Mt Malcolm Mines NL provided an exploration update on the latest round of assay results received from diamond drill holes 22CALDD0005, 0009, 0010 and 0012, including significant insights from the next round of geological modeling. These results, in conjunction with those within the have confirmed interpretation of multiple north-dipping lodes within a southwesterly-plunging porphyry corridor between the T2 and T3 geophysical targets. This new discovery zone and geometry of mineralisation at T3 represent the Constance Lodes that contrast from the historically-defined mineralization at shallower levels coinciding with T2. Holes 22CALDD0011 and 22CALDD0012 were key to defining repetition in the Constance Lodes as they were drilled sub-parallel to the porphyry mineralised envelope that provided maximum opportunity for lode intersection and also providing an insight into understanding the change in lode geometry between T2 and T3. In consideration of these latest holes, the updated geological model now demonstrates a close spatial relationship between a near-orthogonal change in bedding orientation, the porphyry corridor and a diagnostic sequence comprising polymictic conglomerates, tuffs and other volcaniclastic units. As introduced in a previous announcement, this juxtaposition of geological features most likely represents a deep-seated tectonic suture zone that has focused deposition of volcanic detritus and both magmatic and hydrothermal fluids over a long and protracted period of activation. In terms of the differences in lode geometry between the two zones, mineralisation
over T2 is hosted by shear zones focused along contacts between volcaniclastic and magnetic siltstone/sandstone units that dip shallowly to the south. This lode orientation differs from historically defined shallowly west-dipping lodes and as a result opens-up new targeting opportunities near surface; particularly towards the poorly-tested north of the prospect where mineralisation is expected to daylight, albeit under shallow sand cover. Conversely, the deeper Constance Lodes are hosted within shear zones that dip moderately to the north within steeply dipping sediments. In drilling the latest diamond program it was discovered the shear zone dips steeper than previously modeled and in conjunction with the new interpretation of a plunging porphyry-magnetite zone rather than a planar NE-trending corridor resulted in a couple of holes ¡ particularly 22CALDD0010 ¡ falling outside of the mineralisation envelope. Within the Constance Lodes, mineralisation is concentrated along porphyry-magnetic sediment contacts rather than influenced by volcaniclastic distribution as in the shallower, historic mineralisation. Future targeting of a polymictic conglomerate intercepting the porphyry/tectonic corridor at depth as noted within 22CALDD0005, indicates the potential for not only additional mineralisation sites on lithological contacts but a substantially-larger prize within its brecciated interior as diagnostic of the multi-million ounce Wallaby deposit. This second phase of diamond drilling at the Calypso Constance Lodes was completed in mid-December 2022 for a total project advance to date of eleven (11) HQ diamond holes for 3,636 metres of HQ core. This second phase of diamond drilling at the Calypso Constance Lodes was completed in mid-December 2022 for a total project advance to date of eleven (11) HQ diamond holes for 3,636 metres of HQ core. The larger of four (4) identified apophysate stocks (T1-T4) that extend upward from an extremely large gravity and coincident strongly magnetic anomaly at depth has been selected as the target zones, the exploration focus is on T3, the larger of the four. The high gravity response forms the shape of a palm of an upward facing hand with the apophysate stocks (finger target zones) extending vertically upward. The "fingers" are positioned above the deeper large and extremely high-density gravity response.