Mt Malcolm Mines NL provided an exploration update following completion of the latest phase of diamond drilling at the flagship Calypso Prospect (P37/8792) for an advance of 1,899.6 metres of core. Recovered diamond HQ core is currently being geologically logged and sampled.
Updates and assay results will be announced to the market as they come to hand. Following on from the initial successful diamond drill program at Calypso and a high- level evaluation by the exploration team including the geological 3D modeling of the geophysical and gold assay data which incorporated all historical prospect data, a follow up diamond program was designed to test the broad gold mineralisation returned in 22CALDD003 and 22CALDD 004. The program included extending existing hole 22CALDD005 by 233.2m targeting the depth potential of the system, and the NE plunging mineralised corridors and four (4) additional deep diamond holes 22CALDD009 to 22CALDD 012 to test the plunge extent of the main mineralised horizon along strike and to the NE, beneath discovery holes 22CALDD003 and 22CALDD 004. The drilling orientation was changed to -60¦ towards the south targeting multiple mineralised horizons within the magnetite alteration corridor (Figure 3). The distribution of the felsic porphyries is confined to the NE trending magnetic zone which has now been geologically validated as a NE-trending zone with several generations of felsic porphyries comprising primary magnetite within intrusions and secondary, vein-hosted magnetite within adjacent sediments. All five (5) holes in this latest diamond drill program are increasingly suggesting a SW plunge of porphyries within this zone. Company geologists have identified a spatial link between anomalous porphyry occurrences and gold mineralisation returned from 22CALDD003 and 22CALDD004. During this round of diamond drilling the magnetite altered porphyry zone was the primary target corridor. The two principal objectives of the drill program were met with good success. Initial deep drilling extending 22CALDD005 confirmed widening of the porphyry system with the broadest intervals intersected in over forty years of exploration at Calypso. In conjunction with this was extensive hydrothermal brecciation and veining within adjacent polymictic conglomerate that represents considerable potential as a host for gold mineralisation. This potential was partly confirmed in similarly textured, mineralised felsic volcaniclastics within 22CALDD011W1; demonstrating an underappreciated upside to deposits dynamics. Secondly, continuity of mineralisation discovered within 22CALDD003 and 22CALDD004 was confirmed in the final four holes 22CALDD009 to 22CALDD012 that extended the down-plunge and up-plunge extent of mineralisation by 50 metres in either direction. The re-orientation of these holes from previously east-dipping to south-dipping was successful in achieving near-orthogonal intersection of the mineralisation-bounding shear zone and delivering very close to a true mineralised width of approximately 45 metres. The significance and extent of additional mineralised intercepts outside of the known and confirmed shoot are subject to follow-up geological modelling. The recently completed Calypso diamond drill program, that commenced 29th October, includes the completion of the following tabulated drill holes. Hole 22CALDD011W1 is a wedge diamond hole collared at the bottom of 22CALDD011 following the down hole loss of a portion of the drill string and Hole 22CALDD005 is the re-entered hole. Other holes are drilled from surface.