Malachite's interest in Tooloom was sparked by the widespread occurrence of the alluvial gold, the presence of gold/quartz vein composites as nuggets recovered in the then current alluvial mining operations in the district and the presence of large bodies of altered and mineralised intrusive rocks, some with minor old hard rock gold workings. Malachite has conducted a systematic exploration program at Tooloom that has taken the project from the conceptual, grass roots stage to its present state; a small gold resource outlined at the largest prospect, known as Phoenix.
TOOLOOM is the advancement of the Phoenix IRGD gold discovery within EL6263 located in far northern NSW, about 65km northeast of Tenterfield, in the New England Orogen of NSW.
Phoenix is a large gold-bearing sulphide system surrounding (and enclosed within) a breccia pipe.
The best drill intersection in the ~7,000m of drilling to date is 48m @ 2.21g/t Au (gold is refractory)
The system is open at depth, and deep drilling is now required to test the source of the large IP chargeability/magnetic low feature which underlies the system and may be the source of the near-surface gold mineralisation discovered to date.
A drilling-intensive program is proposed for the next stage of exploration at Phoenix, involving four deep holes at Phoenix (up to 800m each), targeting the deeper primary source of the gold discovered in the upper levels of Phoenix by testing the combined overlapping circular magnetic low and IP chargeability anomaly at depth.
The Company is actively pursuing a joint venture partner to carry out the proposed drilling.