05:28 PM EDT, 09/10/2024 (MT Newswires) -- Mandalay Resources ( MNDJF ) after trade Tuesday said exploration drilling at its Costerfield operation in Australia showed gold and antimony mineralization.

The company said best results from infill drilling at the site included 751.7 grams per tonne of gold and 1.8% antimony over 0.22 meters and 291.3 gpt of gold over 1.26 meters.

"Drilling activities near Youle and Shepherd have increased our confidence in immediately surrounding areas that contain pods of high-grade mineralization and are expected to be added to the production schedule," said vice president of exploration and operational geology, Chris Davis. "Additionally, veins located below the highly profitable Cuffley deposit, which were previously underdeveloped due to the success at Youle, have shown high-grade potential. In 2024, the objective is to define enough mineral resource to justify extending the mine at depth."

The company's shares closed up $0.14 to $3.05 on the Toronto Stock Exchange.