I searched without finding reference to this.

$disk(drive_letter:\path).label does not return the volume label if the path exists.
mirc.hlp says you can use $disk(path|N), but $disk(path).label does not return the volume label if the 'path' is an existing foldername longer than c:\

$disk(c:\windows\).label does not return a value if c:\windows exists.

$disk(d:\windows\).label does return the volume label if d:\windows does not exists.

In both cases, the .free property is returning the free space.

If the 'path' is a filename, the volume label is returned whether or not the file exists. The only way I can get the .label property to not return the label is when the foldername exists.

If I create folder DTEST below mirc folder, then $disk(DTEST).label is blank and $disk(DTEST).free returns the free space from C: drive.

After i delete the DTEST folder, $disk(DTEST).label returns the volume label for the D: drive and $disk(DTEST).free returns the free space on the D: drive, even though the DTEST path doesn't contain a colon.

tested with mIRC 6.16 and 6.17