Mt Malcolm Mines Targets Resource Growth with 2,500m Golden Crown Drilling

Drilling to Expand Maiden Gold Resource at Golden Crown

Mt Malcolm Mines NL (ASX:M2M) is gearing up for a significant Reverse Circulation (RC) drilling campaign at its Golden Crown Prospect within the Malcolm Project in Western Australia’s Eastern Goldfields. The 2,000 to 2,500 metre program, comprising around 25 holes, aims to both increase the size and upgrade the confidence of the recently announced maiden Mineral Resource Estimate (MRE) of 95.7 kt at 1.50 g/t Au, containing approximately 4,600 ounces of gold.

The drilling will focus on two complementary objectives: shallow infill holes designed to improve geological definition and potentially convert Inferred resources to Indicated, and extensional drilling to test the mineralisation’s open strike and depth limits. Notably, the extensional component includes a high-priority 300-metre corridor southwest of the main mineralised zone that remains untested and could materially expand the known footprint if successful.

High-Grade Intercepts Underpin Exploration Rationale

Golden Crown’s maiden MRE, announced in March 2026, covers mineralisation extending to about 50 metres depth but remains open down-dip and along strike. Previous drilling campaigns have delivered standout intercepts such as 3 metres at 11 g/t Au, including a 1-metre section grading 30.77 g/t Au, reinforcing the prospect’s high-grade potential. These results, alongside a 2025 bulk sampling program that produced 345 ounces of gold doré and metallurgical testwork showing recoveries exceeding 94%, build a strong case for resource expansion.

Managing Director Trevor Dixon emphasised the importance of this next phase, noting the program’s dual focus on improving confidence in the existing resource and probing for additional mineralisation. "Success from this program has the potential to strengthen the quality of the resource base and demonstrate additional scale at Golden Crown," he said.

Drill Program Details and Geological Insights

The infill drilling will target near-surface, high-grade quartz vein structures, aiming to increase drill density and support resource classification upgrades under JORC 2012 standards. Extensional drilling will test along-strike extensions of the quartz vein system, down-dip extensions below the current resource envelope, and the untested 300-metre corridor characterised by historical workings, outcropping quartz veins, and magnetic lows.

The program’s design benefits from recent geological modelling and structural interpretation completed in early 2026, which enhanced understanding of mineralisation controls and guided drill targeting. The campaign will focus on two main lode systems spanning approximately 200 metres, with some holes planned to reach depths beyond 120 metres to explore high-grade shoots below the conceptual pit.

Permitting and Project Context

All necessary environmental permits are current, and drillpad clearing is underway ahead of mobilising the drilling contractor. Golden Crown is part of Mt Malcolm’s broader Malcolm Project, which covers about 200 square kilometres near Leonora, WA. The project’s recent drilling success and resource definition efforts dovetail with the company’s ongoing work on a 500,000 tpa CIP processing plant feasibility study, supported by recent capital raises totaling nearly $1.8 million to fund exploration and development activities.

While the drilling campaign holds promise, the company cautions there is no guarantee that additional mineral resources will be defined. The results will be critical in determining the next steps for resource expansion and potential development at Golden Crown.