Sumary of Mt Malcolm Mines fast tracks exploration at Leonora:
- Interestingly, despite its proximity to the historic Gwalia mining centre which has produced over 5.5 million ounces of gold, the tenements are under-explored and have been consolidated for the first time by a single owner.
- Mt Malcolm has laid claim to an impressive semi-contiguous tenement package made up of 122 prospecting licences, 21 prospecting licence applications, 2 mining leases, 2 mining lease applications and 3 exploration licences centred around the locale of Mt Malcolm and the abandoned gold mining town of Malcolm.
- With a plethora of drill ready targets begging for attention, the biggest task at hand for Mt Malcolm will be to prioritise which prospects have the greatest return on exploration investment.
- The company has engaged the services of Haines Surveys, a gravity geophysical survey specialist, to conduct a 1,836 station surface survey over the bullseye magnetic feature which covers much of the prospect later this month.
- When reviewed in collaboration with existing magnetic data, the acquisition of the gravity data will assist the company in identifying litho-structural areas favourable for gold mineralisation and better refine targets for drilling.
- According to Mt Malcolm, a reverse circulation, or “RC” drill program has been designed to test the high magnetic bullseye at Calypso to depths of 200 metres.
- A total of 2,500m of RC drilling will target magnetic siltstone-banded iron formation horizons, porphyry intrusives and interpreted fault structures in the structurally complex Calypso sedimentary sequence.