Mt Malcolm Mines NL provided an exploration update following recommencement of diamond drilling at its Calypso Prospect (P37/8792). Following on from the successful inaugural diamond drill program at Calypso and a comprehensive geological review and 3D modeling, a follow up program has been designed to test the broad gold mineralisation returned from 22CALDD003 and 22CALDD004. The five-hole drill program is designed to test mineralised magnetite- altered porphyry zones that demonstrate increasing widths at depth.

There is a confirmed spatial link between anomalous porphyry occurrences and mineralisation returned from 22CALDD003 and 22CALDD004. A HQ diamond drill program for a total of 1,730m is planned. Drilling commenced 29th October and will continue through the quarter.

The first hole, re-entry and extension of 22CALDD005 for 233.2m is complete. The second hole 22CALDD011 has commenced coring and three more deep diamond holes are planned for a total advance of 1,500m. The large volume of relatively high magnetic susceptibility and spatially coincident dense gravity anomaly targeted in the first round of drilling has now been geologically validated as a NE-trending zone of felsic porphyries comprising primary magnetite within intrusions and secondary, vein-hosted magnetite within adjacent sediments.

The magmatic-hydrothermal alteration zone represents the primary targeting corridor.