Malcolm Project’s Maiden Resource: 13,200 Ounces at 1.53 g/t Gold

A Milestone for Mt Malcolm Mines

Mt Malcolm Mines NL (ASX:M2M) has reached a significant milestone with the release of its maiden Mineral Resource Estimates (MRE) for the Malcolm Project’s flagship prospects, Golden Crown and Dumbarton. This first formal JORC 2012-compliant resource report confirms a combined resource of 269,000 tonnes grading 1.53 grams per tonne gold, equating to 13,200 ounces of contained gold. The estimates are classified as Indicated and Inferred, providing a credible foundation for the company’s development ambitions.

Resource Details and Metallurgical Confidence

The Golden Crown deposit accounts for approximately 4,600 ounces at 1.5 g/t Au, while Dumbarton contributes around 8,600 ounces at 1.55 g/t Au. Both deposits are reported within conceptual open pits optimised at a gold price of AU$6,500 per ounce, reflecting current market conditions and mining cost assumptions. Importantly, metallurgical testwork indicates strong recoveries, with Golden Crown achieving 94.3% and Dumbarton showing promising preliminary recoveries of 95% for oxide and 85% for transition material. These figures underpin the economic viability of the deposits and support future processing plans.

Strategic Drilling to Unlock Further Potential

Mt Malcolm Mines is not resting on this initial success. The company has adopted recommended drilling programs to both infill and extend the resource base. At Golden Crown, shallow infill drilling aims to delineate high-grade quartz vein structures that could provide early mining cashflow, while extensional drilling targets deeper and lateral extensions. Dumbarton’s resource, currently limited by oxide depletion drilling, will see deeper drilling into fresh rock to better define and potentially upgrade the resource. These programs are underway, with environmental permits in place and planning advanced.

Navigating Heritage and Environmental Considerations

The Golden Crown resource lies adjacent to a registered Aboriginal Cultural Heritage site, but the impact on the resource is minimal, only 45 ounces of gold are affected, and these have not been excluded from the MRE. Mt Malcolm Mines is actively consulting with Traditional Owner representatives to ensure respectful and compliant development. The company also notes no significant environmental or permitting issues have arisen during drilling, positioning the project well for future advancement.

Looking Ahead: Development and Market Implications

Managing Director Trevor Dixon emphasised the importance of this announcement as a de-risking step that strengthens the project’s technical and economic credentials. The MRE provides a platform for optimisation studies and financing discussions, critical as Mt Malcolm Mines moves toward development planning. With both deposits open at depth and along strike, and ongoing evaluation of the Sunday Picnic prospect, the company signals a clear pathway to resource growth and value creation for shareholders.