Is Mt Malcolm poking a porphyry at Calypso?
Mt Malcolm Mines has wrapped up the latest phase of diamond drilling at the flagship Calypso prospect. The all-important assays are pending.
Mt Malcolm’s (ASX:M2M) namesake project gold project in WA covers several mineralised structures, the company says, that were explored “erratically” and “ineffectually” in the past.
M2M reckons the project area has the potential to host more than one economic gold deposit, based on previous exploration and geological interpretations.
The current focus is the Calypso prospect, where the company announced an exploration target of between 150,000oz-276,000oz.
In August, early drilling results from Calypso returned some interesting numbers like 12.46m at 2.412g/t from 272m depth.
Company geologists subsequently identified a link between anomalous porphyry occurrences and this gold mineralisation.
Porphyry deposits are multigenerational monsters responsible for ~60 per cent of the world’s copper, most of its molybdenum, and significant amounts of gold and silver.
Their easy-mining large volumes make up for the low grades, typically between 0.3 per cent to 1 per cent copper equivalent.
During this latest round of diamond drilling at Calypso the porphyry zone was the primary target.
The program included extending an existing hole by 233.2m, targeting the depth potential of the system, and four additional deep diamond holes to test the plunge extent of the main mineralised horizon.
Recovered diamond HQ core is currently being geologically logged and sampled.
All five holes in this latest diamond drill program are increasingly suggesting a southwest plunge of porphyries within a northeast trending magnetic zone, M2M says.
Updates and assay results will be announced to the market as they come to hand.
M2M says the two principal objectives of the drill program were met with good success.
One — initial deep drilling extending 22CALDD005 confirmed widening of the porphyry system “with the broadest intervals intersected in over forty years of exploration at Calypso”.
In conjunction with this was extensive hydrothermal brecciation and veining within adjacent polymictic conglomerate that represents considerable potential as a host for gold mineralisation, it says.
Two — continuity of the mineralisation previously discovered was confirmed in the final four holes of the most recent program, which extended the down-plunge and up-plunge extent of mineralisation by 50m in either direction.
“The initial diamond drill results of our maiden drill program within the T3 target zone at Calypso are very exciting and we look forward to receiving the outstanding assay results and fine tuning the geological model, particularly the architecture and dimensions of the SW plunging porphyry corridor,” M2M managing director Trevor Dixon says.
“We have more exploration to do at Calypso and much of the prospect area is regarded as underexplored.
“Next year is shaping up to be a very exciting one for the company.”
This article was developed in collaboration with Mt Malcolm Mines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.