Gold

‘No news’ heralds silver-lining for gold miner

Tue 21 Dec 21, 3:06pm (AEST)
Mt Malcolm receives Silver lining from nothing in particular

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Key Points

  • Shares to be released from escrow on 23 December
  • Plans for regional geological mapping & geochemical planning within 2 years
  • Intercept results include 3 metres at 11.97gms per tonne gold from 37-40 metres

Whether it was due to a delayed response or movement on some trading anomalies, Mt Malcolm Mines (ASX: M2M) share price was up 13.04% an hour out from the close.

Earlier this month the microcap explorer captured the market’s imagination after flagging aspirations of striking paydirt in and around the multimillion-ounce gold fields in WA. 

On December 1, the explorer released initial results from the reverse circulation (RC) drilling program at Golden Crown located near Leonora.

The best intercept results from the company’s nine completed RC holes at its site for an advance of 860 metres, included three metres at 11.97 grammes per tonne gold from approximately 37-40 metres.

Mt Malcolm believes further opportunities exist and is planning a second drilling program to follow up on these results.

Two-year plan

Within two years the miner plans to conduct regional geological mapping and geochemical planning. It also plans to undertake focused and systematic exploration and scientific research programs.

The miner also plans to advance exploration and development opportunities of other targets and quality projects that meet its development objectives.

Shares released from escrow

There don’t appear to be any signs of share trading by major shareholders, which include top shareholder managing director Trevor Dixon who controlled around 27% of listed shares post-IPO.

But the company recently advised that pursuant to ASX Listing Rule 3.10A that 7,725,001 fully paid ordinary shares are due to be released from escrow on 23 December 2021.

Written By

Mark Story

Editor

Mark is an award-winning investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics, a diploma in journalism and has completed the Institute of Directors course. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content.

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