Mandalay Resources Corporation Provides an Exploration Update on Shepherd and Brunswick Deeps Discovery

Mandalay Resources Corporation Ontario

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. Drilling Composites

DRILL
HOLE ID 

FROM
(M) 

TO
(M) 

DRILL
WIDTH (M) 

TRUE
WIDTH (M) 

AU
GRADE (G/T) 

SB
GRADE (%) 

AU (G/T)
OVER MIN.
1.8M MINING
WIDTH 

VEIN NAME 

BD349

347.90

349.79

1.89

0.36

4.38

LLD

0.88

Brunswick Breccia Vein

BD354

387.56

388.95

1.39

1.12

16.39

1.53

12.02

Brunswick Breccia Vein

BD355

373.57

376.55

2.98

2.11

1.83

1.14

4.70

Brunswick Breccia Vein

BD356A

396.96

397.13

0.17

0.13

16.50

0.01

1.19

Brunswick Breccia Vein

BD357

410.53

412.40

1.87

1.62

17.80

0.09

16.17

Brunswick Breccia Vein

BD359A

440.43

440.62

0.19

0.15

26.30

1.50

2.43

Brunswick Breccia Vein

BD360

414.26

416.29

1.40

0.97

0.21

LLD

0.11

Brunswick Breccia Vein

BD361

423.26

424.28

1.02

0.85

3.15

LLD

1.49

Brunswick Breccia Vein

BD362

404.94

405.73

0.79

0.68

1.97

LLD

0.74

Brunswick Breccia Vein

BD363

414.85

415.44

0.59

0.45

5.37

LLD

1.34

Brunswick Breccia Vein

BD364

405.07

406.93

1.86

1.32

4.19

LLD

3.06

Brunswick Breccia Vein

BD365W1

456.85

457.15

0.30

0.23

0.86

LLD

0.11

Brunswick Breccia Vein

BD367

398.74

399.81

1.07

0.76

0.38

LLD

0.16

Brunswick Breccia Vein

BD368

439.25

440.38

1.13

0.40

0.15

LLD

0.03

Brunswick Breccia Vein

BD348

375.21

381.21

6.00

4.91

0.59

0.01

0.61

Brunswick Main

BD349

417.58

417.68

0.10

0.08

6.63

0.07

0.30

Brunswick Main

BD350

231.10

232.45

1.35

0.95

8.31

0.56

4.95

Brunswick Main

BD351

243.00

245.00

2.00

1.68

0.31

LLD

0.29

Brunswick Main

BD352

498.00

501.00

3.00

2.12

0.06

LLD

0.07

Brunswick Main

BD353A

402.00

402.83

0.83

0.62

0.01

LLD

0.00

Brunswick Main

BD354

453.73

453.95

0.22

0.18

25.50

0.23

2.59

Brunswick Main

BD355

474.00

474.29

0.29

0.19

0.03

LLD

0.00

Brunswick Main

BD356A

442.78

443.75

0.97

0.47

11.49

4.60

5.29

Brunswick Main

BD358A

456.55

456.99

0.44

0.23

0.46

4.03

1.04

Brunswick Main

BD359

510.95

512.94

1.99

1.31

LLD

LLD

0.00

Brunswick Main

BD363

464.71

464.95

0.24

0.17

0.03

LLD

0.00

Brunswick Main

BD364

489.30

490.26

0.96

0.74

0.04

LLD

0.02

Brunswick Main

BD366

229.91

236.00

5.46

2.73

3.77

0.01

5.75

Brunswick Main

BD368

448.52

448.99

0.47

0.42

3.66

1.62

1.58

Brunswick Main

BD369

267.94

268.05

0.11

0.07

1.02

0.02

0.04

Brunswick Main

BD349

274.61

274.92

0.31

0.25

1.81

LLD

0.25

Brunswick minor vein

BD349

412.50

413.00

0.50

0.40

1.12

LLD

0.25

Brunswick minor vein

BD351

193.59

193.86

0.27

0.10

1.98

LLD

0.11

Brunswick minor vein

BD351

247.65

247.76

0.11

0.10

2.76

LLD

0.15

Brunswick minor vein

BD351

259.82

260.82

1.00

0.91

1.52

0.02

0.79

Brunswick minor vein

BD351

287.30

287.45

0.15

0.14

1.75

0.02

0.14

Brunswick minor vein

BD363

481.00

481.54

0.54

0.29

1.38

0.01

0.23

Brunswick minor vein

BD369

224.47

225.27

0.80

0.51

1.45

LLD

0.41

Brunswick minor vein

BC341

336.13

336.40

0.27

0.13

60.80

LLD

4.30

Shepherd 600

KD936

4.18

5.02

0.84

0.40

0.69

0.01

0.16

Shepherd 600

KD942

12.19

12.44

0.25

0.23

4.08

9.81

2.98

Shepherd 600

KD945

36.05

36.18

0.13

0.12

2.95

7.52

1.15

Shepherd 600

KD946

43.84

43.97

0.13

0.11

0.00

LLD

0.00

Shepherd 600

KD947

42.69

43.32

0.63

0.38

0.01

LLD

0.00

Shepherd 600

KD948

43.85

45.00

1.15

0.90

20.50

0.08

10.28

Shepherd 600

KD949

61.08

61.22

0.14

0.07

0.45

LLD

0.02

Shepherd 600

KD950

70.22

70.76

0.54

0.28

2.57

LLD

0.41

Shepherd 600

KD952

6.73

7.13

0.40

0.28

4.03

LLD

0.62

Shepherd 600

KD953

13.26

13.59

0.33

0.17

2.20

0.01

0.21

Shepherd 600

KD964

80.30

80.50

0.20

0.04

0.50

LLD

0.01

Shepherd 600

KD976

2.39

2.49

0.10

0.10

325.00

13.70

18.54

Shepherd 600

KD977

2.39

2.59

0.20

0.12

313.00

48.90

28.00

Shepherd 600

KD980

58.15

58.45

0.30

0.18

64.30

0.02

6.48

Shepherd 600

KD996

8.82

8.92

0.10

0.09

0.84

0.03

0.05

Shepherd 600

PD038

19.11

19.26

0.15

0.14

9.84

LLD

0.78

Shepherd 600

PD074

58.62

58.79

0.17

0.11

2.00

0.01

0.12

Shepherd 600

SQ001

306.83

307.82

0.99

0.74

22.74

3.90

12.42

Shepherd 600

SQ002

288.24

288.40

0.16

0.12

20.70

LLD

1.41

Shepherd 600

SQ003

338.08

338.29

0.21

0.14

2.06

LLD

0.16

Shepherd 600

SQ005

256.56

256.66

0.10

0.08

1.32

LLD

0.06

Shepherd 600

SQ007

303.35

304.30

0.95

0.62

7.60

LLD

2.62

Shepherd 600

SQ019

394.11

395.22

1.11

0.74

1.01

3.74

3.33

Shepherd 600

BC342

492.35

492.50

0.15

0.08

2.98

0.01

0.12

Shepherd 600

SQ006

284.25

284.84

0.59

0.30

0.77

0.01

0.13

Shepherd 600

SQ008A

295.08

295.24

0.16

0.11

13.90

LLD

0.85

Shepherd 600

SQ009

339.87

340.07

0.20

0.17

0.32

LLD

0.03

Shepherd 600

SQ010

363.00

363.30

0.30

0.21

6.47

LLD

0.75

Shepherd 600

SQ011A

379.32

379.58

0.26

0.15

0.15

LLD

0.01

Shepherd 600

KD970

2.03

2.26

0.23

0.19

31.60

13.90

6.16

Shepherd 602

KD971

2.19

2.35

0.16

0.14

2.70

LLD

0.21

Shepherd 602

KD972

2.55

2.69

0.14

0.13

2.40

LLD

0.17

Shepherd 602

KD976

9.16

9.26

0.10

0.09

0.03

LLD

0.00

Shepherd 602

KD977

9.93

10.08

0.15

0.13

0.65

LLD

0.05

Shepherd 602

KD956

0.15

0.30

0.15

0.13

8.48

0.02

0.63

Shepherd 604

KD957

0.40

0.95

0.55

0.52

122.00

0.02

35.10

Shepherd 604

KD958

0.95

1.20

0.25

0.24

55.50

0.24

7.50

Shepherd 604

KD959

2.12

2.95

0.83

0.76

38.49

6.00

21.10

Shepherd 604

KD960

1.11

1.31

0.20

0.19

89.10

LLD

9.55

Shepherd 604

PD025

5.07

5.41

0.34

0.22

21.40

LLD

2.61

Shepherd 605

PD027

7.01

7.14

0.13

0.12

0.77

LLD

0.05

Shepherd 605

PD028

5.47

6.14

0.67

0.39

117.00

LLD

25.22

Shepherd 605

PD019

9.66

9.77

0.11

0.09

0.56

LLD

0.03

Shepherd 606

PD024

21.90

22.10

0.20

0.06

1.09

0.02

0.04

Shepherd 606

PD032

0.00

0.32

0.32

0.20

64.80

0.01

7.24

Shepherd 606

PD033

6.29

7.00

0.71

0.60

18.02

LLD

6.02

Shepherd 606

PD034

8.21

10.46

2.25

1.56

36.90

0.02

32.04

Shepherd 606

PD036

7.43

7.95

0.52

0.29

797.00

LLD

127.52

Shepherd 606

PD019

4.14

4.28

0.14

0.11

19.20

0.02

1.21

Shepherd 607

PD020

6.51

6.77

0.26

0.20

31.01

LLD

3.37

Shepherd 607

PD024

8.59

8.88

0.29

0.09

4.88

LLD

0.24

Shepherd 607

PD033

2.46

2.72

0.26

0.22

36.60

0.03

4.47

Shepherd 607

PD034

1.56

1.87

0.31

0.22

26.40

LLD

3.19

Shepherd 607

KD945

22.23

22.48

0.25

0.23

0.56

LLD

0.07

Shepherd 609

KD946

27.19

27.54

0.35

0.27

0.31

LLD

0.05

Shepherd 609

KD947

30.57

30.97

0.40

0.25

0.33

LLD

0.05

Shepherd 609

KD948

28.89

29.06

0.17

0.13

0.43

LLD

0.03

Shepherd 609

KD949

42.26

42.47

0.21

0.11

1.72

LLD

0.10

Shepherd 609

KD950

40.30

40.50

0.20

0.11

29.20

LLD

1.78

Shepherd 609

KD961

79.45

80.90

1.45

0.47

18.29

0.23

4.93

Shepherd 609

KD964A

64.66

66.00

1.34

0.47

20.35

0.02

5.37

Shepherd 609

KD965

54.68

56.38

1.70

0.72

6.87

0.04

2.79

Shepherd 609

KD979

55.85

56.70

0.85

0.40

494.06

0.45

109.81

Shepherd 609

KD980

40.10

40.22

0.12

0.07

0.15

LLD

0.01

Shepherd 609

KD992A

81.29

82.10

0.81

0.22

7.13

LLD

0.86

Shepherd 609

KD995

9.35

9.63

0.28

0.14

2.59

LLD

0.20

Shepherd 609

KD997

26.39

26.53

0.14

0.06

0.41

LLD

0.01

Shepherd 609

KD999

38.90

39.51

0.61

0.15

20.77

LLD

1.69

Shepherd 609

PD002

55.68

56.97

1.29

0.25

28.39

0.01

4.02

Shepherd 609

PD003

34.67

35.00

0.33

0.06

3.07

LLD

0.11

Shepherd 609

PD004

25.38

25.85

0.47

0.18

128.00

0.01

12.86

Shepherd 609

PD037

20.72

20.92

0.20

0.14

4.06

LLD

0.31

Shepherd 609

PD038

19.94

20.12

0.18

0.15

45.30

LLD

3.71

Shepherd 609

PD072

25.43

25.69

0.26

0.21

0.27

LLD

0.03

Shepherd 609

PD073

25.20

25.46

0.26

0.18

11.70

0.09

1.17

Shepherd 609

SQ012

387.40

387.52

0.12

0.08

0.20

LLD

0.01

Shepherd 609

BC340

416.95

417.60

0.65

0.44

0.24

0.03

0.07

Shepherd 620

BC344

375.86

376.67

0.81

0.52

2.25

0.41

0.88

Shepherd 620

BC345

426.05

426.42

0.37

0.22

0.89

LLD

0.11

Shepherd 620

BC346

95.19

95.40

0.21

0.13

30.90

10.20

3.70

Shepherd 620

BC347

64.84

65.00

0.16

0.13

1.34

25.20

3.45

Shepherd 620

BC348

105.68

105.79

0.11

0.06

0.88

LLD

0.03

Shepherd 620

BC349

91.92

92.20

0.28

0.17

10.70

3.65

1.66

Shepherd 620

BC352A

334.28

334.38

0.10

0.07

42.20

0.28

1.66

Shepherd 620

BC363

175.34

175.62

0.28

0.26

10.50

LLD

1.53

Shepherd 620

BC368

107.71

107.81

0.10

0.07

0.00

LLD

0.00

Shepherd 620

BC369

154.14

154.28

0.14

0.08

0.01

LLD

0.00

Shepherd 620

BC370

154.78

155.44

0.66

0.35

0.00

LLD

0.00

Shepherd 620

BC371

108.81

109.08

0.27

0.24

98.90

0.01

13.13

Shepherd 620

BC375

180.81

181.77

0.96

0.48

0.00

LLD

0.00

Shepherd 620

KD924

18.98

19.08

0.10

0.10

0.23

LLD

0.01

Shepherd 620

KD936

42.51

42.89

0.38

0.15

0.80

0.00

0.07

Shepherd 620

KD947

139.90

141.99

2.09

1.32

2.46

9.60

15.31

Shepherd 620

KD948

97.22

97.49

0.27

0.22

200.00

0.06

24.89

Shepherd 620

PD006A

27.78

27.91

0.13

0.13

15.20

14.70

3.11

Shepherd 620

PD007

33.69

33.81

0.12

0.09

4.18

0.12

0.23

Shepherd 620

PD011

10.34

10.47

0.13

0.13

10.90

LLD

0.77

Shepherd 620

PD012

15.25

15.54

0.29

0.22

0.06

LLD

0.01

Shepherd 620

PD013

16.77

16.93

0.16

0.10

0.13

LLD

0.01

Shepherd 620

PD015

14.70

14.81

0.11

0.08

0.05

LLD

0.00

Shepherd 620

PD016

9.98

10.12

0.14

0.13

0.16

LLD

0.01

Shepherd 620

PD017

22.88

23.23

0.35

0.25

1.95

0.01

0.27

Shepherd 620

PD018

20.60

20.74

0.14

0.12

0.43

LLD

0.03

Shepherd 620

PD021

26.53

26.66

0.13

0.13

0.00

0.05

0.01

Shepherd 620

PD042

32.79

33.16

0.37

0.20

11.30

LLD

1.25

Shepherd 620

PD043

19.08

19.39

0.31

0.26

7.97

LLD

1.16

Shepherd 620

PD044

33.16

33.35

0.19

0.10

6.76

LLD

0.39

Shepherd 620

PD049

68.68

69.15

0.47

0.32

0.05

LLD

0.01

Shepherd 620

PD050

84.82

85.11

0.29

0.16

4.53

5.21

1.30

Shepherd 620

PD057

44.38

44.63

0.25

0.25

47.97

5.21

7.90

Shepherd 620

PD058

48.24

48.48

0.24

0.23

62.90

4.80

9.08

Shepherd 620

PD059

67.24

67.44

0.20

0.16

117.00

20.10

13.72

Shepherd 620

PD060

79.47

80.15

0.68

0.41

0.57

LLD

0.13

Shepherd 620

PD061

60.36

60.50

0.14

0.10

0.00

0.01

0.00

Shepherd 620

PD062

78.43

78.85

0.42

0.27

0.11

LLD

0.02

Shepherd 620

PD063

12.54

12.82

0.28

0.25

0.41

LLD

0.06

Shepherd 620

PD064

16.34

16.85

0.51

0.44

7.64

0.01

1.88

Shepherd 620

PD066

23.91

24.08

0.17

0.13

1.13

LLD

0.08

Shepherd 620

PD067

24.76

24.90

0.14

0.10

1.51

LLD

0.08

Shepherd 620

PD072

123.68

123.83

0.15

0.10

0.00

0.01

0.00

Shepherd 620

PD073

137.84

138.21

0.37

0.25

0.01

0.01

0.00

Shepherd 620

PD074

132.56

132.96

0.40

0.25

9.96

10.50

4.13

Shepherd 620

PD075

33.59

33.78

0.19

0.16

109.00

7.90

11.24

Shepherd 620

PD076

28.05

28.31

0.26

0.26

1.95

0.03

0.29

Shepherd 620

SQ001

263.81

264.26

0.45

0.30

0.19

LLD

0.03

Shepherd 620

SQ003

304.69

304.84

0.15

0.09

0.10

LLD

0.01

Shepherd 620

SQ007

259.42

259.80

0.38

0.28

77.60

1.85

12.72

Shepherd 620

SQ012

310.45

310.86

0.41

0.25

203.00

0.76

27.97

Shepherd 620

SQ014

345.56

345.70

0.14

0.08

0.05

LLD

0.00

Shepherd 620

SQ016

401.59

402.06

0.47

0.24

40.20

42.40

16.40

Shepherd 620

SQ019

311.63

312.39

0.76

0.62

8.53

1.09

3.65

Shepherd 620

SQ020

413.98

415.37

1.39

0.63

26.04

39.96

35.83

Shepherd 620

SQ022

368.95

369.31

0.36

0.26

16.30

1.44

2.74

Shepherd 620

BC342W1

324.58

325.07

0.27

0.15

46.70

LLD

3.89

Shepherd 620

BC374

236.23

236.53

0.30

0.30

1.98

LLD

0.33

Shepherd 620

PD023

45.90

46.02

0.12

0.10

10.60

LLD

0.59

Shepherd 620

SQ004

265.36

265.59

0.23

0.15

6.25

0.01

0.52

Shepherd 620

SQ005

209.70

210.17

0.47

0.30

1.11

0.01

0.19

Shepherd 620

SQ006

215.55

215.82

0.27

0.22

7.08

0.01

0.87

Shepherd 620

SQ008A

244.50

244.61

0.11

0.10

2.42

0.01

0.14

Shepherd 620

SQ011A

345.96

346.11

0.15

0.10

0.13

LLD

0.01

Shepherd 620

SQ017

375.58

375.68

1.66

1.07

2.15

0.62

1.98

Shepherd 620

SQ023

330.48

330.68

0.20

0.14

5.44

0.02

0.43

Shepherd 620

SQ027

397.54

398.65

1.11

0.94

3.42

0.01

1.80

Shepherd 620

SQ025

364.90

365.00

0.40

0.30

5.70

0.20

1.01

Shepherd 620

SQ024

321.62

322.49

0.87

0.78

3.80

LLD

1.64

Shepherd 620

SQ026

340.60

343.37

2.77

1.74

4.90

10.35

23.85

Shepherd 620

SQ028A

243.04

243.17

0.13

0.09

2.99

LLD

0.15

Shepherd 620

SQ031

423.49

424.53

1.04

0.82

0.53

0.01

0.25

Shepherd 620

SQ033

403.28

403.43

0.15

0.10

1.34

2.41

0.32

Shepherd 620

SQ029

204.15

204.45

0.30

0.27

24.40

LLD

3.66

Shepherd 620

BC304

218.37

218.51

0.14

0.11

6.13

LLD

0.36

Shepherd 620

BC303

208.94

209.05

0.11

0.08

3.54

LLD

0.16

Shepherd 620

BC373

250.52

250.82

0.30

0.15

0.21

0.01

0.02

Shepherd 620

BC379

155.00

155.26

0.26

0.15

0.99

0.01

0.08

Shepherd 620

BC368

149.34

149.45

0.11

0.07

0.00

0.03

0.00

Shepherd 621

PD011

23.30

23.41

0.11

0.11

33.60

LLD

1.97

Shepherd 623

PD012

27.68

27.85

0.17

0.14

0.50