Mt Malcolm Mines

TREVOR DIXON

MANAGING DIRECTOR

(ASX:M2M)

◾ Company Name: Mt Malcolm Mines ◾ Company ASX code: M2M ◾ Key Commodities: Gold ◾ Key Personnel: Managing Director, Trevor Dixon ◾ Locations: Eastern Goldfields, Western Australia ◾ Market Cap as of 15/08/22: $6.00M ◾FY22 Share price range – Low/High: $0.057 / $0.290 ◾ Company Website: mtmalcolm.com.au

COMPANY PROFILE

On dusty tracks just 10-25km from the legendary WA gold hub of Leonora, old timers once moved on an incredible opportunity at a high grade gold find in the West Australian outback.

They picked the eyes out of the Mt Malcolm mining centre, pulling 62,485t of gold rich ore grading an impressive 23.5g/t out of shallow ground until 1954.

From that point mining and exploration turned spotty. BHP discovered a high order gold target known as the Calypso prospect during the gold mining and exploration boom which emerged in the 1980s.

But multiple owners followed with inconsistent exploration strategies, meaning the find has yet to yield its full potential despite its setting in the vaunted Keith-Kilkenny shear zone, surrounded by a gold endowment of more than 30Moz across famous mines like Sons of Gwalia (+5Moz), Thunderbox (+3Moz), Wallaby (+7Moz) and Sunrise Dam (+4Moz).

Until now that is. Last year a new company emerged on the ASX called Mt Malcolm Mines (ASX:M2M), which listed after an $8 million IPO.

Its value proposition? The consolidation for the first time of 154 mining tenements that make up 274sqkm over 30km of strike on the KeithKilkenny Tectonic Zone.

That vast land package boasts nine major prospect areas including the aforementioned flagship Calypso Prospect.

Drilling has already begun at the most advanced of 20 prospects identified by Mt Malcolm and its management, which includes managing director Trevor Dixon, a mining executive with local relationships and exploration expertise in the Leonora gold district for over 30 years.

That knowledge has been key to identify the potential of targets like Calypso, where Mt Malcolm announced an exploration target last year of 2.93.9Mt at 1.6-2.2g/t.

Equivalent to 149,000-276,000oz, Calypso offers the potential for near term JORC 2012 Resource conversion, an important point with larger companies around Mt Malcolm currently talking up the prospects of consolidating smaller deposits into a single Leonora gold miner.

There is plenty of smoke to suggest the fire is there.

Historic intercepts at Calypso, Dover Castle and Dumbarton include 5.32m at 3.77g/t from just 10.98m, 24m at 2.48g/t from 10m including 5m at 7.37g/t and 4m at 7.44g/t respectively.

Mostly owned by local prospectors in the past, the prospects have not received deeper drilling.

With $4.6m in the bank, M2M has put its money where its mouth is and drilling has already begun.

One-third of a 1500m RC program at Dumbarton has been completed, striking gold hits of 6m at 2.86g/t from 36-42m and 20m at 1.34g/t from 77-97m. The rest of the 15 hole program covering a target zone of 700 x 50m will be completed in the September quarter. 1401m of RC drilling has been completed by M2M at Golden Crown, where one intercept graded as high as 3m at 11.97g/t.

At Calypso 1280m of RC drilling has been done with diamond drilled at three targets ongoing. Results have included 26m at 1.97g/t, 10.27m at 1.53g/t and 8.85m at 2.52g/t from depths for around 250-300m.

Those results are outside the area outlined in the exploration target, highlighting the potential for its gold riches to extend well beyond historically known mineralisation.

KEY INVESTMENT HIGHLIGHTS

AUGUST 9, 2022: Assays from the Calypso prospect return 12.46m at 2.41g/t outside M2M’s exploration target area. APRIL 12, 2022: A 1500m drilling campaign begins at the Dumbarton gold prospect, where historical hits include 4m at 7.44g/t. SEPTEMBER 10, 2021: Mt Malcolm Mines lists after raising $8 million in an IPO with plans to explore the Malcolm project within the multi-million ounce Laverton-Leonora gold district in WA.