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Mt Malcolm Mines flexes at new Leonora gold discovery with diamond drilling hits
Special Report: Anticipation is growing for more diamond drilling results from Mt Malcolm Mines’ Constance Lode after a new batch … Read More
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Anticipation is growing for more diamond drilling results from Mt Malcolm Mines’ Constance Lode after a new batch confirmed the controls of mineralisation at the potential high grade gold prospect.
New results from drilling at Constance from four diamond drill holes saw grades of up to 18.89g/t.
Highlight results included:
- 22CALDD0009: 0.74m at 18.89 g/t Au (229.0-229.74m) within a broader mineralised zone returning 2.0m at 7.39 g/t Au (229.0-231.0m) and 0.26m at 13.46 g/t Au (268.69-268.95m) and 0.30m at 12.87 g/t Au (274.75-275.05m) within a broader mineralised zone returning 18.04m @ 1.23 g/t Au (267.87-285.91m); and,
- 22CALDD0012: 0.83m at 6.01 g/t Au (312.88-313.71m) within a broader mineralised zone returning 1.26m at 4.58 g/t Au (312.88-314.14m) and 0.45m at 7.41 g/t Au (341.54-341.99m) and 0.46m at 14.21 g/t Au (343.90-344.36m) within a broader mineralised zone returning 9.70m @ 2.30 g/t Au (339.30-349.00m).
Part of the Calypso project in the vaunted Leonora gold district, the understanding of geological controls provided by the recent drilling results does more than just highlight high grades.
Mt Malcolm Mines (ASX:M2M) managing director Trevor Dixon says it provides a basis for infill drilling, a key step to defining a maiden mineral resource.
“Recognition of the geological controls and understanding the differences between the historical T2 mineralisation and T3 Constance Lodes now provides the framework for infill drilling and subsequent advancement toward the next important milestone at Calypso – the definition of a maiden mineral resource,” he said.
“Mineralisation to date has been encountered from surface to depth – a key component in any potential progression following on from the resource would be to plan to take full advantage of newly assessed near-surface potential to develop a staged plan from open pit mining through to underground operations.
“A key focus is to rapidly advance towards a cash-generating position whilst improving our ability to efficiently target the larger exploration prizes for the longer-term sustainability of M2M.”
Updated model
The results provide plenty of information that will provide new dimensions to targeting at the Constance Lode.
“These results, in conjunction with those within the ASX:M2M 17th January 2023 announcement, have confirmed interpretation of multiple north-dipping lodes within a southwesterly-plunging porphyry corridor between the T2 and T3 geophysical targets,” the company said.
“This new discovery zone and geometry of mineralisation at T3 represent the Constance Lodes that contrast from the historically-defined mineralisation at shallower levels coinciding with T2.”
The new holes have resulted in an updated geological model, which demonstrates a close spatial relationship between near-orthagonal change in bedding orientation, the porphyry corridor and a diagnostic sequence comprising polymictic conglomerates, tuffs and other volcanoclastic units.
M2M says the juxtaposition of geological features likely represents a deep-seated tectonic suture zone which has focused the deposition of volcanic detritus and magmatic and hydrothermal fluids over a long time.
M2M thinks it has a strong handle on how the gold was deposited at Calypso, improving its confidence in how to drill for it.
Not only does the data indicate the potential to find additional mineralisation on lithological contacts, but also a “substantially larger prize within its brecciated interior” similar to Gold Fields’ multi-million ounce Wallaby mine.
The second phase of diamond drilling at the Calypso Constance Lodes was finished in mid-December featuring 11 holes for 3636m of core.
Anomalous results have confirmed two styles of gold mineralisation at Calypso, including sulphide replacement of magnetic sediments associated with multi-phase intrusive mineralised felsic porphyries, and mineralised quartz-carbonatite-sulphide veining.
More results from diamond drilling at Calypso are expected out this quarter.
This article was developed in collaboration with Mt Malcolm Mines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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