Mandalay Resources Enhances True Blue Prospect with New Drilling Initiatives
Mandalay Resources Expands Exploration at True Blue
As companies strive for growth in the mining sector, Mandalay Resources Corporation continues to make significant advancements at the True Blue discovery. The project, located near the Costerfield gold-antimony mine, has shown promising results that could extend the mine's operational life.
Encouraging Drilling Results
Recent drilling activities have confirmed both structural and grade continuity in the vein system at True Blue. Noteworthy highlights from the drilling program include impressive grades such as:
- 155.0g/t Au and 3.7% Sb in drillhole TB043, translating to 164 g/t AuEq over 0.30 m.
- 19.9g/t Au and 2.1% Sb or 25 g/t AuEq over 3.10 m in TB044.
- 5.4g/t Au and 2.4% Sb or 11 g/t AuEq over 1.64 m in TB052.
- 16.0g/t Au and 1.5% Sb or 20 g/t AuEq over 3.57 m in TB053.
In addition, a new parallel vein discovered just 40 metres from the original find showcases an intercept grading 11.7g/t Au and 6.5% Sb, further demonstrating the mining potential in this area.
Exciting Future Prospects
With three drill rigs currently in operation, the accelerated drilling program is geared toward not only confirming high-grade zones but also exploring offset mineralized structures that could reveal substantial growth opportunities. This active exploration approach is indicative of the company's strategic plans to enhance resource estimates and mine longevity.
CEO Frazer Bourchier expressed enthusiasm about the ongoing results and their potential to attract greater attention from investors in the Australian mining sector. He stated, “The high-grade results from True Blue are incredibly exciting and offer potential to extend the mine’s life, especially given the operation's efficiency in mining narrow widths.”
Strategic Drilling Phases
The ongoing drilling program is composed of structured phases aimed at building confidence in the mineralization's continuity and aiding in economic evaluations. The first phase focuses intensively on the high-grade central area of True Blue and is expected to provide more data to inform drilling decisions moving forward.
Understanding the True Blue Discovery
True Blue is situated about 2 km west of the Central Corridor, characterized by a 4 km-long soil geochemical anomaly similar to those of main production sites at Costerfield. So far, drilling has only tapped into a limited segment of this anomaly, focusing primarily on a promising strike length of 600 m.
In the past few months, Mandalay has announced several significant high-grade drill intercepts, most notably achieving a staggering 578.0 g/t gold and 20.5% antimony over 0.47 m in the TB031 drillhole. Continuing drilling efforts have resulted in additional encouraging finds—19 diamond drill holes have been completed recently, focusing on both defining the structural framework and reinforcing grade continuity.
The Geological Model
Mandalay’s geological insights suggest the mineralization at True Blue parallels that seen in the Costerfield Main Corridor. Mineralization primarily occurs within subvertical veins shaped by faulting in a large anticline, hinting at potential expansions and additional high-grade panels to be discovered.
Next Steps for Mandalay Resources
The future looks bright for Mandalay Resources as they continue their drilling initiatives and economic evaluations of the True Blue prospect. Drilling is scheduled to persist through the third quarter, with a significant update anticipated based on findings from ongoing and planned operations. This course of action aligns well with Mandalay’s forward-thinking approach to prospecting and revenue generation via high-quality mining resources.
In conclusion, Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) remains well-positioned to leverage the ongoing success at True Blue into lasting value for stakeholders as they embrace strategies aimed at optimizing their mining operations.
Frequently Asked Questions
What recent updates has Mandalay Resources announced regarding the True Blue discovery?
Mandalay Resources has confirmed high-grade results and the extension of drilling operations, uncovering parallel veins and enhancing structural understanding.
How does the True Blue discovery impact the Costerfield mine's future?
The discovery of high-grade veins near the Costerfield mine could extend its operational life, contributing to long-term revenue potential for the company.
What methods are being used in the drilling program at True Blue?
The drilling program utilizes diamond drill rigs and focuses on both structural and infill drilling to confirm mineral continuity and resource estimates.
What high-grade results have been reported from True Blue drilling?
Notable grades include up to 155.0 g/t Au and significant antimony percentages, showcasing the mining potential of the area.
When can stakeholders expect updates from Mandalay Resources?
Updates on economic modeling outcomes and further drilling insights are anticipated in the upcoming quarters, as Mandalay continues to evaluate the True Blue prospect.
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