MT LIDSTER

The Mt Lidster Copper Project lies within the world class Mt Isa – Cloncurry copper province in northwest Queensland. Malachite has acquired an option to purchase a 100% interest in EPM 14132, which comprises a single sub-block (about 3km² in area) located about 60km east of Mt Isa, near the old Mary Kathleen uranium mine.

The property contains a well defined linear structure that strikes northeast, diagonally across the EPM, and extends for at least 600m along strike. The structure consists of gossan, gossanous quartz and ferruginous quartz reef in outcrop, with abundant green staining due to the presence of malachite and other secondary copper minerals. There are three main bodies or pods of mineralised material and the structure varies from 2 to 10m in outcrop width.

The Company has to date conducted two reverse circulation percussion drilling programs at Mt Lidster, with encouraging results. All holes intersected the targeted structure, which is variably expressed as a sulphide-rich or quartz-rich shear zone. The sulphide-rich parts generally carry good copper grades, with accessory gold and cobalt, while the more quartz-rich parts are mineralized but at significantly lower grades. The best intersections to date include:

MLRC02: 6m @ 4.2% Cu, 0.37g/t Au and 0.10% Co;

MLRC04: 4m @ 5.3% Cu, 0.23g/t Au and 0.07% Co;

MLRC09: 18m @ 2.4% Cu, 0.21g/t Au and 0.02% Co,
including 2m @ 9.8% Cu; and

MLRC15: 7m @ 3.7% Cu, 0.17g/t Au and 0.05% Co.

The Mt Lidster property is situated only 12km north of the Barkly Highway and about 3km west of the old Mary Kathleen access road. This readily accessible location means that if a small copper resource, of good grade, can be delineated at Mt Lidster in the short term there is excellent scope to commence a small scale mining operation to generate cash flow for Malachite. It is believed that using contract mining and either toll milling the ore or selling raw ore directly to other copper sulphide producers in the district could prove economically attractive.

For more up to date information on Mt Lidster and the detailed results of drilling please see the ASX Announcements page of this website.

More photos from the Mt LidsterProject can be found in the Photo Gallery.