Mandalay Resources Corporation Discovers New Gold Rich Structural Domain Below the Youle …

In January 2021, an initial step-out hole intercepted what the Company now refers to as the Western Veining within the Shepherd Zone.

The presence and orientation of this veining is an exciting discovery that confirms Mandalay’s targeting strategy, which was updated following completion of the 2019 Costerfield Deeps drilling.

Although drillhole BC086 accessed the target zone at an acute angle, it successfully intercepted sub-vertical auriferous veining, which provides indications of a significant strike extent.

Within BC187, sub-vertical veining occurs over 6.27 m ranging from 1 cm to 20 cm in width with gold grades ranging up to 522 g/t gold approximately 40 m to the south and above BC187.

This vein was also targeted by BC179 approximately 50 m vertically below BC187, and successfully intercepted multiple veins over a width of 0.87 m at a composited grade of 6.9 g/t gold.

It has been previously noted within the upper levels of Youle that these laminated quartz veins act as pooling environment for gold and indeed act as the host for the Youle orebody.

Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy , and a Qualified Person as defined by NI 43-101.

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile.

A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2021, a copy of which is available under Mandalay’s profile at

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