Mt Malcolm Mines Pours First Gold Bars and Reports High-Grade Assay

3 min read | October 20, 2024 08:00 PM PDT | By Team Kalkine Media

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Mt Malcolm Mines Pours First Gold Bars and Reports High-Grade Assay — Image source: shutterstock

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Highlights

Mt Malcolm Mines pours inaugural gold doré bars.

High-grade assay of 458.39 grams per tonne from rock chip samples.

Bulk sampling and gravity processing continues at Golden Crown.

Mt Malcolm Mines NL (ASX:M2M) has reached a significant milestone at its Golden Crown prospect in Western Australia with the successful pouring of its first gold doré bars. The achievement comes as part of the company’s ongoing bulk sampling program aimed at evaluating the gold potential in this historic mining area. Two doré bars, each weighing 13.85 ounces (431 grams), were poured, marking a key development in M2M’s exploration efforts.

The company also reported an impressive gold assay from rock chip samples collected in the region. One sample returned a high-grade result of 458.39 grams per tonne (g/t), highlighting the potential of the Golden Crown prospect. Among the 30 rock chip samples taken from the mineralised zone, 11 contained grades above 5 g/t, with visible gold noted in some of the samples. This discovery adds further confidence in the area’s potential to yield significant gold resources.

In addition to the gold pours, M2M processed its first parcel of mineralised material, which amounted to 167 tonnes. This material was handled at a nearby gravity processing facility to recover gravity-recoverable gold (GRG). The continued bulk sampling is expected to provide valuable insights into the metallurgical and mining parameters necessary for future work at the site.

The bulk sampling has been focused on a mineralised corridor identified through earlier drilling efforts. This corridor measures 50 metres in length and 15 metres in width, and it has become a primary target for ongoing exploration. The high-grade gold assay of 458.39 g/t represents the highest value achieved from the sampling program so far, further reinforcing the significance of the Golden Crown prospect.

Golden Crown, located in a historic mining area, has produced gold in the past. Between 1899 and 1904, 1,720 ounces of gold were extracted from the site. The recent developments by M2M aim to tap into the remaining resources and unlock the full potential of this historic mining region.

As news of the successful gold pours and promising assay results broke, M2M’s stock price saw a modest rise. Shares of Mt Malcolm Mines experienced a 2.44% increase, trading at 4 cents during midday trading at 11:12 AEDT. This positive movement reflects the market’s response to the company’s progress at Golden Crown.

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