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TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) Mandalay Resources Corporation ( Mandalay or the Company ) (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on the Youle extension project at Costerfield, highlighting the delineation of the previously reported southern domain, and the discovery of a new high-grade extension to the northern trend of Youle.
Youle Drilling Highlights
Drill holes convey lateral continuity of current mine development area, linking to previously reported southern domain (Figure 4):
264.1 g/t gold and 19.7% antimony over a true width of 0.23 m in BC162; and
94.7 g/t gold and 16.4% antimony over a true width of 0.05 m in BC158.
New high-grade results north of Youle extending at depth:
Mandalay Resources Corporation Announces Production and Sales Results for the Fourth Quarter and Full-Year 2020, Provides Production and Cost Guidance for 2021
Fourth Quarter and Full-Year 2020 Production Highlights:
Met full-year 2020 production guidance with a consolidated 103,444 ounces of gold equivalent produced;
Achieved 35% year-over-year production growth in 2020;
Produced 24,488 saleable gold ounces during Q4 2020, the Company s highest quarterly saleable gold production since Q4 2017;
Recorded fifth consecutive quarterly improvement in consolidated saleable gold production; and
Provided 2021 full-year consolidated production and cost guidance of 105,000 - 117,000 ounces of gold equivalent produced at expected cash cost of $800 - $1,000 and all-in sustaining cost of $1,100 - $1,350.
In the fourth quarter of 2020, Mandalay produced a consolidated 27,351 saleable ounces of gold equivalent and sold 24,742 ounces of gold equivalent. For the full-year 2020, Mandalay produ