From GlobeNewswire: 2025-02-20 07:30:00

Mandalay Resources Corporation reports updated Mineral Reserves and Resources for Costerfield mine and Björkdal mine. Highlights include 9% increase in Mineral Reserves to 815,000 gold equivalent ounces and 14% increase in Measured and Indicated Resources to 1.97 million gold equivalent ounces. Costerfield mine sees growth in True Blue deposit and potential new mineable deposit. Björkdal mine expands mineral system, adding 125,600 gold ounces with exploration success at Storheden and Norrberget.

Chris Davis, VP of Exploration, sees exceptional potential in Costerfield and Björkdal with the rapid expansion of True Blue deposit and Resource development. The company aims to further expand resource base in the future. Details of Mineral Resources and Reserves estimates at each property will be documented in independent Technical Reports filed within 45 days of this press release.

At Costerfield, 49.4 km of exploration drilling was completed in 2024, focusing on extensions of ore bodies and regional targets. True Blue deposit experienced >300% increase in Inferred Resources. On-vein development and mine grade control efforts were successful. Geological data was stored and validated using acQuire GIM system. Mineral Resources reported above a cut-off of 4.3 g/t AuEq for both Costerfield and Björkdal mines. Measured + Indicated Mineral Resources at Costerfield total 1,197 kt, while Inferred Resources stand at 538 kt.

Mineral Reserves at Costerfield include 604 kt of Proven and Probable reserves with a decrease of 19,900 gold ounces compared to 2023. The addition of 34,800 ounces from Resource conversion was offset by 54,800 ounces depleted from previous reserves. Proven reserves include 307 kt underground and 43.5 kt stockpile, while Probable reserves include 253 kt underground.

At Björkdal, additional drilling focused on Eastern Extension, Aurora, and North Zone Below Marble. Mineral Resource estimate includes 20,760 kt Measured + Indicated and 11,709 kt Inferred Resources. Mineral Reserve estimate includes 13,683 kt Proven & Probable with 125,600 ounces of gold added at an exploration cost of $4.2 million.

Forward-looking statements caution readers on potential changes in market conditions affecting Mandalay’s operations. Risks and factors impacting actual results are detailed in the annual information form. Mandalay aims to create shareholder value through profitable operations at Costerfield and Björkdal mines while evaluating growth opportunities.



Read more at GlobeNewswire: Mandalay Resources Reports 2024 Mineral Reserves and