- Mt Malcolm Mines (M2M) receives results for the remaining five holes from its inaugural reverse circulation drilling program at Golden Crown in Western Australia
- New grades peaked at 7.06g/t gold while overall grades peaked at 33.61g/t gold
- Mt Malcolm is now in the process of planning a deeper follow-up drilling program to target the strike and depth extensions of the veining system and anomalous gold
- Shares in Mt Malcolm are down 13.8 per cent on the market and are trading at 12.5 cents
Mt Malcolm Mines (M2M) has received results for the remaining five holes from its inaugural reverse circulation (RC) drilling program at Golden Crown.
The Golden Crown Prospect is part of the Malcolm Gold Project which lies near Laverton in Western Australia.
Historically, Chevron Exploration Corporation explored Golden Crown in the 1980s to follow up on a regional geophysical survey that identified an anomalous induced polarisation (IP) halo.
Follow up drilling failed to explain the anomaly with grades peaking at 160 parts per million (ppm) copper and 234 ppm zinc.
This anomaly has not been drill tested at depth nor has it been sufficiently explained.
New results include one metre at 7.06 grams of gold per tonne (g/t) and four metres at 2.99g/t gold including one metre at 5.78g/t gold.
Overall, grades peaked at three metres at 11.97g/t gold including one metre at 33.61g/t gold.
Managing Director Trevor Dixon commented on the results.
“The Golden Crown Prospect is shaping up well with several high-grade gold intersections received to date,” Mr Dixon said.
“Limited drilling has confirmed and identified high-grade shallow gold mineralisation that remains open along strike and completely open at depth. The prospect is at an early exploration stage and warrants further follow-up RC drilling.”
Mt Malcolm is now in the process of planning a deeper follow-up RC drilling program to target the strike and depth extensions of the veining system and anomalous gold intersected.
Shares in Mt Malcolm were down 13.8 per cent on the market and were trading at 12.5 cents at 2:00 pm AEDT.