Mt Malcolm Mines NL : Calypso Exploration Update

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ASX Announcement

CALYPSO DIAMOND DRILL

EXPLORATION UPDATE

29 July 2022

Highlights

Calypso (P37/8792) Diamond Drilling has returned the following significant gold intersections over several wide mineralised envelopes:

• 22CALDD004 - 26m @1.97 g/t Au (261.55-287.55m)

Including 9.96m @ 2.97 g/t Au (263.90-273.57m) which included 1.12m

• 5.39 g/t Au (269.77-270.89m) and 1.06m @ 7.33 g/t Au (271.94- 273.00m).

The wide intersection also included 8.96m @ 2.06 g/t Au (278.59- 287.55m) which included 0.74m @ 4.92 g/t (284.66-285.72m) and 1.52m @ 3.86 g/t Au (284.66-286.18m).

This was followed by a 5.89m depleted zone and then by a second 3.51m @ 3.96 g/t Au (293.44-296.95m) including 0.8m @ 4.88 g/t Au (293.44-294.24m) zone of mineralisation.

• 22CALDD003 - 10.27m @ 1.53 g/t Au (246.38-254.98m)
  Including 3.42m @ 2.66 g/t Au (248.51-252.03m).

ASX: M2M	mtmalcolm.com.au
[e-mail]
ACN: 646 466 435
Phone: [phone]

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Mt Malcolm Mines NL (ASX:M2M of "the Company") is pleased to provide an exploration update following recently received assay results from approximately half of the currently planned diamond drill program underway at Calypso (P37/8792). The drilling program is designed to follow up the previously defined gravity/magnetic anomalies and test depth extensions of defined mineralisation. (ASX:M2M) Calypso Exploration Update 27th April 2022 and June 2022 Quarterly Report.

Diamond Drilling - Calypso

IMAGE 1 22CALDD004 - Up to 10% sulphide mineralisation - Pyrite in vuggy quartz, semi-massive pyrrhotite and quartz veining in magnetite rich siltstone and altered porphyritic granite (294 - 297.6m).

The Diamond drilling (HQ3) program is on-going and diamond core is still being processed however complete assay results for 22CALDD001-002 and selected sections of 22CALDD003-004 have been received.

The lithologies at Calypso include a strongly deformed sedimentary sequence of magnetic siltstones, interbedded sandstone, shale and BIF that has been intruded by cross cutting quartz stockworks±calcite and sulphide bearing felsic porphyry. Sulphide assemblages can be massive to semi-massive, they include pyrrhotite, pyrite and arsenopyrite with interspersed hydrothermal alteration zones. Magnetite has been replaced by intersecting schistosity and veining, resulting in sulfidation and intense sericite-silica alteration.

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IMAGE 2

22CALDD004 - Semi-massive pyrrhotite and pyrite stringers

Following geological observations and the range of sulphide phases and mineralisation styles in 22CALDD004 the previous hole 22CALDD003, which has only been assayed over 22.38m (246.38-268.76m), was re-entered and extended an additional 100m.

The remaining 95m of continuously and intermittently mineralised core below the reported mineralized interval is currently being cut and sampled. Core observations in 22CALDD003 confirm similar mineralisation styles and intensity to 22CALDD004 over at least 50m.

Within 22CALDD004 a zone of intense structural deformation, at a depth of approximately 250 to 300m, displays intense patches of silica ± carbonate alteration and local brecciation. Multiple zones of disseminated to semi-massive aggregates of pyrite and lesser pyrrhotite are interspersed with cross cutting quartz veins and stockworks, including zones where altered and veined intrusive porphyry has assimilated and dismembered the sedimentary sequence.

Proposed holes 22CALDD006 and 22CALDD007, intended to test the heart of the gravity anomaly at depth have been placed on hold with 22CALDD008, collared approximately 50m south of 22CALDD003 and 22CALDD004 currently being drilled to test the up plunge sheared limb extensions of mineralisation detected and observed in 22CALDD003 and 22CALDD004.

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22CALDD008 is currently being drilled to a target depth of 230m. The remaining diamond holes are now being geologically logged, processed and sampled. Numerous assays remain outstanding, and results will be reported as and when they come to hand. The diamond program will continue through-out the September quarter.

FIGURE 1

Exploration model. The gravity-magnetic anomaly delineates multiple fold closures, a finding confirmed by the sub surface geological plan. Existing mineralised intercepts coincide with shear zones intersecting the folded sedimentary package.

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FIGURE 2

Magnetic inversion overlaying the BIF formation with plotted diamond drill hole references and sub surface historical geological mapping

IMAGE 3

Diamond drilling underway at Calypso

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