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High gold recovery results for Mt Malcolm Mines at Golden Crown

28 June 2024 13:47

Mt Malcolm Mines NL (ASX:M2M) has released impressive initial results from a sample processing study conducted at its Golden Crown Prospect. The study focused on evaluating gold recoveries across different grades, helping to assess the economic potential of the project.

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Figure 1: Map showing bulk sampling area and collars of grade control drilling.

Gold recovery rates

The study processed seven batches of samples (A to G), obtained from 62 mineralised intercepts from the February 2024 RC drilling program, using wet gravity separation at a nearby third-party plant. Average grades ranged from 2 g/t Au to over 4 g/t Au, collectively weighing approximately 1.3 tonnes.

Results showed an average gravity gold recovery rate of 63.4%, and there was a strong correlation between higher gold grades and improved recovery rates.

Batch Details and Results

The highlight of the results was in Batch G, achieving the highest recovery of 87.7% with an average grade of 41.32 g/t Au. The high-grade batches tested the best with an average recovery rate of 73.3% with an average gold grade of 4 g/t Au or higher. Batch E is being tested for anomalies in the results.

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Table 1: Results of the samples submitted for ongoing wet gravity processing study.

These results underscore the economic potential of the Golden Crown prospect, particularly for high-grade, shallow gold mineralisation.

Management comments

Managing Director Trevor Dixon is confident these results enhances the future mining potential at Golden Crown. “The preliminary findings of the initial analysis of the gold recovery across seven sample batches reveals a consistent trend: higher average gold grades correlate with better recovery efficiencies.

“The proximity and availability of a pilot processing plant further strengthens the Golden Crown Prospect for future small scale mining operations.”

Future Plans

The ongoing study is crucial for assessing the economic feasibility of processing high-grade material from the company’s upcoming bulk sampling exercise. The company aims to process up to 8,000 tonnes of high-grade material at a nearby third-party plant, as announced on May 29, 2024. The results will help determine the suitability of aligning future small-scale mining operations to this 50-tonnes-per-day capacity plant due to its proximity to the Golden Crown Prospect.

M2M’s Australian Security Exchange-listed share price is currently trading at $0.027 (1:45 pm UTC+ 8 hours)

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