07:58 AM EST, 01/28/2025 (MT Newswires) -- Mandalay Resources ( MNDJF ) reported Tuesday high-grade drill results at its True Blue prospect near the Costerfield gold-antimony mine in Victoria, Australia.

Results include 578 grams per tonne (g/t) gold and 20% antimony over 0.47 meters and 16.8 g/t gold and 2.4% antimony over 3.98 meters.

The company said the results represent a "significant breakthrough" as it intercepted high-grade mineralization with visible gold and stibnite veins.

"This development reinforces our standing position as a growing gold producer and as the leading Western source of the strategic mineral antimony," said Frazer Bourchier, Mandalay's president and CEO.

Mandalay said it will conduct an extensive extensional drilling program to unlock the full potential of True Blue.

"Exploration continues to be a key strategic pillar for growth, with a minimum of $9 million allocated for the first half of 2025," Bourchier said.

Mandalay's share price dropped 6.1% on Monday to $4.33 on the TSX.