Mandalay Resources Corp has announced drill results from the Brown’s Prospect at its Costerfield operation in Australia, which included 19.9 grams per tonne (g/t) gold over a true width of 1.7 metres (m).
The company said the 17-hole diamond drill program confirms the presence of a “promising” gold system at the Brown’s Prospect, which is located 2 kilometres (km) east of the current mining operation at Youle.
“The most recent results confirm significant gold grades within fault-hosted breccias along two mineralized trends, building on previous high-grade results seen and reported in 2020,” Mandalay Resources CEO Dominic Duffy said in a statement.
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“Mineralization across the two trends has been tracked over a 200m strike and 300m vertical extent,” Duffy added.
As well, Mandalay noted the structural controls on the Brown’s Prospect mineral system could be likened to those that allowed the formation of the nearby million ounces Bendigo and Castlemaine gold deposits.
It added that this inference, along with the knowledge that the geological setting of the Central Costerfield line sits below the recent drilling success, provides further confidence that there is a more extensive, high-grade mineralization at depth.
The Brown’s Prospect also contains visible gold along the two main mineralized trends, according to the company.
Mandalay Resources is a metals miner that produces gold, silver and antimony. The company is focused on operating and optimizing its mines at Costerfield in Australia and Björkdal in Sweden. Both assets have the potential for further growth via production and exploration.
Contact Sean at sean@proactiveinvestors.com