TOOLOOM GOLD PROJECT

The Tooloom Project, which is held 100% by Malachite, encompasses the old Tooloom goldfield, where gold was first discovered in 1857. Historic mining focussed on gold in alluvial deposits, while Malachite’s exploration has targeted potential hard rock sources of the alluvial gold.

Gold mineralisation is associated with intrusive bodies that range from granite to diorite in composition. The gold occurs as free gold in sheeted and stockwork vein systems, as disseminations associated with sulphides in altered intrusive and adjacent wall rocks, as well as in shear zones and in breccia pipes.

Four key prospects are currently recognised, one of which, known as Phoenix, consists of a very large (>1 billion tonnes) sulphide system with widespread low grade gold and local features, such as a breccia pipe, where gold grades are enhanced to economic or sub-economic levels.