MT MALCOLM MINES NL — Capital/Financing Update 2022

Oct 12, 2022

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ASX Announcement
RC DRILLING CONTINUES AT
DUMBARTON PROSPECT
13 October 2022
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Highlights

• RC Drilling has recommenced at the Dumbarton Prospect (P37/8825).

• A fifteen-hole program is planned to test and confirm the strike extensions of the main shaft workings, a second old working to the southern end of the lode system some 320m away and follow up significant intersections returned from 22DBRC0004 and 22DBRC0005.

• The drill program is designed to extend the known mineralisation’s strike, depth and geometry.

• The Dumbarton “line of lode zone” has returned numerous anomalous

historical drill intercepts and remains open in all directions.

mtmalcolm.com.au info@mtmalcolm.com.au Phone: (08) 6244 6617

ASX: M2M ACN: 646 466 435

Mt Malcolm Mines NL (ASX:M2M or “the Company”) is pleased to announce the RC drilling program that commenced in April 2022 will continue. Only a portion of the planned program (ASX:M2M 12/4/22) at the eastern end of the Target Zone was completed during phase 1. Gold anomalism was intersected in the first five holes however the peak 22DBRC0005 result is “at a different structural orientation and a related but different mineralisation style to the historical 070° trending Dumbarton quartz vein basalt hosted lode system”. The RC hole intersection occupies a different spatial position, located approximately 150m SE of the northern projected Dumbarton line of lode. Previously reported M2M results (ASX:M2M 16/5/22) included:

• 22DBRC004: 6m @ 2.86 g/t Au (36-42m) Including 2m @ 6.50 g/t Au (36-38m)

• 22DBRC005: 20m @ 1.34 g/t Au (77-97m) Including 7m @ 2.22 g/t Au (77-84m)

• with 1m @ 3.58 g/t Au (78-79m)

The Dumbarton workings are small, producing 210.58 oz from 388t (16.88g/t Au) at the turn of last century (1899-1903). At Dumbarton significant gold mineralisation identified by M2M occurs at depth (77-97m) as evident in 22DBRC0005. This mineralisation is associated with quartz veining and carbonate alteration in sheared and foliated basalt ± minor sulphides on or near intrusive dolerite contacts. The mineralisation is separate to and not associated with the historical line of lode style. Along the Dumbarton lode up to three parallel zones of shearing and quartz veining hosted by basalts returned narrow intersections in recent Torian Resources RC drilling (2017).

The remaining 15 RC hole phase 2 program for an advance of at least 1,500m is scheduled to commence immediately. Drilling is targeting three areas. The drill hole patten is spaced on 40m centers around the Dumbarton main shaft zone following the lode trend, the area surrounding 22DBRC005 and on a (50m x 50m) grid at the southern zone, evaluating the southern extension potential, beyond the shallow historical RC drilling conducted by Nova-Polaris Pacific (1988) who intersected near surface gold mineralisation:

• DRC14: 4m @ 4.74 g/t Au (5-9m) Including 2m @ 8.67 g/t Au (5-7m) &

• 1m @ 1.1 g/t Au (13-14m)

• DRC015: 1m @ 1.61 g/t Au (17-18m) & 2m @ 0.53 g/t Au (25-27m)

Mt Malcolm Mines NL plan to follow up these intercepts and RC drill test the potential southern strike extensions of the line of lode beyond and around the historical DRC14 and DRC015 results in an area that remains untested and not drilled.

The mineralised Dumbarton vein hosted lode system has not been systematically drill tested over its known strike length nor at depth. Potential northern and southern Dumbarton lode extensions beyond the 400m long mineralised halo remain an untested target zone.

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The exploration target model and the Dumbarton lode target area are comparable with the geology, structural orientation and mineralisation styles observed in old mines to the north at the nearby but excised Richmond Gem and North Star workings, 1-2km away. The underground mines were two of the districts richest and best high-grade gold producers (1897-1933) yielding a total gold production of 39,611 ounces, the vast majority of which was processed prior to 1915 (Kelly 1954).

The data base has been extensively reviewed and the site ground checked, there is no outcrop. The area is covered by recently transported surficial cover. Due to the historical positive gold results the intent is to confirm and extend known gold intersections with RC drilling.

The proposed Dumbarton RC drill program includes the following:

TABLE 1

Proposed Dumbarton October RC drill program

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Proposed Easting Northing Hole Depth
Dip Azi
Hole ID GDA GDA (metres)
DB_Prop1 354496 6795764 -60° 340° 100
DB_Prop2 354473 6795818 -60° 340° 100
DB_Prop3 354446 6795745 -60° 340° 100
DB_Prop4 354401 6795727 -60° 340° 100
DB_Prop5 354430 6795789 -60° 340° 100
DB_Prop6 354384 6795773 -60° 340° 100
DB_Prop10 354713 6795991 -60° 340° 100
DB_Prop11 354679 6795977 -70° 340° 100
DB_Prop12 354642 6795956 -60° 340° 100
DB_Prop13 354750 6796010 -70° 340° 100
DB_Prop17 354977 6796053 -60° 310° 100
DB_Prop16 354923 6795979 -60° 310° 100
DB_Prop19 354904 6796029 -60° 130° 100
DB_Prop20 354532 6795799 -60° 340° 100
DB_Prop21 354515 6795842 -60° 340° 100
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Mineralisation continuity along with understanding the geometry and extent of the lode zone is the drill program’s objective. Positive assay results will provide more confidence to commit to a more comprehensive drill program, initially in the 200m untested future target zone (Figure 1). The Dumbarton area has historically returned positive drill results and is regarded as prospective for gold along strike and at depth.

Historical geochemical sampling is constrained to North Ltd.’s bedrock regional wide spaced vertical RAB (MSR series) drilling which returned varying results. The gold mineralisation in Norths MSR282 was confirmed by M2M’s 22DBRC0005 intersection.

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The DRC hole series drilled by Torian, and Polaris Pacific have focused on drilling along the Dumbarton lode, the RC holes are angled and shallow averaging 44m. Bed rock intersections and deeper holes are limited to the later Torian RC drilling. When host rocks are exposed around the old workings, the quartz veining is both parallel and oblique to the schistosity and the local structural regime, the potential for stock work vein related mineralisation is being assessed.

Details regarding previous exploration at Dumbarton (P37/8825) by Mt Malcolm Mines NL is detailed in previously released ASX announcements: (ASX:M2M Drilling commences at Dumbarton 12/4/22 and ASX:M2M Dumbarton drill results 16/5/22). Additionally, Dumbartons information is detailed in section 6.3 of the Independent Geologists Report in the “Mt Malcolm Mines NL ACN 646 466 435 Prospectus” dated 2nd August 2021. Other historical drill data has been previously released by the company or the relevant exploration company at the appropriate time during their exploration phase.

The Company is not aware of any new information or data that materially affects the information presented in the Prospectus or this document. All drill information presented in this document, apart from the ASX:M2M Dumbarton drill results 16/5/22, is of historic value extracted from DMIRS open file WAMEX Reports or ASX releases.

References

The following (A) references were obtained from the DMIRS Western Australian Mineral WAMEX database for mineral exploration open file publicly available reports. The “A” number is the WAMEX Reference number.

(A19445) Nickalenco (1986). Malcolm Gold Mining Prospect. P37/995, 996, 1520, 1521 and 2000. Annual Technical Report.

(A23343) Biddle N.G. (1987). Geological Report on Malcolm Prospect, work completed May 1987 for Nova Resources NL, 22 June 1987.

(A24682) Simpson Y. (1988). Polaris Pacific NL, Malcolm Project. Annual Report for P37/1520, P37/2080, P37/995 (M37/138) & P37/996 (M37/139) for the year ending 1987/1988.

(A49966) Taylor G.T. (1995). Annual Mineral Exploration Report on the Malcolm South Joint Venture Tenements. Leonora Project, North Limited 1/12/95 to 30/11/96.

(A79181) Robson C (2007). Geological Review/Recommendations for M37/1164 “Malcolm”. Regal Resources Ltd, July 2006.

Kelly L.F. (1954). List of Cancelled Gold Mining Leases which have produced gold. DOME. Western Australia.

ASX:M2M Drilling commences at Dumbartons (12/4/22).

ASX:M2M Dumbarton Drill results (16/5/22).

ASX:TNR Quarterly Activities Report March 2018.

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This announcement has been authorised by the Board of Mt Malcolm Mines NL.

For further information please contact:-

Trevor Dixon

Managing Director

trevor@mtmalcolm.com.au

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Paul Maher, a Competent Person and a full-time employee of the company who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) in addition to being a shareholder in the company. Mr. Paul Maher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Paul Maher consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.’ The Company is not aware of any new information or data that materially affects the information included in the above.

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About Mt Malcolm Mines NL:

Mt Malcolm Mines NL is managed by competent and experienced industry professionals with a strong background in mineral exploration and administration of mineral assets. Additionally, the company has many professional associations with and access to some of the industry’s best corporate and mining resource consultants.

The projects and properties are in areas with a proven track history of exploration success and significant mining and production of gold and other minerals. The holdings are centred around the locale of Malcolm near Leonora WA. The Company believes that it’s prospects offer excellent potential for the discovery of new economic mineral deposits and within the next (2) two years intends to:

• Aggressively seek exploration and development opportunities of other targets and quality projects that meet the Mt Malcolm Mines development objectives and where appropriate and if opportunities arise, examine the possibilities of joint ventures and other related business and commercial opportunities that will create value and wealth for all its shareholders.

• Conduct regional geological mapping and geochemical sampling programs.

• Undertake focused and systematic exploration and scientific research programs.

The Mt Malcolm Gold Project has the potential to host economic gold mineralisation and opportunities exist to further enhance and build on the substantial exploration data assembled to date. The project represents a large-scale district gold play.

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