Mt Malcolm's Golden Crown drilling opens a wider gold corridor

Golden Crown drilling extends the exploration story

Mt Malcolm Mines NL (ASX:M2M) finished its September quarter with its most tangible exploration progress concentrated at Golden Crown. The company completed 24 reverse-circulation holes for 2,520 metres, with 22 holes returning assays above 0.2 g/t gold and 17 meeting or exceeding the 0.5 g/t lower cut-off. The strongest results included 6 metres at 9.28 g/t gold from 31 metres, including 1 metre at 23.5 g/t, and 9 metres at 3.64 g/t from 12 metres, including 4 metres at 6.50 g/t.

“Collar plan (core area) showing 2026 RC holes (red) and previous drilling (black) with significant intercepts. Coordinates GDA2020 MGA Zone 51.”

“Plunge and strike. All five holes testing the north-westerly open extension of the West Lode (26GCRC009–013) returned intercepts, supporting continuity in that direction.”

Caption and image © Mt Malcolm Mines NL. From “Quarterly Activities and Cashflow Report”, 29 Oct 2026.

The results were reported after quarter end and build on the high-grade Golden Crown results, which identified mineralisation roughly 350 metres west of the previously drilled area. Seven holes failed to return an intercept at or above 0.5 g/t, however, and the company cautions that the headline intersections include composite samples whose pending 1-metre splits may alter the reported grades. All widths are downhole; true widths remain unknown.

Resource growth remains a modelling exercise

“Malcolm Gold Project Overview”

Golden Crown currently carries a JORC 2012 resource of 95.7 kilotonnes at 1.50 g/t gold for 4,600 ounces, within a conceptual pit extending to about 50 metres depth. Mt Malcolm says the new drilling supports further work on lateral continuity, stacked structures and the north-western extension, but the 2026 holes were not included in that March resource estimate. The next technical step is an updated three-dimensional structural model, followed by decisions on more infill and step-out drilling and whether the results can support a future resource update.

Calypso adds a large but untested drilling commitment

“Existing and proposed drill holes at Calypso on a TMI image (September 2026).”

At Calypso, Mt Malcolm appointed iDrilling Australia for an approximately 8,500-metre program across about 30 collars targeting the T1, T2 and T3 Constance Lode areas. The program includes RC drilling, RC pre-collars and diamond tails, with about 3,000 metres of diamond drilling contemplated. Half of eligible invoiced drilling costs will be paid in shares at AUD 0.01 each, subject to the company's available placement capacity and any required approvals. The planned Calypso work was already a feature of the company's development plans, but heavy rainfall delayed mobilisation and commencement remains dependent on access, pad preparation, funding and operational readiness.

Copper targets remain early-stage

“Maximum pXRF screening values for arsenic, antimony and tungsten by prospect.”

Regional exploration added breadth rather than a new defined mineral resource. Selective rock chips at Braiser returned up to 1.37% copper and 1.34% copper, while Malcolm South and Harry's produced pathfinder anomalies from pXRF screening. The company also continued the Malcolm copper-gold target review, but the distinction matters: pXRF readings are field-screening measurements, rock chips are selective samples, and Wool Shed's subdued response sits beneath transported cover that may approach 100 metres. Follow-up mapping, laboratory verification and subsurface testing are still required.

Cash position places a limit on exploration speed

The financial figures are less comfortable than the drilling narrative. Mt Malcolm spent $706,000 on exploration and evaluation during the quarter and ended September with $215,000 in cash. It had $700,000 of unused capacity under an unsecured loan facility with managing director Trevor Dixon, taking stated available funding to $915,000. At the reported spending rate, that equates to just 0.82 quarters of funding. The company says it can reduce discretionary exploration and pursue additional equity or loans, while the Calypso contract's scrip component is intended to preserve cash.

The company is also continuing its assessment of an acquired 500,000-tonne-per-year CIP processing plant, covering condition, refurbishment, configuration, cost and scheduling. That study remains subject to technical work, permitting, funding and approvals. For now, the immediate test is whether Mt Malcolm can convert Golden Crown's encouraging but incomplete extension story into a resource decision while mobilising Calypso without forcing a financing choice before the next set of assays arrives.