Calypso Exploration Target at 2.9 - 3.9 Mt with High-Grade T3 Discovery

Calypso Drilling to Unlock Resource Potential

Mt Malcolm Mines (ASX:M2M) is advancing plans for a drilling program at its Calypso Gold Prospect, aiming to upgrade a historical Exploration Target into a Maiden JORC 2012 Mineral Resource. The target, defined primarily at the T1 and T2 zones, stands at 2.9–3.9 million tonnes grading 1.6–2.2 grams per tonne gold, equating to 153,000–279,000 ounces. This figure, however, excludes the T3 Constance Lode, a high-grade discovery from M2M’s 2022–2023 diamond drilling that could materially add to the resource base.

The program includes systematic infill and extensional drilling, combining reverse circulation (RC) pre-collars with diamond tails, alongside metallurgical testwork and geotechnical assessments. Drill planning and contractor tenders are underway, with regulatory submissions progressing in tandem to ensure rapid mobilisation once funding is secured.

High-Grade T3 Discovery Elevates Calypso’s Profile

The T3 Constance Lode represents a blind, down-plunge extension approximately 400 metres from the T2 target. M2M’s recent drilling at T3 has returned standout intercepts including 16.21 metres at 4.01 g/t gold from 343.25 metres, featuring high-grade shoots such as 0.57 metres at 25.81 g/t. These results confirm a wide, continuous mineralised corridor open at depth, suggesting significant upside beyond the existing Exploration Target.

Historical drilling by BHP Malcolm Joint Venture and North Ltd further supports Calypso’s multi-lode gold system credentials, with broad intercepts like 14 metres at 1.63 g/t and 7 metres at 3.48 g/t gold. Multiple targets remain undrilled, notably the untested T4 anomaly, highlighting substantial exploration upside in the region.

Strategic Location in a Prolific Gold Belt

Calypso lies within the Norseman–Wiluna Greenstone Belt of the Yilgarn Craton, a globally recognised gold province hosting giants such as Wallaby, Granny Smith, and Gwalia. Situated just 25 kilometres southeast of Leonora, the prospect benefits from proximity to established infrastructure, potentially easing future development hurdles.

Mt Malcolm Mines has also commissioned studies to refurbish a 500,000 tonnes per annum Carbon-in-Leach gold processing plant acquired in December 2025, which could provide processing capacity for Calypso and surrounding projects. This infrastructure ambition was recently supported by a rights issue price revision aimed at funding plant feasibility and exploration activities.

Capital Raise and Next Steps

The drilling program hinges on the completion of a capital raise, which Mt Malcolm Mines is actively progressing. Proceeds will fund drilling, geological modelling, assay programs, metallurgical and geotechnical studies, and corporate working capital. The company intends to mobilise drilling rapidly post-funding to maintain momentum.

The overarching goal is to convert Calypso’s historical Exploration Target into a JORC-compliant Mineral Resource, underpinning future development decisions. This follows M2M’s recent announcement of a maiden 13,200-ounce Mineral Resource across its Golden Crown and Dumbarton prospects, marking a critical step in building a broader resource portfolio within the Malcolm Project. The new drilling at Calypso could be the next leap forward in resource growth, complementing the existing inventory and infrastructure plans.

Geological Framework and Exploration Potential

Gold mineralisation at Calypso is hosted within magnetite-rich siltstone units with iron-carbonate–pyrite–quartz alteration, typical of orogenic gold systems. The mineralised sequence forms a predictable overturned syncline with multiple shear zones, enabling targeted down-plunge drilling. The Constance Lodes at T3 are interpreted as a multi-lode corridor with widths up to 45 metres and consistent 2–4 g/t gold zones, featuring local high-grade shoots.

With multiple untested geophysical targets and a robust structural framework, Calypso offers a compelling exploration package. The company cautions that while these geological attributes are promising, they do not guarantee a Mineral Resource will be defined.