Mt Malcolm Mines (ASX:M2M) is “confidently” moving towards development planning and future production at its Malcolm Gold Project, 25km northeast of Leonora in Western Australia.
Mt Malcolm Mines will adopt recommendations and prepare to drill deeper at its Dumbarton brownfield prospect. It is also planning resource infill and extension drilling at the Golden Crown brownfield prospect, which is 10km northwest of Dumbarton.
The company reported “significant progress” in analysing drilling activity at the Sunday Picnic prospect and is making further requirements for future resource evaluation. The next phase of work involves optimisation studies and drilling programs.
“Independent geologists have highlighted clear opportunities for growth through additional drilling … [and], with the right level of follow-up drilling, we see a realistic pathway to expanding both scale and confidence categories,” Mt Malcolm Mines Managing Director Trevor Dixon says.
Golden Crown mineral resource estimates (MREs) are about 50 metres deep while Dumbarton MREs are about 80 metres deep. Both resources use a 0.5 gram per tonne gold cut-off grade in conceptual pits based on a $6,500 per ounce gold price. The 0.5 gram per tonne gold cut-off grade is the estimated cost of haul and mill material at a new gold processing facility.
Carras Mining Executive Director Spero Carras has been engaged to prepare mineral resource estimates and review all work performed by Mt Malcolm on both the Golden Crown and Dumbarton prospects.
Write to Richard Szabo at Mining.com.au
Images: Mount Malcolm Mines
