ASX Announcement

DRILLING COMMENCES AT DUMBARTON

12 April 2022

Highlights

  • • Drilling has commenced at the Dumbarton Prospect.

  • The 1,500m RC program of extensional and confirmatory drilling is

    adjacent to historic intercepts of :-

    • • 4 metres @ 7.44 g/t Au in MB1 between 35-39 metres

    • • 4 metres @ 7.00 g/t Au in MSR282 between 44-48 metres

    • • 4 metres @ 4.74 g/t Au in DRC014 between 5-9 metres

Mt Malcolm Mines NL (ASX:M2M or "the Company") is pleased to announce that an RC drilling program has commenced at the Dumbarton Prospect at the 100% owned 'Malcolm Project' near Leonora within the Mt Malcolm District of the Mt Margaret Mineral Field in Western Australia.

The 1,500m Reverse Circulation (RC) drill program is designed to test for extensions to and the validity of historic drill intercepts in and around the old Dumbarton workings, and test up to 500m along strike, which has been inadequately drilled in the past.

This program will enhance the company's understanding of the nature, styles and characteristics of gold mineralisation presently identified within the Dumbarton Prospect, as well as extending the known mineralisation along strike. The results from this program should provide the company confidence to commit to a more comprehensive drilling campaign to enable estimation of a mineral resource.

A drilling Program of Work (PoW Reg ID 99901) has been approved by the Department of Mines, Industry Regulation and Safety (DMIRS) for the Dumbarton tenement P37/8825.

Figure 1 - Dumbarton Prospect proposed RC collars (white) and historic drilling (black)

The RC drill program (1,500m) was formulated by the technical team following an extensive review of the current database, as well as field inspections to validate historical drillhole locations and orientation by survey and geological mapping. Proposed drillhole collar locations have been surveyed in and a drilling contractor has been secured, with the program commencing this week. Fifteen (15) holes are planned of which five (5) will be drilled now, with the remainder of the holes, the western series, to be completed upon approval from the Pastoralist (Melita Station). A list of the location of the proposed holes is provided in the following table (Table 1) and their collar locations shown in Figure 1.

Page 2

Dumbarton Prospect - proposed RC drill hole locations

Prop Hole #

RL AHD

DIP

DEPTH

(m)

NORTH MGA94

EAST MGA94

AZIM Mag

DB_Prop1

430

-60°

100

6795764

354496

340°

DB_Prop2

430

-60°

100

6795818

354473

340°

DB_Prop3

430

-60°

100

6795745

354446

340°

DB_Prop4

430

-60°

100

6795727

354401

340°

DB_Prop5

430

-60°

100

6795789

354430

340°

DB_Prop6

430

-60°

100

6795773

354384

340o

DB_Prop7

430

-60°

100

6796026

354983

DB_Prop8

430

-60°

100

6796026

354880

DB_Prop9

430

-60°

100

6796028

355083

DB_Prop10

430

-60°

100

6795991

354713

340°

DB_Prop11

430

-70°

100

6795977

354679

340°

DB_Prop12

430

-60°

100

6795956

354642

340°

DB_Prop13

430

-70°

100

6796010

354750

340°

DB_Prop14

430

-60°

100

6796027

354966

310°

DB_Prop15

430

-60°

100

6796000

354946

310°

Mineralisation at the major mines in the Malcolm area are hosted either in porphyrytic gabbro-dolerite or occur along sheared gabbro-basalt contacts. A feature of the host rocks exposed in the gold workings is an abundance of quartz veins both parallel and oblique to the schistosity and local structural regime.

At Dumbarton the mineralised veins strike 070° however they have not been systematically tested over the full strike length nor at depth. Historically the mine operated from 1899-1902, with 303.55 oz of gold being produced from 281 tonnes @ 22.53 g/t .1 Prospecting License P37/8825, which includes the Dumbarton Mine and the current drill target area, is typified by transported surficial cover and therefore has not been the subject of surface geochemical sampling. Wide spread RAB bedrock geochemical sampling was conducted systematically in the area by North Ltd2 (1995) with varying results with a best intercept from drill hole MSR282 returning a peak value of 4m @ 7.00g/t Au from 44m depth (Table 2).

During 1986 Nova Resources NL conducted limited rock chip sampling and drilled one 50m RC hole at Dumbarton (MB1), which returned significant drill intersections (Table 2). Nova Resources' database is minimal and only reported within the text of the Annual Technical Report (ATR). No complete data files were available to be found in Western Australian Mineral Exploration Reports (WAMEX).

  • 1 Kelly L.F (1954) List of Canceled Gold Mining Leases (which have produced gold)

    Mines Department of WA

  • 2 WAMEX report A49966

Dumbarton Prospect significant intercepts Nova 1986 and North 1995

Hole ID

East GDA94

North GDA94

Azim Mag

Dip

Depth

(m)

From (m)

To (m)

Interval

(m)

Au (g/t)

DRC019

354581

6795933

335°

-60°

40

28

31

3

1.96

DRC020

354588

6795916

335°

-60°

60

53

54

1

1.08

DRC021

354596

6795898

335°

-60°

90

23

26

3

0.86

24

25

1

1.86

DRC024

354733

6796002

335°

-60°

54

36

40

1

2.99

DRC025

354747

6795967

335°

-60°

90

71

74

3

1.43

73

74

1

1.84

DRC028

354820

6796002

335°

-60°

72

49

50

1

1.50

Hole ID

East AMG84

North AMG84

Azim Mag

Dip

Depth

(m)

From (m)

To (m)

Interval

(m)

Au (g/t)

MB11

354728

6796002

330°

-60°

50

35

39

4

7.44

36

37

1

18.3

MSR282

354800

6795875

360°

-60°

80

44

48

4

7

Significant intersections from the RC drillholes completed by Polaris Pacific NL ("Polaris") in 1988 are presented in Table 3. The drill program included 18 RC holes for an advance of 594m and an average hole depth of 33m at the Dumbartons prospect. Results included 587 assayed 1m split samples however no QA/QC

protocols were used.

TABLE 3

Dumbarton Prospect - Polaris Pacific significant intercepts 1988 2

Hole ID

East GDA94

North GDA94

Azim Mag

Dip

Depth

(m)

From (m)

To (m)

Interval

(m)

Au (g/t)

DRC014

354480

6795803

340°

-60°

31

5

9

4

4.74

5

7

2

8.67

DRC018

354646

6795997

160°

-60°

60

32

60

28

0.57

44

50

6

1.31

57

60

3

0.99

Torian Resources conducted a RC drilling program in 2017. A total of 14 holes were drilled for an advance of 826m at an average hole depth of 59m.3 Significant intercepts from this drill program are presented in Table 4.

TABLE 4

Dumbarton Prospect - Torian Resources significant intercepts 2018 4

1

WAMEX Report A24682

2

WAMEX Report A24682

3

Torian Resources Ltd (2017) ASX Release: Quarterly Activities Report

4

Torian Resources Ltd (2018) ASX Release: Further Results at Malcolm

Page 4

Details regarding previous exploration of the Dumbartons tenements is detailed in section 6.3 of the Independent Geologist's Report in the Mt Malcolm Mines NL Prospectus dated 2nd August, 2021.

The information contained or referenced in this announcement was first released by the Company in it's IPO Prospectus dated 2nd August 2021 "Mt Malcolm Mines NL ACN:646 466 435 Prospectus" as supplemented by a Supplementary Prospectus dated 19th August 2021 (Prospectus).

The Company is not aware of any new information or data that materially affects the information presented in the Prospectus. All drill information presented in this document is of historic value and has been released by the relevant companies to the ASX at the time.

This announcement has been authorised by the Board of Mt Malcolm Mines NL.

For further information please contact:-

Trevor Dixon

Managing Directortrevor@mtmalcolm.com.au

Competent Persons Statement

The information contained in this report relates to information compiled or reviewed by Paul Maher who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), Mr Maher is an employee of the company and fairly represents this information. Mr. Maher has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 edition of the "JORC Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Maher consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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Mt Malcolm Mines NL published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 23:00:03 UTC.