Mt Malcolm Mines NL provided an exploration update following recently received assay results from approximately half of the currently planned diamond drill program underway at Calypso (P37/8792). The drilling program is designed to follow up the previously defined gravity/magnetic anomalies and test depth extensions of defined mineralisation. Highlights: Calypso (P37/8792) Diamond Drilling has returned the following significant gold intersections over several wide mineralised envelopes: 22CALDD004 - 26m @1.97 g/t Au (261.55-287.55m) - Including 9.96m @ 2.97 g/t Au (263.90-273.57m) which included 1.12m @ 5.39 g/t Au (269.77-270.89m) and 1.06m @ 7.33 g/t Au (271.94-273.00m). The wide intersection also included 8.96m @ 2.06 g/t Au (278.59-287.55m) which included 0.74m @ 4.92 g/t (284.66-285.72m) and 1.52m @ 3.86 g/t Au (284.66-286.18m). This was followed by a 5.89m depleted zone and then by a second 3.51m @ 3.96 g/t Au (293.44-296.95m) including 0.8m @ 4.88 g/t Au (293.44-294.24m) zone of mineralisation. 22CALDD003 - 10.27m @ 1.53 g/t Au (246.38-254.98m) - Including 3.42m @ 2.66 g/t Au (248.51-252.03m). The Diamond drilling (HQ3) program is on-going and diamond core is still being processed however complete assay results for 22CALDD001-002 and selected sections of 22CALDD003-004 have been received. The lithologies at Calypso include a strongly deformed sedimentary sequence of magnetic siltstones, interbedded sandstone, shale and BIF that has 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 Magnetite has been replaced by intersecting schistosity and veining, resulting in sulfidation and intense sericite-silica alteration. Following geological observations and the range of sulphide phases and mineralisation styles in 22CALDD004 the previous hole 22CALDD003, which has only been assayed over 22.38m (246.38-268.76m), was re-entered and extended an additional 100m. The remaining 95m of continuously and intermittently mineralised core below the reported mineralized interval is currently being cut and sampled. Core observations in 22CALDD003 confirm similar mineralisation styles and intensity to 22CALDD004 over at least 50m. Within 22CALDD004 a zone of intense structural deformation, at a depth of
approximately 250 to 300m, displays intense patches of silica ± carbonate alteration and local brecciation. Multiple zones of disseminated to semi-massive aggregates
of pyrite and lesser pyrrhotite are interspersed with cross cutting quartz veins and
stockworks, including zones where altered and veined intrusive porphyry has assimilated
and dismembered the sedimentary sequence. Proposed holes 22CALDD006 and 22CALDD007, intended to test the heart of the
gravity anomaly at depth have been placed on hold with 22CALDD008, collared
approximately 50m south of 22CALDD003 and 22CALDD004 currently being drilled to
test the up plunge sheared limb extensions of mineralisation detected and observed in
22CALDD003 and 22CALDD004. 22CALDD008 is currently being drilled to a target depth of 230m. The remaining
diamond holes are now being geologically logged, processed and sampled. Numerous
assays remain outstanding, and results will be reported as and when they come to hand.
The diamond program will continue through-out the September quarter.