total Hole
Length (m)
Intercept 
Easting  (MG)
Intercept 
Northing  (MG)
Intercept 
RL (MG)
Drilled 
Width (m)
Intercept 
Angle (°)
True 
Width (m)
Au 
Grade (g/t)
DDT2015-016 12/03/2015 122 967.336 2016.245 -336.165 9.33 50 7.11 4.59
DDT2015-017 15/03/2015 131 990.34 1994.918 -334.555 0.25 56 0.17 107.00
DDT2015-017     973.248 2009.901 -342.565 0.95 61 0.80 7.91
DDT2015-017     965.195 2016.978 -346.368 1 50 0.73 4.27
DDT2015-018 18/03/2015 95 976.346 2007.024 -350.579 0.2 60 0.14 18.70
DDT2015-019 23/03/2015 122 944.803 1983.14 -331.866 3.45 48 2.52 3.14
DDT2015-019     1002.999 1949.267 -345.127 0.51 59 0.40 69.50
DDT2015-020 27/03/2015 129 940.957 1985.4 -337.668 3.81 58 3.20 11.55
DDT2015-020     955.5 1976.937 -344.132 2.18 53 1.70 1.55
DDT2015-020     1012.751 1943.242 -369.318 0.47 60 0.38 14.70
DDT2015-021 30/03/2015 92 944.037 1983.194 -351.36 1.04 42 0.65 20.22
DDT2015-021     961.913 1972.425 -365.97 1.37 50 1.01 12.53
DDT2015-023 07/04/2015 126 951.649 1955.287 -343.333 0.3 35 0.12 20.90
DDT2015-025 11/04/2015 55 950.707 2002.919 -331.539 0.41 64 0.34 8.53
DDT2015-025     954.944 2000.5 -332.456 0.26 61 0.20 42.40
DDT2015-026 14/04/2015 125 947.719 2004.196 -337.578 1.36 56 1.09 2.59
DDT2015-026     983.25 1982.508 -353.265 12.21 61 10.65 1.38
DDT2015-026     1016.364 1962.158 -367.625 0.44 60 0.35 79.90
DDT2015-027 17/04/2015 93 960.724 1996.878 -358.931 1.05 55 0.82 5.31
DDT2015-027     968.064 1992.675 -364.853 0.3 40 0.14 38.90
DDT2015-028 20/04/2015 120 955 2000.619 -332.494 0.36 68 0.31 16.49
DDT2015-028     960.921 1997.293 -333.744 0.41 69 0.36 12.70
DDT2015-028     979.92 1986.727 -337.719 10.89 57 9.10 7.16
DDT2015-028     991.997 1980.087 -340.235 0.33 21 0.06 193.00
DDT2015-028     1011.911 1969.147 -344.403 0.61 42 0.36 28.00
DDT2015-030 27/04/2015 126 936.049 1938.548 -338.274 0.62     5.11
DDT2015-030     949.341 1929.739 -344.078 0.18 56 0.11 165.70
DDT2015-032 01/05/2015 120 970.502 2014.395 -334.581 1.65 71 1.54 25.88
DDT2015-032     1019.508 1988.671 -344.784 1.45 67 1.31 52.12
DDT2015-033 05/05/2015 126 1025.981 1984.956 -366.062 0.45 47 0.29 81.60
DDT2015-034 07/05/2015 100 964.796 2017.083 -356.804 1.79 62 1.55 2.12

Open Pit

Surface drilling has extended the southeast limits of shallow Au mineralization adjacent to the currently mined Björkdal open pit. (Table 13 and Figure 16 for intercept locations). Future drilling will test the possibility that the East pit resource may be continuous with the shallow Nylunds resource further to the southeast.

Table 13: Significant New Near-Surface Core Drill Intercepts from the South-Eastern Portion of the Björkdal Open Pit

Hole ID Hole
Completion
Date
Total Hole 
Depth (m)
Intercept 
Easting  (MG)
Intercept 
Northing (MG)
Intercept 
RL (MG)
Drilled 
Width (m)
Intercept 
Angle (°)
True 
Width (m)
Au 
Grade (g/t)
DDP2015-007 05/06/2015 202 301.004 2000.944 -103.605 1.2 39 0.71 1.01
DDP2015-007     302.142 1998.398 -105.922 1.15 28.5 0.49 1.28
DDP2015-011 13/11/2015 166 403.784 1886.041 -128.83 0.4 42 0.22 1.74
DDP2015-011     408.069 1880.704 -133.347 0.4 41 0.21 62.50
DDP2015-015 29/10/2015 212 463.683 1847.525 -114.989 0.35 37 0.16 218.00
DDP2015-015     483.799 1836.985 -132.702 0.45 10 0.02 1.40
DDP2015-015     536.44 1811.235 -178.535 0.35 65 0.29 6.84
DDP2015-015     576.222 1793.341 -212.727 3 20 0.97 3.12
DDP2015-016 03/10/2015 156 460.711 1835.514 -124.69 0.3 34 0.12 8.42
DDP2015-017 07/10/2015 94 708.141 1706.714 -122.286 2.25 16 0.56 1.22
DDP2015-018 21/10/2015 210 582.693 1534.549 -156.522 0.95 30 0.42 1.09
DDP2015-018     585.34 1533.083 -158.863 0.2 56 0.13 6.61
DDP2015-020 31/10/2015 174 504.943 1610.126 -84.852 1.2 70 1.11 0.52
DDP2015-020     554.318 1611.913 -123.046 1 85 0.99 1.02
DDP2015-020     593.369 1614.193 -153.702 4.1 32 2.12 0.40
DDP2015-021 13/10/2015 134 667.878 1617.938 -144.484 0.3 64 0.24 2.51
DDP2015-023 20/10/2015 145 505.051 1736.384 -103.874 0.2 40 0.08 5.72
DDP2015-023     524.048 1714.135 -124.07 0.3 50 0.19 21.80
DDP2015-024 15/10/2015 110 504.88 1745.513 -100.235 0.4 26 0.12 7.66
DDP2015-024     517.346 1738.618 -110.527 1.45 60 1.22 0.49
DDP2015-025 12/11/2015 235 555.359 1470.578 -118.748 1 33 0.49 7.35
DDP2015-026 17/09/2015 110 559.623 1710.458 -127.013 0.4 46 0.24 1.65
DDP2015-027 11/09/2015 152 689.567 1626.025 -92.015 1.75 54 1.38 14.82
DDP2015-027     663.129 1626.296 -112.79 0.6 26 0.21 1.14
DDP2015-027     658.433 1626.282 -116.524 0.4 47 0.25 3.05
DDP2015-028 06/09/2015 135 623.544 1628.748 -117.134 0.2 75 0.18 6.44
DDP2015-028     595.271 1637.524 -137.353 0.4 38 0.20 4.79
DDP2015-029 18/09/2015 120 691.202 1628.295 -91.626 3.3 56 2.70 1.38
DDP2015-030 08/09/2015 136 604.566 1679.877 -146.445 0.95 5 0.02 1.12
DDP2015-031 25/09/2015 166 691.785 1631.034 -92.108 1.7 57 1.39 22.69
DDP2015-031     672.697 1651.058 -110.007 0.2 65 0.15 5.34
DDP2015-031     664.629 1659.264 -117.44 0.2 36 0.07 15.90
DDP2015-032 26/09/2015 81 692.8 1633.831 -94.918 0.65 60 0.53 1.86
DDP2015-032     685.48 1647.853 -109.22 0.7 38 0.38 1.98
DDP2015-032     680.22 1657.591 -119.27 2.8 45 1.93 1.05

Nylunds

The Nylunds deposit is located 200 m southeast of the current Björkdal open pit (Figure 17). Infill and extension diamond drilling was performed in order to confirm and convert a previous historical resource based only on RC drilling.  Many significantly mineralized Au-bearing vein intercepts were intercepted (Table 14). The Nylunds deposit remains open to the north, south and west (mine-grid) suggesting potential for more mineralized exploration from future exploration efforts. Immediate exploration of this deposit will likely focus on the areas immediately north located between Nylunds and the Björkdal open pit.

Table 14: Significant New Core Intercepts at Nylunds

Hole ID Hole 
Completion
Date
Total Hole 
Length (m)
Intercept 
Easting  (MG)
Intercept 
Northing  (MG)
Intercept 
RL (MG)
Drilled 
Width (m)
Intercept 
Angle (°)
True 
Width (m)
Au 
Grade (g/t)
DDP2015-038 13/10/2015 180 -224.006 2560.171 -117.751 4.55 44 3.12 0.68
DDP2015-038     -164.942 2524.6 -173.819 1.9 40 1.17 2.77
DDP2015-038     -158.963 2521.206 -179.11 0.45 47 0.29 2.58
DDP2015-039 10/10/2015 190 -156.434 2565.019 -174.947 3 55 2.42 0.48
DDP2015-039     -139.864 2553.606 -189.532 0.3 55 0.21 2.71
DDP2015-040 23/10/2015 188 -259.306 2682.289 -106.196 1 55 0.78 0.65
DDP2015-040     -210.837 2689.754 -145.699 5.75 57 4.79 0.93
DDP2015-040     -196.954 2692.18 -156.695 0.5 36 0.24 1.43
DDP2015-041b 20/10/2015 175 -242.653 2719.426 -105.8 0.55 36 0.27 17.73
DDP2015-041b     -200.787 2720.474 -138.317 0.7 40 0.40 2.07
DDP2015-041b     -172.933 2721.695 -158.849 3.75 47 2.70 0.44
DDP2015-041b     -169.406 2721.88 -161.43 0.8 43 0.50 1.77
DDP2015-041b     -143.696 2723.54 -180.113 0.45 28 0.16 32.86
DDP2015-042 24/09/2015 170 -75.442 2425.829 -136.243 5.75 44 3.95 0.70
DDP2015-042     -54.803 2415.548 -153.624 0.7 14 0.11 1.86
DDP2015-042     -24.679 2401.316 -178.028 1.4 68 1.27 1.10
DDP2015-043 15/10/2015 173 -118.469 2551.033 -95.624 0.5 6 0.01 1.73
DDP2015-043     -96.367 2540.672 -120.983 0.8 62 0.68 3.23
DDP2015-044 09/10/2015 184 -10.473 2606.301 -172.837 0.85 52 0.63 1.09
DDP2015-045 02/10/2015 191 19.58 2452.399 -111.231 1.15 59 0.95 0.55
DDP2015-045     44.546 2446.066 -131.499 0.4 66 0.34 2.04
DDP2015-046 05/10/2015 170 7.622 2508.804 -88.441 0.4 42 0.22 13.40
DDP2015-046     21.444 2504.643 -101.514 0.55 63 0.46 2.50
DDP2015-047 13/09/2015 177 39.821 2620.728 -175.235 2.3 35 1.26 0.40
DDP2015-048 10/09/2015 180 171.768 2410.853 -136.989 1 55 0.78 0.70
DDP2015-049 05/09/2015 178 167.017 2481.329 -102.666 1.4 48 1.00 1.11
DDP2015-049     174.775 2475.387 -110.738 2.35 55 1.89 0.55
DDP2015-049     188.149 2465.382 -124.395 1.1 48 0.77 7.52
DDP2015-049     208.628 2450.357 -144.751 1.9 42 1.22 1.29
DDP2015-049     211.069 2448.566 -147.169 1.05 54 0.81 0.65
DDP2015-050 16/09/2015 145 59.71 2229.699 -149.989 1.9 46 1.32 7.54

Storheden Deposit

The Storheden deposit is located approximately 750 m northeast of the Björkdal mine (Figure 14). Two significantly mineralized, closely-spaced, sub-parallel vein systems were intercepted returning an assay of 2.49 g/t Au from an interval measuring 7 m in true thickness (Table 15).  Historical drilling by previous owners has intersected mineralization in this area as well.

Table 15: Significant New Drill Intercept at the Storheden Deposit

Hole ID Hole 
Completion 
Date
Total Hole 
Length (m)
Intercept 
Easting  (MG)
Intercept 
Northing  (MG)
Intercept 
RL (MG)
Drilled 
Width (m)
Intercept 
Angle (°)
True 
Width (m)
Au 
Grade (g/t)
DDE2015-001 18/08/2015 150 972.325 2876.267 -110.786 9.2 46 7 2.49

Challacollo

No significant work was planned or completed at Challacollo in the second half of 2015.

Qualified Persons:

Costerfield: Chris Gregory, Vice President of Operational Geology and Chief Shield Geologist at Mandalay Resources, is a Member of the Australian Institute of Geoscientists (AIG), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information about Costerfield contained in this release.

Cerro Bayo:  Scott Manske, Chief Cordilleran Geologist of Mandalay Resources, is an Oregon registered Professional Geologist. A "Qualified Person" as defined by NI 43-101, he has reviewed and approved the technical and scientific information on Cerro Bayo contained in this release.

Björkdal: Chris Gregory, Vice President of Operational Geology and Chief Shield Geologist, is a Member of the Australian Institute of Geoscientists (AIG), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information about Björkdal contained in this release.

For further information: 
Bradford Mills 
Chief Executive Officer

Greg DiTomaso 
Investor Relations

Contact: 
647.260.1566

About Mandalay Resources Corporation: 
Mandalay is a Canadian-based natural resource company with producing assets in Australia and producing and development projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

Forward-Looking Statements: 
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's Mineral Resources, Mineral Reserves (including anticipated increases of each), ongoing exploration plans and goals. 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, 2015, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any current or future 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.




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corp. via Globenewswire
HUG#1979868

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