Mt Malcolm Mines keeps hitting gold at its Calypso project near Leonora in WA, with new assays demonstrating the immense exploration potential of its flagship project.

The Leonora gold district has emerged as one of the hottest regions in the state’s vaunted mining scene in recent weeks amid merger speculation surrounding Raleigh Finlayson’s Genesis Minerals and Gwalia gold mine owner St Barbara.

Mt Malcolm’s (ASX:M2M) exploration success is further proof of the still rich future potential of the gold domain, turning up high grade and wide results on little tested ground near and around historic discoveries.

The company yesterday released results from the lower half of the mineralised section of hole 22CALDD003 to the end of hole.

Its most startling strikes included 12.46m at 2.41g/t (272.84m-285.30m) including 0.42m at 9.19g/t and 0.93m at 10.97g/t, as well as 8.85m at 2.52g/t from 289-297.85m including 0.88m at 5.67g/t.

Importantly, these hits are outside of a target area marked out in M2M’s 2021 prospectus, where it has an exploration target of 2.9 Mt and 3.9 Mt at grades ranging from 1.6 g/t to 2.2 g/t Au.

This potential new discovery zone could be the source of a significant amount of ounces for the Calypso project.


Mt Malcolm ASX:M2M Calypso
Quartz sulphide veining in the Calypso core grading 0.83m @ 10.97g/t. The high grade hit is in red. Pic: Mt Malcolm Mines


Other significant results included:

  • 7.41m @ 1.88 g/t Au (310.0-317.41m) including 0.34m @ 10.75 g/t Au (317.07-317.41m).
  • 1.06m @ 10.17 g/t Au (320.87-321.93m) including 0.38m @ 16.44 g/t Au (320.87-321.25m).
  • 9.98m @ 0.51 g/t Au (325.02-335.00m) including 0.17m @ 4.74 g/t Au (325.02-325.19m) and 3.34m @ 4.56 g/t Au (327.66-331.00m); and,
  • 0.99m @ 3.74 g/t Au (349.74-350.73m).

Not the end, nor the beginning

What will be pleasing for Mt Malcolm is the consistency of gold hits in the results from its drilling campaign at Calypso, where its recent assays came from its decision to re-enter the diamond hole below previously reported intersections.

That came after anomalous gold mineralisation was returned at depth at the hole 22CALDD004, which was collared 50m west of 22CALDD003.

Previously reported intercepts included 10.27m at 1.53 g/t Au (246.38-254.98m) including 3.42m at 2.66 g/t Au (248.51-252.03m) in hole 22CALDD003 and 26m at 1.97 g/t Au (261.55-287.55m) including 9.96m at 2.97 g/t Au (263.90-273.57m) and 8.96m at 2.06 g/t Au (278.59-287.55m) in hole CALDD004 along with 3.51m at 3.96 g/t Au (293.44-296.95m).

50m of consistent mineralisation and another 50m of intermittent mineralisation was found to the end of the hole in 22CALDD003, with plenty remaining to be found at depth.


Mt Malcolm ASX:M2M Calypso
The Calypso exploration model. The gravity-magnetic anomaly delineates multiple fold closures, a finding confirmed by the sub surface geological plan. Pic: Mt Malcolm Mines


Diamond drilling is still ongoing at Calypso, with a rig recently completing the sixth hole of its program into the high density gravity target 3, 22CALDD008, which is collared 50m south of 22CALDD003 and targeted up plunge extension of previous gold rich holes to a depth of 230m.

Mt Malcolm says triangulated with results from the previously drilled holes, hole 22CALDD008 will give a better understanding of the true width of the geology at Calypso.




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.