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Mandalay's proven, probable gold reserves at Costerfield mine up 26%

Mandalay Resources Corp. said Jan. 8 that proven and probable gold reserves, net of depletion, at the Costerfield gold-antimony mine in Victoria, Australia, grew 26% yearly to 154,000 ounces contained in 537,000 tonnes grading 8.9 g/t.

Antimony reserves in the proven and probable categories slid 10% to 15,500 tonnes grading 2.9%.

Measured and indicated gold and antimony resources posted 34% and 13% increases, respectively, to 351,000 ounces of gold and 40,800 tonnes of antimony contained in 1.3 million tonnes grading 8.3 g/t gold and 3.1% antimony.

Exploration work in 2018 at the Youle lode resulted in the addition of a maiden reserve of 94,282 ounces of gold and 7,042 tonnes of antimony grading 11.2 g/t gold and 2.7% antimony; 130,000 ounces of gold and 9,700 tonnes of antimony grading 22.1 g/t gold and 5.2% antimony were added to the measured and indicated resources.