Mandalay Resources Reports High-Grade Antimony and Gold Intercepts, Advancing Costerfield Resource Expansion

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 

AD203

404.05

404.57

0.52

0.43

9.9

4.9

4.07

Cuffley Deeps Adj.

AD206

373.89

374.27

0.99

0.81

2.88

0.16

1.4

Cuffley Deeps Adj.

AD211

514.77

514.88

0.11

0.08

8.76

2.62

0.54

Cuffley Deeps Adj.

AD211

578.32

579.44

1.12

1.05

3.09

LLD

1.79

Cuffley Deeps Adj.

CW002

233.24

234.8

1.56

1

1.35

2.75

3.03

Cuffley Deeps Adj.

AD200

489.7

492.79

2.98

1.44

3.69

LLD

2.96

Cuffley Deeps South

AD200W1

486.31

489.64

3.03

2.42

7.55

LLD

10.15

Cuffley Deeps South

AD202

543.3

543.35

0.05

0.04

14.7

0.4

0.3

Cuffley Deeps South

AD203

431.52

432.29

0.77

0.55

58.44

17.59

26.05

Cuffley Deeps South

AD204

528.86

529.32

0.46

0.42

0.57

LLD

0.13

Cuffley Deeps South

AD205

524.88

525.12

0.49

0.31

1.82

LLD

0.32

Cuffley Deeps South

AD206

400.49

401.79

1.3

1.05

0.44

LLD

0.25

Cuffley Deeps South

AD207

354

354.4

0.29

0.23

0.42

0.01

0.06

Cuffley Deeps South

AD208

516.82

517.01

0.19

0.16

0.68

LLD

0.06

Cuffley Deeps South

AD209A

611.6

611.96

0.36

0.29

0.29

0.01

0.05

Cuffley Deeps South

AD210

466.37

466.8

0.43

0.2

0.44

LLD

0.05

Cuffley Deeps South

AD211

531.2

534.12

2.92

2.39

1.07

0.06

1.16

Cuffley Deeps South

AD212

466.37

467.31

0.94

0.72

LLD

LLD

LLD

Cuffley Deeps South

AD213

325.09

325.24

0.15

0.12

550

0.12

35.63

Cuffley Deeps South VG Vein

AD213W1

325.17

325.33

0.16

0.11

23.9

0.01

1.5

Cuffley Deeps South VG Vein

CB001

605.68

606.88

1.2

1.12

17.15

0.33

10.98

Cuffley Main

TP021

172.62

172.82

0.45

0.34

3.96

20.2

3.4

Cuffley Main

CW004

332.9

333.7

0.8

0.63

2.09

LLD

0.73

Cuffley West

BC394

131.47

131.67

0.2

0.08

82.6

45

7.64

Kendall 580 Vein

BC395

140.58

141.18

0.6

0.22

54.7

63.5

21.48

Kendall 580 Vein

BC396

132.2

132.31

0.11

0.06

16.9

1.05

0.56

Kendall 580 Vein

BC397

123.79

123.93

0.14

0.09

2.36

4.05

0.42

Kendall 580 Vein

BC398

99.64

99.88

0.24

0.16

11.4

24.3

4.16

Kendall 580 Vein

BC399

82.96

83.96

1

0.67

33.42

31.4

35.36

Kendall 580 Vein

BC401

165.11

165.38

0.27

0.12

4.37

21.9

2.52

Kendall 580 Vein

BC403

166.11

166.43

0.32

0.06

6.53

6.93

0.57

Kendall 580 Vein

BC396

95.12

95.27

0.15

0.06

4.45

1.34

0.24

Kendall 581 Vein

BC395

155.77

156.14

0.37

0.2

4.23

9.64

2.56

Kendall 582 Vein

KD909

7.55

8.55

1

0.52

17.95

0.11

5.25

Shepherd 600 Vein

KD910

1.74

2.2

0.46

0.44

25.73

LLD

6.26

Shepherd 600 Vein

PD085

55.88

56.42

0.54

0.42

59.1

0.01

13.75

Shepherd 600 Vein

PD101

35.78

36.06

0.28

0.23

31.8

LLD

4.01

Shepherd 600 Vein

PD114

36.03

36.58

0.55

0.4

107

0.05

23.73

Shepherd 600 Vein

PD132

8.53

11.4

2.87

2.47

48.21

1.78

51.67

Shepherd 600 Vein

PD184

20.28

20.63

0.35

0.25

LLD

LLD

LLD

Shepherd 600 Vein

PD185

27.3

27.87

0.57

0.18

0.09

LLD

0.01

Shepherd 600 Vein

PD108

14.24

15.42

1.18

0.79

0.29

LLD

0.13

Shepherd 603 Vein

KD907

LLD

0.86

0.86

0.75

547.31

0.06

229.46

Shepherd 605 Vein

KD908

LLD

0.32

0.32

0.3

33.15

0.01

5.52

Shepherd 605 Vein

PD102

8

8.84

0.84

0.8

0.12

LLD

0.06

Shepherd 609 Vein

PD103

8.75

9.22

0.47

0.38

1.72

LLD

0.36

Shepherd 609 Vein

PD108

32.65

32.85

0.2

0.12

0.56

LLD

0.04

Shepherd 609 Vein

PD140

39.94

40.23

0.29

0.27

73.48

11.17

14.1

Shepherd 610 Vein

PD142

39.15

39.37

0.22

0.21

751.67

1.83

88.07

Shepherd 610 Vein

PD150

47.7

47.8

0.1

0.09

0.05

LLD

LLD

Shepherd 610 Vein

PD140

36.2

36.34

0.14

0.14

0.26

LLD

0.02

Shepherd 611 Vein

PD142

35.47

35.57

0.1

0.1

0.26

LLD

0.01

Shepherd 611 Vein

PD147

89.63

90.07

0.44

0.22

7.35

49.1

12.33

Shepherd 611 Vein

PD150

42.14

42.27

0.13

0.13

0.33

LLD

0.02

Shepherd 611 Vein

PD190

7.39

9.41

2.02

1.15

18.34

26.24

44.27

Shepherd 611 Vein

PD211

17.3

18.56

1.26

0.53

15.09

22.21

17.01

Shepherd 611 Vein

SQ040B1

347.43

347.74

0.31

0.19

26.7

22.1

7.2

Shepherd 611 Vein

PD215

19.84

19.94

0.1

0.07

0.37

LLD

0.01

Shepherd 621 Vein

PD217

14.82

14.95

0.13

0.11

5.76

LLD

0.36

Shepherd 621 Vein

PD218

22.35

22.65

0.3

0.18

7.46

0.01

0.76

Shepherd 621 Vein

PD219

15.61

15.82

0.21

0.21

5.61

4.15

1.56

Shepherd 621 Vein

PD113

2.84

3.1

0.26

0.06

0.53

0.54

0.05

Shepherd 622 Vein

PD134

47.26

47.38

0.12

0.09

40.4

3.84

2.33

Shepherd 622 Vein

PD135

68.67

68.98

0.31

0.18

0.48

LLD

0.05

Shepherd 622 Vein

PD136

48.27

48.37

0.1

0.07

41.8

6.45

2.17

Shepherd 622 Vein

PD141

47.65

47.76

0.11

0.1

29.2

18.5

3.56

Shepherd 622 Vein

PD147

54

54.45

0.45

0.29

0.91

0.34

0.25

Shepherd 622 Vein

PD151

75.1

75.6

0.5

0.25

0.54

LLD

0.08

Shepherd 622 Vein

PD171

68.9

69.14

0.24

0.12

0.18

LLD

0.01

Shepherd 622 Vein

PD172

60.74

60.86

0.12

0.07

1.44

LLD

0.05

Shepherd 622 Vein

PD175

58.58

59.84

1.26

0.53

291.33

0.02

86.49

Shepherd 622 Vein

PD176

40.7

40.91

0.21

0.12

5

LLD

0.32

Shepherd 622 Vein

PD178

29.86

30.29

0.43

0.32

13.9

LLD

2.51

Shepherd 622 Vein

PD179

86.79

87

0.21

0.09

0.32

LLD

0.02

Shepherd 622 Vein

PD181

65.78

65.93

0.15

0.08

0.35

0.01

0.02

Shepherd 622 Vein

PD109

4.5

4.72

0.22

0.21

3.86

LLD

0.44

Shepherd 625 Vein

PD175

67.15

67.3

0.15

0.08

0.13

LLD

0.01

Shepherd 625 Vein

PD176

49.71

49.9

0.19

0.12

0.06

LLD

LLD

Shepherd 625 Vein

PD111

27.33

27.52

0.19

0.15

0.24

LLD

0.02

Shepherd 630 Vein

PD112

31.42

31.8

0.38

0.14

0.13

LLD

0.01

Shepherd 630 Vein

PD113

74.09

76.06

1.97

0.55

14.47

LLD

4.39

Shepherd 630 Vein

PD128

22.9

23.01

0.11

0.1

5.96

3.14

0.7

Shepherd 630 Vein

PD129

31.82

31.92

0.1

0.06

15.6

14.5

1.43

Shepherd 630 Vein

PD131

25.81

26.03

0.22

0.16

0.02

LLD

LLD

Shepherd 630 Vein

PD134

71.02

71.68

0.66

0.49

15.6

LLD

4.23

Shepherd 630 Vein

PD135

97.6

97.83

0.23

0.13

5.97

0.03

0.45

Shepherd 630 Vein

PD136

74.9

75.28

0.38

0.27

22.1

0.02

3.37

Shepherd 630 Vein

PD151

108.14

108.72

0.58

0.3

108

29.1

27.72

Shepherd 630 Vein

PD171

105.36

105.62

0.26

0.13

5.98

23.6

3.82

Shepherd 630 Vein

PD172

93.3

94.03

0.73

0.42

1.2

0.53

0.51

Shepherd 630 Vein

PD173

118.14

118.36

0.22

0.11

0.1

LLD

0.01

Shepherd 630 Vein

PD174

116.6

116.9

0.3

0.14

0.09

LLD

0.01

Shepherd 630 Vein

PD179

120.98

121.68

0.7

0.31

1.9

LLD

0.33

Shepherd 630 Vein

PD181

96.44

96.81

0.37

0.2

21.2

19.1

6.47

Shepherd 630 Vein

PD188

62.66

63.08

0.42

0.32

1.54

LLD

0.28

Shepherd 630 Vein

PD189

15.4

16.07

0.67

0.66

0.38

0.21

0.29

Shepherd 630 Vein

PD191

26.4

26.51

0.11

0.09

0.07

1.09

0.1

Shepherd 630 Vein

PD209

19.32

20.66

1.34

1.19

0.03

LLD

0.02

Shepherd 630 Vein

PD210

23.31

23.52

0.21

0.18

26.4

36.7

9.59

Shepherd 630 Vein

SQ040A

378.74

379.54

0.8

0.61

0.2

LLD

0.07

Shepherd 630 Vein

PD134

94.17

95.62

1.45

1.05

2.14

0.23

1.51

Shepherd 632 Vein

PD135

133.46

134.65

1.19

0.69

0.71

LLD

0.27

Shepherd 632 Vein

PD136

101.91

102.27

0.36

0.26

1.24

LLD

0.18

Shepherd 632 Vein

PD171

148.36

149.14

0.78

0.41

8.57

0.12

2

Shepherd 632 Vein

PD172

123.43

125.12

1.69

0.94

19.92

14.08

24.69

Shepherd 632 Vein

PD174

147

147.41

0.41

0.19

6.4

5.89

1.9

Shepherd 632 Vein

PD181

135.13

135.53

0.4

0.22

41.4

2.83

5.68

Shepherd 632 Vein

PD205

4.91

5.28

0.37

0.15

2.16

14.72

2.55

Shepherd 632 Vein

PD206

1.96

3.3

1.34

0.09

16.77

1.85

0.99

Shepherd 632 Vein

PD134

77.54

77.98

0.44

0.16

0.46

LLD

0.04

Shepherd 634 Vein

Notes

1.

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

AuEq g per t=Au g per t+Sb% × 

(Sb price per 10kg×Sb processing recovery)

(Au price per g×Au processing recovery)

Prices and recoveries used: Au $/oz = 1,900; Sb $/t = 11,700; Au Recovery = 93% and; Sb Recovery = 92%

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 and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here.

Table 2. Drill Hole Collar Details

Drill Program

Drill Hole
ID

Easting

Northing

Elevation

Depth

Dip

Azimuth

Date  Complete

Cuffley Deeps South

AD200

15271

4548

1000

719.7

-62.7

276.2

2024/01/13

Cuffley Deeps South

AD200W1

15271

4548

1000

497.4

-62.7

276.2

2024/01/14

Cuffley Deeps South

AD202

15260

4599

992

712.7

-48.4

232.9

2024/01/20

Cuffley Deeps South

AD203

15260

4601

992

500.4

-59.3

270.5

2024/03/13

Cuffley Deeps South

AD204

15259

4600

992

551.4

-55.2

249.4

2024/03/29

Cuffley Deeps South

AD205

15259

4601

992

785.0

-65.2

273.9

2024/04/13

Cuffley Deeps South

AD206

15259

4601

992

500.4

-56.9

289.6

2024/04/24

Cuffley Deeps South

AD207

15259

4600

992

410.3

-54.4

263.1

2024/04/30

Cuffley Deeps South

AD208

15260

4599

992

682.0

-60.1

244.6

2024/05/13

Cuffley Deeps South

AD209A

15260

4600

992

746.0

-62.7

231.1

2024/06/02

Cuffley Deeps South

AD210

15260

4601

992

515.7

-65.6

278.7

2024/06/26

Cuffley Deeps South

AD211

15260

4600

992

615.0

-72.2

255.8

2024/07/15

Cuffley Deeps South

AD212

15260

4599

992

500.0

-51.5

241.9

2024/06/13

Cuffley Deeps South

AD213

15261

4601

992

435.0

-57.8

267.1

2024/07/26

Cuffley Deeps South

AD213W1

15100

4599

745

329.2

-57.8

267.1

2024/07/25

Kendall North

BC394

15353

7012

922

175.4

-13.6

25.1

2024/06/20

Kendall North

BC395

15353

7012

922

224.0

-6.5

22.3

2024/06/24

Kendall North

BC396

15353

7012

922

180.0

-0.9

26.5

2024/06/27

Kendall North

BC397

15353

7012

922

200.0

-3.8

28.6

2024/06/29

Kendall North

BC398

15353

7012

922

125.4

3.0

42.5

2024/07/02

Kendall North

BC399

15354

7012

922

116.3

-6.3

45.2

2024/07/16

Kendall North

BC401

15354

7012

922

205.0

-8

18

2024/07/08

Kendall North

BC403

15354

7012

922

240.0

-13.3

16.5

2024/07/14

Cuffley North

CB001

15779

5364

1183

985.9

-30.5

275.0

2024/05/28

Cuffley West

CW002

15251

4944

944

400.0

-50.4

233.4

2024/05/24

Cuffley West

CW004

15251

4947

944

400.0

-51.0

302.0

2024/06/02

Prod. Opt. (Shepherd 600)

KD907

15242

6961

712

10.1

25.4

88.5

2024/01/25

Prod. Opt. (Shepherd 600)

KD908

15242

6961

711

10.0

-20.1

90.1

2024/01/25

Prod. Opt. (Shepherd 600)

KD909

15244

7004

711

23.4

22.0

100.0

2024/01/28

Prod. Opt. (Shepherd 600)

KD910

15245

7002

710

13.0

-20.1

99.1

2024/01/29

Prod. Opt. (Shepherd 630)

PD085

15182

6825

667

86.2

-2.8

136.2

2023/10/02

Prod. Opt. (Shepherd 630)

PD101

15182

6825

666

59.8

-26.8

123.7

2023/09/27

Prod. Opt. (Shepherd 630)

PD102

15229

6826

686

18.0

-12.4

105.8

2023/09/07

Prod. Opt. (Shepherd 630)

PD103

15229

6838

687

19.0

28.2

105.9

2023/09/08

Prod. Opt. (Shepherd 630)

PD108

15218

6770

688

47.0

28.6

132.0

2023/09/13

Prod. Opt. (Shepherd 630)

PD109

15194

6968

625

10.3

3.9

253.2

2023/09/24

Prod. Opt. (Shepherd 630)

PD111

15180

6853

666

38.3

-22.9

246.0

2023/08/12

Prod. Opt. (Shepherd 630)

PD112

15179

6774

667

52.5

-33.6

209.5

2023/10/12

Prod. Opt. (Shepherd 630)

PD113

15180

6772

668

90.7

-4.9

194.4

2023/10/17

Prod. Opt. (Shepherd 630)

PD114

15182

6803

667

62.0

-46.1

113.5

2023/10/20

Prod. Opt. (Shepherd 630)

PD128

15179

6775

668

34.0

-1.2

251.3

2023/11/03

Prod. Opt. (Shepherd 630)

PD129

15180

6775

668

50.0

18.5

216.1

2023/11/07

Prod. Opt. (Shepherd 630)

PD131

15180

6817

668

52.0

35.9

240.8

2023/11/08

Prod. Opt. (Shepherd 600)

PD132

15239

6911

740

15.9

21.8

110.3

2023/11/10

Prod. Opt. (Shepherd 630)

PD134

15215

6764

688

104.4

4.2

225.5

2023/11/28

Prod. Opt. (Shepherd 630)

PD135

15215

6764

687

168.0

-6.6

212.8

2023/12/05

Prod. Opt. (Shepherd 630)

PD136

15215

6764

687

113.2

-9.6

226.7

2023/12/11

Prod. Opt. (Shepherd 630)

PD140

15233

6882

685

68.0

-8.4

266.9

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