Mt Malcolm Mines NL provided an exploration update following recently received assay results from the remaining portion of re-entered Diamond Drill hole 22CALDD003 (268.76-363.8m EOH) at the flagship Calypso (P37/8792) prospect. The results follow the Company's announcement on 29 July 2022 that only reported a portion of the upper segment of the drill hole 22CALDD003 (235.76-268.76m). Previously reported significant intersections from the upper portion of 22CALDD003 and nearby 22CALDD004 included: 22CALDD003 10.27m @ 1.53 g/t Au (246.38-254.98m): Including 3.42m @ 2.66 g/t Au (248.51-252.03m).

22CALDD004 26m @ 1.97 g/t Au (261.55-287.55m) including 9.96m @ 2.97 g/t Au (263.90-273.57m) and8.96m @ 2.06 g/t Au (278.59-287.55m). 3.51m @ 3.96 g/t Au (293.44-296.95m). Drill hole 22CALDD004 was collared 50m west of 22CALDD003 22CALDD003 was re-entered and extended by 100m following anomalous gold mineralisation returned from 22CALDD004.

The final 100m of core (22CALDD003) returned 50m of consistent mineralisation then 50m of intermittent mineralisation to the end of hole (363.8m). The diamond drilling (HQ3) program is on-going and as such only selected sections of 22CALDD003-004 have been assayed and processed whereas drillholes 22CALDD001-002 have been fully assayed and reported. A significant upper portion of 22CALDD003 and 22CALDD004 are still being geologically logged and marked up for sampling and therefore have not yet been assayed.

On Saturday 6th August, the diamond drill rig completed the sixth hole (22CALDD008) of the program into the Calypso high density gravity target 3. Drill hole 22CALDD008 is collared 50m south of 22CALDD003 and targeted up-plunge extensions and mineralisation continuity previously defined in 22CALDD003 and 22CALDD004 to a target depth of 230m. The drill core from 22CALDD008 has not been assayed, the core is currently being geologically logged and marked up ready for sampling. The lithologies at Calypso include a strongly deformed sedimentary sequence of magnetic siltstones, interbedded sandstone, shale and BIF that have 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 Magnetite has been replaced by intersecting schistosity and veining, resulting in sulfidation and intense sericite-silica alteration. There is a range of sulphide phases and styles concentrated within multiple alteration zones across the entire mineralised interval that collectively constitute considerable width.

A better understanding of the true width of mineralisation will be achieved through triangulating the geology between 22CALDD003, 22CALDD004 and the latest hole 22CALDD008.