Mt Malcolm Mines Leverages High Gold Prices in Bulk Sampling Trial at Golden Crown

Mt Malcolm Mines NL (ASX: M2M) has planned a bulk sampling program at the Golden Crown Prospect to test up to 8,000 tonnes of gold ore.

Recent drilling at the prospect confirmed significant high grade shallow gold mineralisation supportive of small-scale mining.

Highlights included:

  • 10 metres at 15.40 g/t gold from 10 metres;
  • 8 metres at 3.36 g/t gold from 16 metres; and
  • 4 metres at 5.23 g/t gold from 22 metres.

There was visible gold in drill cuttings which indicates favourable gold recovery.

In a historic review, Golden Crown produced 1,720 ounces at the turn of the last century at 29 g/t gold.

The prospect is one of many within the Mt Malcolm Project, located in close proximity to operating mines and historic mining centres in the Leonora-Laverton region of Western Australia.

Timing is right for the company as gold sits around records highs over A$3500 an ounce.

Next bulk sampling steps

The bulk sampling exercise will target a 50 metre long and 15-metre-wide mineralised corridor.

A 500-tonne pilot study will commence within the next fortnight to process the high-grade ore by wet gravity separation at a nearby third-party plant.

The bulk samples will not only assist in verifying gold grade and continuity at Golden Crown whilst also evaluating the feasibility for any potential future mining operations.

Financials

Mt Malcolm retains ownership to all ores and gold products processed during the pilot study.

The gravity plant operator, AJ Ryan Investments Pty Ltd, will be paid $20,000 in retainer fees and an amount equivalent to 2g/t gold for each tonne of ore processed.

Enhance understanding

Trevor Dixon, managing director, commented:

“The primary objective of the bulk sampling work is to enhance understanding of the ore’s geological properties, such as grade variance, metallurgical characteristics, and future mineability.

“This information is crucial for planning efficient and cost-effective mining operations.

“The current high gold prices at the time of bulk sampling are a bonus for the company, should the pilot study be successful.”

 

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