TOOLOOM

The Tooloom Gold Project is a key Malachite asset, with potential for a world class gold discovery. The large tenement package (550km²) covers an old and largely forgotten goldfield with numerous prospects. Mineralisation is of reduced intrusive-related gold deposit type, analogous to the deposits of the Tintina belt in Alaska and the Yukon. Several gold-bearing intrusive systems have been recognised, including one of Australia’s more significant new “greenfields” discoveries – the Phoenix Gold Prospect.

Exploration at Tooloom is currently focussed on five main intrusive centres, spread over about 30km from north to south. Drilling has been conducted at four of these systems, although most of the effort so far has been concentrated on the Phoenix intrusive centre in the northern part of the project area.

Highlights of the discovery at Phoenix are:

• A mineralised zone around 20-40m wide and 250m long, open at depth.
• Average grades of the order of 2-2.5 g/t Au, increasing with depth and to the northeast.
• Individual 1m gold assay values up to 16.5 g/t Au.
• Individual 1m antimony values up to 8.38% Sb.
• Hosted by hydrothermal breccia.
• Part of a huge mineralised system which contains several other targets yet to be properly tested.

The best gold mineralisation discovered at Phoenix so far occurs within a breccia pipe. A geophysical survey, using the induced polarisation (IP) technique, conducted by the Company in 2004, indicated that this breccia pipe is part of a much larger auriferous system that contains a billion tonnes of chargeable (i.e. sulphide-bearing) rock. All holes drilled into this system to date have intersected anomalous in gold. The gold mineralised zones also tend to have elevated levels of copper (up to 0.84% Cu over 1m) and silver (up to 86 g/t Ag over 1m). Antimony generally accompanies the gold, especially near the margins of the breccia pipe, and economically significant values of up to 8.38% Sb have been intercepted. The highest antimony values occur where late stibnite veins cross-cut the breccia, but stibnite also occurs in the breccia matrix. Overall the pattern of metal zoning supports Malachite’s view that a large mineralised intrusive body may underlie the Phoenix area and could represent a very attractive deep target for future exploration.

Recent exploration has concentrated on completing coverage of the whole project area with exploration data sets, including stream sediment geochemistry and airborne magnetics and radiometrics. Part of the area was also covered with airborne electromagnetic (EM) geophysics. This has confirmed known prospects and identified additional targets that will be subject to further investigation and drilling as exploration continues.

Exploration techniques applied to date at Tooloom include:

• Geological mapping
• Stream sediment geochemistry
• Ridge and spur soil geochemistry
• Grid-based soil geochemistry
• Helicopter-borne aerial magnetic and radiometric surveying
• Helicopter-borne aerial electromagnetic surveying
• Ground geophysics, mainly induced polarisation
• General prospecting and sampling of rocks in outcrop and on old mine dumps
• Mapping and sampling of old underground workings
• Diamond core and reverse circulation percussion drilling

For further information on the Tooloom Gold Project please follow these links:

>> Location and history

>> Geology of the Tooloom area

>> Phoenix maps and exploration data

>> Exploration results elsewhere at Tooloom

>> Tooloom Photo Gallery

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