Connect with us

Today’s News

Torex Gold Reports Q3 2021 Production Results

Annual Production Tracking Towards Upper End of Guided Range(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Oct. 07, 2021 (GLOBE…

Share this article:

Published

on

Annual Production Tracking Towards Upper End of Guided Range
(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, Oct. 07, 2021 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports gold production of 111,220 ounces for the quarter ended September 30, 2021 from its El Limón Guajes (“ELG”) mining complex in Mexico. Gold sold during the quarter was 118,980 ounces at an average realized gold price of $1,785 per ounce. With 358,780 ounces of gold produced through to the end of the third quarter, production is well on track to be toward the upper end of the 2021 guided range of 430,000 to 470,000 ounces.

TABLE 1: Q3 2021 OPERATIONAL HIGHLIGHTS

    Q3 2021
Gold Produced oz 111,220
Average Plant Throughput tpd 12,500
Average Underground Ore Mined tpd 1,220
Average Open Pit Ore Mined tpd 15,280
Strip Ratio waste:ore 5.3

Torex plans to release its third quarter 2021 financial and operational results on Wednesday, November 3, 2021, followed by a conference call hosted by senior management. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly results.

Jody Kuzenko, President & CEO of Torex, stated:

“Our overall performance in 2021 has been solid, and this quarter was no different. With 358,780 ounces produced through to the end of September, we are well on track to achieve the upper end of the guided range of 430,000 to 470,000 ounces in 2021. Importantly, these ounces continue to be delivered safely, with no lost time injuries during the quarter.

“As expected, third quarter production of 111,220 ounces was lower than the first two quarters of the year as we are mining in areas of the pit where grades are closer to reserve levels, and we expect a similar level of production in the fourth quarter. This quarter also brought with it some operational challenges, including a shutdown of our rope conveyor to carry out necessary maintenance, and a rock fall incident at the El Limón pit. The combination of these events impacted the amount of waste mined in the quarter as haul trucks were redirected to moving ore and stockpiles to feed the processing plant. With the rope conveyor restarted in mid-August and the rock fall incident investigated and fully addressed, mining rates have now returned to normal levels.

“We continue to demonstrate ourselves as a consistent and reliable operator that safely delivers on what we say we will do despite the challenges we may face. We have a truly excellent team, and we look forward to a strong finish to what has been an excellent year so far for Torex.”

THIRD QUARTER 2021 CONFERENCE CALL AND WEBCAST DETAILS

The Company plans to release third quarter 2021 financial and operational results before market open on Wednesday, November 3, 2021. A conference call and webcast to discuss the results will be held the same day at 9:00 AM ET.

Telephone Access

Please join the conference call approximately ten minutes prior to the scheduled start time. Dial-in details for the conference call are as follows:

  • Toronto local or International: 1-416-915-3239
  • Toll-Free (North America): 1-800-319-4610

Webcast Access

A live webcast will be available on the Company’s website at https://torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company’s website at www.torexgold.com/investors/financial-reports/.

ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOREX GOLD RESOURCES INC.  
Jody Kuzenko Dan Rollins
President and CEO Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected]  [email protected] 

CAUTIONARY NOTES

Average realized gold price is a financial performance measure with no standard meaning under International Financial Reporting Standards (“IFRS”). Please refer to the “Non-IFRS Financial Performance Measures” section in the Company’s management’s discussion and analysis (the “MD&A”) for the quarter ended June 30, 2021, dated August 4, 2021, available on the Company’s SEDAR profile at www.sedar.com for further information with respect to average realized gold price and a detailed reconciliation of this non-IFRS financial performance measures to the most directly comparable measure under IFRS.

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements that: production is well on track to be toward the upper end of the 2021 guided range of 430,000 to 470,000 ounces; we expect a similar level of gold production in the fourth quarter. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “planned” or variations of such words and phrases or statements that certain actions, events or results “will”, “on track”, or “is expected to” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: skarn deposits, the ability of the Company’s mining and exploration operations to operate as intended due to shortage of skilled employees or shortages in supply chains; government or regulatory actions or inactions; and those risk factors identified in the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Notwithstanding the Company’s efforts, there can be no guarantee that the Company’s mitigation measures to protect employees and surrounding communities from COVID-19 will be effective. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.




Author: Author

Share this article:

Today’s News

Atico Produces 4.43 Million Pounds of Cu and 2,952 Ounces of Au in Q3 2021

VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF)…

Share this article:

VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF) announces its operating results for the three months ended September 30, 2021 from its El Roble mine. Production for the quarter totaled 4.43 million pounds of copper and 2,952 ounces of gold in concentrates, a decrease of 20% for copper and an increase of 19% for gold over the same period in 2020.

“The production results for the quarter, particularly for copper were slightly below our 2021 objectives while the mined and processed tonnes are back on track after a challenging first half of the year. The decrease in copper is mainly driven by a lower head grade, partially expected in the mine plan for the period although expected to improve in the last quarter of the year,” said Fernando E. Ganoza, CEO. “We will continue looking for opportunities to improve metal production in the fourth quarter, with the primary goal of delivering our 2021 production guidance while operations still remain on track for record revenues in the second half of the year.”

Third Quarter Operational Highlights

  • Production of 4.43 million pounds of copper contained in concentrates; a decrease of 20% over Q3 2020.
  • Production of 2,952 ounces of gold contained in concentrates; an increase of 19% over Q3 2020.
  • Average processed tonnes per day of 919, an increase of 7% over Q3 2020.
  • Copper head grade of 2.77%, a decrease of 26% over Q3 2020.
  • Gold head grade of 1.98 grams per tonne; an increase of 2% over Q3 2020.
  • Copper and gold recovery of 93.2% and 59.7%; an increase of 2% and 6% for copper and gold, respectively over Q3 2020.

Third Quarter Operational Review

Overall production was in line with Company budget for the third quarter. The decrease in copper production is mainly explained by the decrease in head grade, partially offset by improved recoveries and an increase in processed tonnes over the same period last year. The gold output slightly improved due to an improvement in gold head grade, recovery and an increase in processed tonnes relative to Q3-2020. The inverse relationship between copper and gold head grades production during this period is explained by the current mining sequence of the orebody. During this period last year, we were mining higher grade base metal areas which typically have lower precious metal content, while during this period we mined lower base metal grade areas with higher precious metal content.

The Company continues to closely monitor developments around the COVID-19 pandemic and continues to maintain strict preventative measures at the El Roble mine site, La Plata project, as well as our corporate offices to safeguard the health of its employees, while continuing to operate effectively and responsibly in its communities.

Third Quarter Operational Details

  Q3 2021 Q3 2020 % Change
Production (Contained in Concentrates)      
Copper (000s pounds) 4,435 5,550 -20 %
Gold (ounces) 2,952 2,487 19 %
Mine      
Tonnes of ore mined 76,276 71,993 6 %
Mill      
Tonnes processed 77,816 73,603 6 %
Tonnes processed per day 919 860 7 %
Copper grade (%) 2.77 3.74 -26 %
Gold grade (g/t) 1.98 1.93 2 %
Recoveries      
Copper (%) 93.2 91.4 2 %
Gold (%) 59.7 56.3 6 %
Concentrates      
Copper and Gold Concentrates (dmt) 10,703 11,957 10 %
       
Payable copper produced (000s lbs) 4,175 5,263 -20 %
  Note: Metal production figures are subject to adjustments based on final settlement.  
   

Concentrate Inventory

The number of shipments the Company can export in any given quarter depends on several variables some of which the Company does not control, hence there may be an inherent variability in tonnes shipped quarter to quarter.

  Q3 2021
Amounts in dry metric tonnes  
Opening inventory 7,084
Production 10,703
Sales 16,184
Number of shipments
Adjustments
2
24
Closing inventory 1,621
  Note: Concentrate figures are subject to adjustments based on final surveys and final settlement of sales.
 

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTCQX: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.





atico mining corporation


Author: Author

Share this article:

Continue Reading

Today’s News

Fabled Retracts Certain Technical Disclosure in Respect of the Muskwa Copper Project

VANCOUVER, BC / ACCESSWIRE / October 26, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is issuing the following…

Share this article:

VANCOUVER, BC / ACCESSWIRE / October 26, 2021 / Fabled Silver Gold Corp. (“Fabled” or the “Company”) (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is issuing the following news release to retract certain technical disclosures made in relation the Muskwa Copper Project.

The Company wishes to retract and clarify certain technical disclosure made in the following media:

  1. a video (the “Video”) posted to the Company’s website and social media channels on August 11, 2021 entitled “Fabled Copper Update”;
  2. the Company’s management information circular (the “Circular”) dated September 27, 2021 in respect of its Annual General and Special Meeting to be held on October 28, 2021, and filed on the Company’s profile on SEDAR on October 1, 2021; and
  3. the Company’s 43-101 Technical Report (the “Technical Report”) entitled “Technical Report on the Muskwa Project” dated July 6, 2021 and posted to the Company’s SEDAR profile on October 1, 2021 and the SEDAR profile of it’s wholly owned subsidiary, Fabled Copper Corp. on September 27, 2021.

Video

In the Video the Company made certain disclosures and statements regarding historical reserves and resources based upon a feasibility study conducted on a portion of the Muskwa Project in 1970 and speculated regarding the calculation of potential reserves and resources. Such statements are retracted by the Company and should not be relied upon. The Company has removed the video from its website and all social media channels. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.

Information Circular and Technical Report

Portions of the Technical Report were copied to, and summarized in, the Information Circular. The Company wishes to retract and clarify certain statements made in the Technical Report and copied to the Circular.

  1. the Company confirms that the Churchill Copper deposit is not considered economic and there is no current economic analysis done on any part of the Muskwa Project and retracts any statements that suggest otherwise.
  2. The Company wishes to retract all statements regarding historical estimates and historical mining studies. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.
  3. The Company confirms that only historical development work has been done on the Davis-Keays Property and there is no current authority for attributing a value to such work and no work has been done to assess the current condition of such historical work. Any statement to the contrary is retracted.

The Company is preparing a revised Technical Report that it expects to file on SEDAR prior to the completion of its proposed listing on the Canadian Securities Exchange (the “Exchange”), which is expected to occur before December 31, 2021.

About Fabled Silver Gold Corp.

Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company’s mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.

The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.

About Fabled Copper Corp.

Fabled Copper is a wholly owned subsidiary of the Company whose primary interest is in exploring the Muskwa copper Project located in Northern British Columbia.

The Company is in the process of spinning out Fabled Copper by distributing the shares it holds in Fabled Copper to the shareholders of the Company through a statutory plan of arrangement (the “Spin Out Transaction”). Concurrently Fabled Copper is applying to list its common shares on the Exchange following completion of the Spin Out Transaction.

Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
[email protected]

For further information please contact:
[email protected]

The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.

Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company’s financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital

on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company’s continuous disclosure filings filed under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

SOURCE: Fabled Silver Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/669763/Fabled-Retracts-Certain-Technical-Disclosure-in-Respect-of-the-Muskwa-Copper-Project




golden minerals company


Share this article:

Continue Reading

Today’s News

Mandalay Resources Corporation Reports High-Grade Gold Discovered at the Brown’s Prospect – 2 km From the Shepherd Discovery and Youle Mine

Brown’s prospect contains visible gold along two main mineralized trendsTORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ("Mandalay"…

Share this article:

Brown’s prospect contains visible gold along two main mineralized trends

TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) — [nxtlink id="268635"]Mandalay Resources Corporation[/nxtlink] (“Mandalay” or the “Company”) ([nxtlink id="268635"]TSX: MND[/nxtlink], OTCQB: MNDJF) is pleased to provide an update on the deep drilling campaign completed at the Brown’s Prospect at its Costerfield Operation (Victoria, Australia).

Drilling Highlights:

  • 17-hole diamond drill program confirms the presence of a promising gold system at the Brown’s Prospect, 2 km east of the current mining operation at Youle.
  • Drilling has identified two main mineralized trends exhibiting high-grade gold intercepts, including:
    • 19.5 g/t gold over a true width of 1.01 m in BWN009, including;
      • 38.4 g/t gold over a true width of 0.51 m and;
    • 19.9 g/t gold over a true width of 1.70 m in BWN023, including;
      • 158.4 g/t gold over a true width of 0.09 m and;
      • 110.8 g/t gold over a true width of 0.16 m

Note: Further intercept details can be found in Table 1 in the Appendix to this document.

Dominic Duffy, President and CEO of Mandalay, commented: “We are pleased to report encouraging results from our ongoing drill testing campaign at the Brown’s Prospect situated 2 km to the east of the Shepherd discovery and Youle mine. 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.”

Mr. Duffy continued, “Mineralization across the two trends has been tracked over a 200 m strike and 300 m vertical extent. The Felix trend is associated with the historic shallow Felix Brown mine and associated alluvial workings that played an important role in gold production during the 1890’s. However, the newly discovered Western Trend is not associated to the old workings and was unknown to previous explorers; it is therefore still open up dip to surface.”

Mr. Duffy concluded, “A strong increase in data resolution through this prospect has allowed us to improve our understanding of the structural complexity associated with the mineralized trends. We observe that the structural controls on the Brown’s mineral system could be likened to those that allowed the formation of the nearby million ounces Bendigo and Castlemaine gold deposits. 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.”

A video has been prepared by Mr. Chris Davis, Vice President of Operational Geology and Exploration, to further explain the information in this release. The video can be found on Mandalay’s website or by clicking here.”

Drilling Results and Interpretation

Early success was achieved on the initial five-hole drill testing program at Brown’s with BWN001 intercepting 14.5 g/t gold over true width of 1.27 m underneath the historic (approx. 1883-1894) Felix Brown Mine and paving the way for a more detailed testing campaign. Since the release of the initial two holes (June 22, 2020), a further 20 holes have been drilled to identify the nature and extent of gold mineralization at Brown’s Prospect (Figure 1). To date, this drilling has identified multiple high-grade intercepts in a sequence of tightly folded sandstone-dominated turbidites crosscut by three main “panel boundary” thrust faults. Gold mineralization is concentrated in the middle thrust panel within narrow, brecciated and sheared fault zones along two main mineralized trends (Figure 2).

Figure 1: Surface map of the Brown’s prospect, showing collar locations and drillhole traces. Coordinates are in GDA95 Zone 55:
https://www.globenewswire.com/NewsRoom/AttachmentNg/838e96da-52d0-4097-b2a2-b9d8e2aa5e6d

Felix Trend

The Felix Trend is a moderately west dipping trend parallel to the axial plane of the main Brown’s anticline, expressing at surface with the historically mined Felix Lode. Mineralized structures associated with this trend are typically steeply dipping quartz-stibnite bearing fault hosted breccias, with associated stockwork veining and wide pyrite halos. These structures have developed preferentially in hinge zones of the main Brown’s anticline, parallel to the axial planar cleavage. Visible gold is present in several intercepts along this trend. Mineralization along the Felix Trend has been identified over a vertical extent of 200 m and a strike extent of ~100 m; however, gold anomalism along this trend has been observed down to the Swallowtail Fault at a depth of approximately 300 m. An increase in gold grade observed between 1000 RL and 1100 RL may be caused by the interaction of the fault-hosted breccias with syn-to-post mineralization, northeast dipping faults. The anticipated potential for upgrade in this zone was demonstrated with an intercept of the highest grade yet seen at Brown’s, comprising an interval with two steep east dipping gold bearing breccias and quartz-stibnite veining grading at 19.9 g/t gold with trace amounts of antimony over a true thickness of 1.70 m in BWN023 (Figures 3 and 4).

Figure 2: Brown’s Prospect cross section along 6200N (mine grid) showing main structures, mineralised trends and intercepts between 6300N and 6100N:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f57be2f-2638-4d11-9afc-df0d1509c8de

Figure 3: Drill core photos of BWN023 high-grade gold intercepts and gold grades for each sample:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8f09d07-4a1d-4c30-a48e-79ec62d71d02

Figure 4: Microphotographs of gold grains in the high-grade gold bearing quartz breccia grading at 110.7 g/t gold (0.16 m true width) in BWN023 at 223.77 m depth:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d806ea58-36b4-4907-bd1d-d93e394038b5

Western Trend

The Western Trend is a broadly subvertical corridor containing several high-grade intercepts that occur in structures that have developed across a secondary antiformal structure on the western limb of the Brown’s anticline. Like the Felix Trend, intercepts are characterized by quartz-stibnite fault-hosted breccias and veins with large pyrite alteration halos and in some cases visible gold. While mineralization along this trend has been identified over a vertical extent of approximately 100 m, the strike extent remains open and poorly constrained at this date. The Western Trend contains high-grade gold intercepts comparable to the Felix Trend, including a quartz-stibnite breccia with intense pyrite alteration grading 19.5 g/t gold and 2.4% antimony over a true thickness of 1.01 m in BWN009 (Figure 5).

Figure 5: Drill core photos of BWN009 high-grade gold intercept and gold grades for each sample:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ce48dce-4c28-4969-bb92-b0b35e6e41b5

Panel Boundary Faults

The panel boundary faults that control the mineralized structures at Brown’s Prospect are interpreted to predate mineralization and accommodate movement caused by shortening of the turbidite sequence. Minor fault reactivation during and after mineralization has been observed along these structures and drilling has identified areas of gold anomalism along them. The highest grade to date on a panel boundary fault was observed on the Metalmark Fault in BWN008 up-dip of the western trend, culminating in an intercept of 9.1 g/t gold over a 0.63 m true width. Mineralization has also been observed in the panel bounding Swallowtail Fault, the highest grade seen being 1.3 g/t gold over a true width of 0.67 m in BWN004. Excitingly, visible gold was also observed in the Swallowtail Fault in BWN002, confirming that the panel thrust faults bounding the mineralized middle thrust panel represent important pathways for the mineralized fluids. The Luna Fault, the deeper of the three panel boundary faults, exhibits intense sericitic alteration characteristic of a distal discharge of gold bearing hydrothermal fluids vectoring towards a gold rich fluid source at depth.

Future Directions

The Brown’s Prospect drilling program has demonstrated the presence of a promising mineral system extending at depth at the Brown’s prospect. Increasing levels of fold shortening compared to the central (Costerfield) line of lode has resulted in the formation of a strong fluid trapping environment and consequently, the distribution of the fault-hosted mineralized breccias is strongly controlled by fold geometry and bedding. Current interpretation suggests that this structural architecture may share similarities with the Bendigo and Castlemaine goldfields, which are found in a similar structural environment and exhibit similar controls on mineralization. Extension of the mineralized trends to the south, beyond the currently tested zone is expected based on the continuation of the north-south trending Brown’s anticline, as well as the presence of historically worked gold reef systems along-strike at the Robinson Prospect (press released June 22, 2020). A soil sampling and geochemistry program is currently underway to cover the entire eastern corridor and identify extension of the mineralised system to the south. In addition, surface drilling along the eastern corridor will continue in 2022, targeting depth and strike extensions, including the Robinson prospect.

Encouragingly, mineralized breccias in the middle thrust panel at the Brown’s Prospect may only represent the most surficial expression of a much more extensive mineral system at depth; district-scale structural and litho-stratigraphic modelling suggests that the geological and structural setting of the central corridor may be present at about 600 m depth under the tightly folded sequence of the Wapentake Formation turbidites. The depth continuation of the Brown’s mineral system may therefore be hosted in the same favourable lithostratigraphic environment that hosts classic Costerfield-style mineralization like that of the Youle and Cuffley deposits. Gold anomalism in two subvertical quartz breccias under the Luna fault intercepted in BWN010 provides additional evidence that such a domain may exist beneath the Brown’s prospect.

Figure 6: Conceptual cross section across Costerfield and Brown’s looking north:
https://www.globenewswire.com/NewsRoom/AttachmentNg/072223be-a9a1-44a4-b06e-3aa9acb044c2

Drilling and Assaying

All diamond drill core was logged and sampled by Costerfield geologists. 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 30, 2020, 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)), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For Further Information

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About [nxtlink id="268635"]Mandalay Resources Corporation[/nxtlink]

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to continue being a significant cash flow generating company.

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 Brown’s Prospect (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 31, 2021, a copy of which is available under Mandalay’s profile at 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. Significant intercepts of the Brown’s Testing Drilling Program

DRILL HOLE ID FROM
(M)
TO
(M)
DRILL
WIDTH
(M)
TRUE
WIDTH
(M)
AU
GRADE (G/T)
SB
GRADE
(%)
AUEQ (G/T)
OVER MIN.
1.8M
MINING
WIDTH
SAMPLED STRUCTURE
BWN004 101.87 103.22 1.35 0.67 1.3 0.2 0.7 Swallowtail Fault
INCLUDING   101.87 102.16 0.29 0.14 4.9 0.7 0.5  
BWN004 107.03 109.23 2.20 0.95 1.3 0.5 1.3 Unnamed
INCLUDING   107.54 107.72 0.18 0.09 9.7 2.7 0.8  
BWN006 31.37 31.75 0.38 0.21 1.5 0.3 0.2 Unnamed
BWN006 36.38 36.8 0.42 0.28 2.5 0.0 0.4 Unnamed
BWN006 86.19 86.36 0.17 0.16 2.0 0.1 0.2 Metalmark Fault
BWN006 147.1 147.97 0.87 0.39 16.9 0.0 3.7 Felix Trend
INCLUDING   147.7 147.8 0.10 0.05 125.0 0.0 3.5  
BWN007 164.03 164.16 0.13 0.10 3.2 1.0 0.3 Felix Trend
BWN007 174.73 175.1 0.37 0.23 0.9 LLD 0.1 Felix Trend
INCLUDING   174.85 174.92 0.07 0.04 2.1 LLD 0.0  
BWN007 176.26 179.88 3.62 0.94 0.5 0.1 0.3 Felix Trend
INCLUDING   176.9 177.43 0.53 0.14 2.1 0.1 0.2  
BWN008 122.87 123.54 0.67 0.63 9.1 2.3 5.0 Metalmark Fault
INCLUDING   123.14 123.54 0.40 0.37 15.1 3.5 4.7  
BWN008 143.33 143.77 0.44 0.41 3.4 0.6 1.1 Unnamed
INCLUDING   143.33 143.42 0.09 0.08 15.9 2.6 1.0  
BWN008 168.62 171.47 2.85 1.63 0.5 0.4 1.3 Unnamed
INCLUDING   168.62 168.75 0.13 0.07 2.3 0.2 0.1  
BWN008 204.15 206.57 2.42 1.68 0.8 0.1 1.0 Felix Trend
INCLUDING   205.87 206.18 0.31 0.22 4.2 0.2 0.6  
BWN008 212.64 214.38 1.74 1.64 3.8 0.3 4.0 Felix Trend
INCLUDING   212.52 213.79 1.27 0.25 18.4 0.0 2.6  
BWN008 271.02 271.3 0.28 0.25 3.6 LLD 0.5 Unnamed
BWN009 261.18 261.29 0.11 0.08 8.1 0.0 0.4 Felix Trend
BWN009 271.15 271.24 0.09 0.08 1.2 0.2 0.1 Felix Trend
BWN009 283.04 283.52 0.48 0.51 1.2 0.2 0.5 Western Trend
BWN009 289.82 292.29 2.47 1.89 0.8 0.2 1.2 Western Trend
INCLUDING   289.82 289.94 0.12 0.09 3.9 2.1 0.4  
BWN009 313.51 314.78 1.27 1.14 3.3 0.8 3.2 Western Trend
INCLUDING   313.75 313.87 0.12 0.11 17.3 0.5 1.1  
BWN009 347.36 348.5 1.14 1.01 19.5 2.4 14.1 Western Trend
INCLUDING   347.36 347.94 0.58 0.51 38.4 4.6 13.9  
BWN010 76.22 77.34 1.12 0.99 0.4 LLD 0.2 Western Trend
INCLUDING   76.9 77.12 0.22 0.19 1.8 LLD 0.2  
BWN010 100.38 100.51 0.13 0.08 7.8 LLD 0.3 Western Trend
BWN010 374.34 374.52 0.18 0.18 0.2 LLD 0.0 Swallowtail Fault
BWN010 426.95 427.91 0.96 0.80 0.7 LLD 0.3 Unnamed
INCLUDING   427.02 427.1 0.08 0.07 3.3 LLD 0.1  
BWN011A 146.96 148.9 1.94 1.59 0.4 LLD 0.3 Unnamed
INCLUDING   146.96 147.13 0.17 0.14 1.5 LLD 0.1  
BWN011A 255.4 255.53 0.13 0.10 29.4 0.1 1.7 Western Trend
BWN011A 348.13 350.65 2.52 1.78 0.4 0.5 1.6 Felix Trend
INCLUDING   348.13 348.73 0.60 0.47 1.3 0.6 0.7  
BWN012 22.5 23.36 0.86 0.55 10.1 LLD 3.1 Unnamed
INCLUDING   22.84 23.36 0.52 0.33 14.8 LLD 2.7  
BWN013 346.07 346.18 0.11 0.04 2.3 LLD 0.1 Felix Trend
BWN015 426.95 427.91 0.96 0.83 0.7 LLD   Unnamed
INCLUDING   427.02 427.1 0.08 0.07 3.3 LLD 0.1  
BWN019 88.26 88.96 0.70 0.24 3.2 LLD 0.4 Felix Trend
BWN019 95.26 95.47 0.21 0.07 12.1 LLD 0.5 Felix Trend
BWN019 125.98 126.54 0.56 0.46 20.9 LLD 5.3 Felix Trend
BWN020A 105.63 105.91 0.28 0.07 3.3 0.6 0.2 Unnamed
BWN020A 107.88 110.23 2.35 1.93 1.0 0.5 2.2 Unnamed
INCLUDING   108.39 108.53 0.14 0.11 6.7 4.0 1.0  
BWN020A 134.85 137.6 2.75 1.74 1.2 0.3 1.8 Unnamed
INCLUDING   135.35 135.8 0.45 0.32 4.3 LLD 0.8  
BWN020A 187.36 190.42 3.06 0.79 2.0 0.3 1.2 Western Trend
INCLUDING   189.29 189.53 0.24 0.06 23.4 2.8 1.0  
BWN020A 256.54 261.63 5.09 1.74 0.5 0.0 0.5 Western Trend
INCLUDING   260.11 260.3 0.19 0.06 3.6 LLD 0.1  
BWN021 243.94 248.09 4.15 1.74 1.3 0.3 1.9 Western Trend
BWN022 294.05 297.09 3.04 1.74 1.1 0.1 1.2 Western Trend
BWN023 221.09 222.95 1.86 1.70 19.9 0.0 18.9 Felix Trend
INCLUDING   221.09 221.19 0.10 0.09 158.4 LLD 7.9  
INCLUDING   222.77 222.95 0.18 0.16 110.8 0.0 9.9  
BWN023 224 224.19 0.19 0.05 16.5 LLD 0.5 Felix Trend

Notes
1. The AuEq (gold equivalent) grade is calculated using the following formula:

AuEq g per t = Au g per t + Sb% x  Sb price per 10kg x Sb processing recovery
Au price per g x Au processing recovery

    Prices and recoveries used: Au $/oz = 1,760; Sb $/t = 12,800; Au Recovery = 93% and; Sb Recovery = 95%

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 or trend and are below 1 g/t Au are not considered significant and are not recorded here.







[nxtlink id="268635"]mandalay resources corporation[/nxtlink]

Author: Author

Share this article:

Continue Reading

Trending