Mt Malcolm Mines - Quarterly Activities Report - June 2024
M2M (M2M) Share Update July 2024 Monday 29th
Mt Malcolm Mines Reports Exceptional Gold Recovery at Golden Crown Prospect
Mt Malcolm Mines NL (ASX:M2M) has released its quarterly activities report, highlighting significant progress and exceptional results from its Golden Crown Prospect.
Instant Summary:
- Highest ever recorded intersection at Golden Crown: 6m @ 36.75 g/t Au.
- Exceptional gold recovery rates exceeding 94% in metallurgical testing.
- Bulk sampling program approved to treat up to 8,000 tonnes of high-grade gold ore.
- Share Purchase Plan raises $1,000,000 before costs.
Golden Crown Prospect Achievements
During the quarter ending June 30, 2024, Mt Malcolm Mines conducted extensive test work at the Golden Crown Prospect, yielding robust gold mineralization and exceptional recovery rates. The assay results included the highest ever recorded intersection from Golden Crown, with 6m @ 36.75 g/t Au within a broader high-grade zone of 14m @ 16.78 g/t Au.
Other notable results include 4m @ 37.87 g/t Au in drillhole 24GCRC078 and 5m @ 26.89 g/t Au in drillhole 24GCRC077. Metallurgical recovery testing demonstrated average gold recoveries in excess of 94%, with processing studies achieving an average gold recovery of over 63%, peaking at 87.7% in high-grade Batch G.
Bulk Sampling Program
The Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) approved a bulk sampling program to treat up to 8,000 tonnes of high-grade gold ore. This program aims to verify gold grades and assess mining feasibility at the Golden Crown Prospect, located 10km from Leonora.
The bulk sampling program targets a mineralized corridor measuring 50 meters in length and 15 meters in width, identified through an RC drilling campaign. This initiative represents a significant milestone in the Company's strategy to establish a sustainable production base through shallow mining opportunities.
Corporate Developments
Mt Malcolm Mines successfully raised $1,000,000 through a Share Purchase Plan, with $185,000 from shareholders and an additional $815,000 from clients of Novus Capital Ltd. This funding will support further exploration and development activities at the Golden Crown Prospect and other key prospects within the Company's portfolio.
The exceptional assay results and high recovery rates at the Golden Crown Prospect are likely to positively impact Mt Malcolm Mines' stock price. The approval of the bulk sampling program and successful fundraising efforts further strengthen the Company's financial position and potential for future growth. Investors may view these developments as a strong indicator of the Company's ability to achieve significant gold production in the near term.
Investor Reaction:
Managing Director Trevor Dixon expressed gratitude towards shareholders and investors for their financial support, which has enabled the Company to drive further gold exploration and development success. Analysts have noted the positive implications of the high-grade assay results and robust recovery rates, indicating strong potential for future production.
Conclusion:
Investors should closely monitor the progress of the bulk sampling program and subsequent developments at the Golden Crown Prospect. The exceptional assay results and high recovery rates provide a solid foundation for Mt Malcolm Mines' future growth and potential gold production. Stay informed on the Company's strategic initiatives and market performance to make well-informed investment decisions.