Malachite Resources Limited is a Sydney-based, Australian resources company which is currently making the transition from successful explorer to emerging miner. The company’s projects are located in the eastern states of Australia, where silver, tin, copper and gold are the principal targets.
SILVER - because it is both a precious metal and an essential industrial metal;
TIN – because it is in critically short supply as demand continues to grow;
COPPER – because it is one of the most fundamental building blocks of our standard of living;
GOLD – because it is simply real wealth; and
EASTERN AUSTRALIA – because it is well endowed with these metals.
Malachite is listed on the Australian Stock Exchange (Code: MAR) and also trades in Frankfurt (Code: MUW.F) and Berlin (Code: MUW.BE). There are approximately 133 million Malachite shares on issue.
Key projects in the company’s portfolio are:
CONRAD SILVER
- This is the company’s flagship project where drilling has so far defined a mineral resource containing 8.8 Moz of silver, or 17.7 Moz of silver equivalent.
- Ongoing drilling is expected to enhance that resource substantially by late 2008.
- The Conrad project is held 100% by Malachite and is located 25km south of Inverell in northern NSW, where it is well served by existing infrastructure.
- Mineralisation at Conrad occurs principally in high grade, silver-rich polymetallic base metal lodes.
- Silver is the most valuable component of the Conrad ore (50%) but tin is also very important (20%) and the balance of value comes from copper, lead, zinc and the rare metal, indium.
- The Conrad lodes typically consist of a central high grade lode with an envelope of lower grade mineralisation on each side.
- Potential mining widths are likely to be around 1.5 to 2m.
- Silver values within the high grade lodes peak at over 2,000g/t Ag.
- Low grade, bulk tonnage style silver mineralisation, hosted by greisen, is also present at Conrad, over widths averaging 30m.
- Silver in the greisen zone is all or largely native silver.
- The greisen zone may be amenable to a early mine life open pit mining.
- Drilling and resource delineation is continuing through 2008.
- Metallurgical test work and mining scoping studies are underway.
ELSMORE TIN
- Elsmore is located in northern New South Wales, 20km east of Inverell and is held 100% by Malachite.
- Tin occurs both in hard rock greisen deposits and in alluvial deposits.
- The company is currently focused on a promising paleo-alluvial tin deposit, known as Karaula.
- The Karaula deposit is part of the Newstead prospect, situated 5km southeast of the old Elsmore mine.
- The deposit occurs at surface and is as much as 20m deep in places, averaging perhaps 5-8m.
- It appears to have a volume of at least 4 million cubic metres.
- Tin grades range widely but significant parts of the deposit appear to average around 1kg/cu m of tin, with accessory zircon.
- The company is evaluating surface mining and simple gravity processing of the Karaula deposit as a source of near term cash flow.
- Bulk sampling and trial processing are planned for the latter part of 2008.
TOOLOOM GOLD
- Tooloom is located in northeast New South Wales and is held 100% by Malachite.
- Gold mineralisation at Tooloom is analogous to the intrusion-related gold deposits of the Tintina Belt in Alaska and the Yukon.
- Several targets of this type have been identified at Tooloom, including Phoenix, which is a billion tonne low grade gold-bearing sulphide system.
- Higher grade zones occur within Phoenix and more drilling will be required to delineate them going forward.
- Numerous smaller prospects are present elsewhere at Tooloom and offer high grade lode and stockwork vein type targets.
Malachite has a number of key institutional and corporate shareholders, including Anglo Pacific Group (based in London) and the Australian mining company Straits Resources Limited. Straits is the owner of the Hillgrove Gold-Antimony Mine near Armidale in the New England Region of northern New South Wales.
More detailed corporate information about Malachite can be found at our INVESTOR CENTRE.
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