0.11M of 460.5 g/t Gold And 0.20 Metres of 165.1 g/t Gold In Initial Stepout Drill Hole
Mandalay Resources Corporation (TSX: MND) has hit outstanding high-grade intercepts in a newly discovered veining horizon underneath and related to the Youle deposit at its Costerfield operations in Victoria, Australia.
Highlights:
- 460.5 g/t gold over a partially recovered true width of 0.11 m; and
- 165.1 g/t gold over a true width of 0.20 min a wedge hole.
“We are excited by the initial drill hole underneath the Youle deposit as it returned a very significant intersection of high gold grades in both the parent hole and confirmatory wedge hole approximately one metre away,” President and CEO, Dominic Duffy, said.
“At approximately 90 metres below the last intercept on Youle, this discovery may indicate a new gold mineralized structure below and separate from the high-grade Youle deposit.
“This is a major milestone for our exploration programme so early in the year and reinforces our planned 2021 programm4 of deeper drilling below several of the known deposits.”
Mr Duffy said astudy of the structural dynamics within and surrounding the Youle deposit highlighted the distinct probability of a continuation to auriferous veining within a subvertical geometry underneath the westerly-dipping Youle deposit.
At approximately 90 metres below the deepest known intercept on Youle and 200 metres below current on vein development, hole BC176 intercepted a quartz structure with abundant visible gold.
Unfortunately, the intercept was not fully recovered and it is estimated that approximately 40% of the intercept was ground away in the drilling process. 0.58 m (down hole length) of core containing the auriferous quartz vein was recovered assaying 460.5 g/t gold.
As the intercept was not fully recovered, a casing wedge was set 20 m above the initial intercept and another capture of the vein was achieved approximately 1 m to the south. This time the vein was fully recovered and a 0.20 m vein was observed. Again, the vein exhibited grains of gold through the quartz alongside blebs of stibnite. This vein was also sampled and assayed at 165.1 g/t gold over a true width of 0.20 m.
Drilling is ongoing to test the extent of the visually auriferous, veining and the parallel vein sets.
