Mt Malcolm Mines NL (ASX:M2M) has provided an update on exploration activities at its Malcolm Gold Project.
RC Drilling aimed at providing a maiden mineral resource has commenced at the Golden Crown prospect (M37/475). Mt Malcolm Mines NL has also planned a closely spaced (8m x 12m) programme (65 drill holes for 2,475m).
The exploration target* is estimated in the range of 150,000t – 120,000t at a grade range of 10-15g/t Au. Following a comprehensive geological review, the proposed RC drilling at Golden Crown has commenced.
The tenement is regarded by the company as a significant producer, hosting several old stopes and shafts boasting historical high-grade gold production of 1,720oz at 29g/t Au. The tenement has been subject to relatively minor exploration in the past by listed companies such as Jubilee Gold Mines NL, North Ltd, and Melita Mining NL, who conducted limited shallow drill programmes. M2M followed up these holes with further RC drilling.
Historical RC drilling conducted by Melita, Jubilee (MRC series), North (MSR series), and M2M (21GCRC series) returned the following peak intercepts:
- 4m @ 10.4g/t Au(32-36m) in MSR 344
- 4m @ 5.01g/t Au (17-21m) in MRC 53
- 8m @ 3.2g/t Au (29-37m) in MRC 67
- 12m @ 2.4g/t Au (15-27m) in MRC 55
- 8m @ 1.3g/t Au (40-48m) in MSR 345
- 16m @ 1.63g/t Au (8-24m) in MDRC004 incl. 6m @ 3.12g/t Au (18-22m)
- 3m @ 11.97g/t Au (37-40m) incl. 1m @ 33.61g/t Au (37-38m) in 21GCRC001
- 4m @ 2.99g/t Au (28-32m) incl. 1m @ 5.78g/t Au (29-30m) within 10m @ 1.56g/t Au (28-38m) in 21GCRC008
- * Note: The potential quantity and grade of the Exploration Target is conceptual in nature and as such there has been insufficient exploration drilling conducted to estimate a mineral resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a mineral resource.
Following data compilation, inaugural drill campaigns, geochemical analysis, and surface mapping, Mt Malcolm Mines NL has identified a shallow drill target envelope. Geological modelling indicates new shallow north plunging hanging wall ore shoots. The shoots represent a 100m wide target corridor following the dip of the volcanic stratigraphy and the proposed exploration target. It is planned to test these gold lodes and extensions with the closely spaced shallow RC programme. The identified lithological sequence from footwall to hanging wall comprises dacite, rhyolite, rhyodacite, basalt, and andesitic dacite, and a magmatic intrusive lamprophyre dyke.
North dipping gold lodes are focused along the hanging wall rhyolite contact. All the currently intersected mineralisation is hosted within the rhyolite and to a lesser extent the rhyodacite, however the basalt is poorly tested.
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