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MALACHITE RESOURCES is an Australian junior resources company whose mission is to become a profitable, dividend-paying, mid-tier mining company, with the economic efficiencies that come from a strong geographic focus and the financial strength that comes from diversity, by targeting a limited range of high value metals in eastern Australia.

Malachite’s key commodities are gold, silver, copper and tin and its principal target areas currently are the Mount Isa region of northwest Queensland and the New England region of northern NSW/southern Queensland. It has two advanced projects that are likely to become operating mines over the next few years – the Lorena Gold Project and the Conrad Silver Project – as well as a variety of earlier stage exploration properties that offer exposure to gold, silver, tin and base metals, especially copper.

Malachite is listed on the Australian Securities Exchange (Code: MAR) and also trades in Frankfurt (Code: MUW.F) and Berlin (Code: MUW.BE). The company has a number of corporate and institutional shareholders, with the top 20 holding 76% of the issued equity. There are approximately 531 million shares on issue.


Conrad is the Company’s flagship project and the one most likely to be a “company-maker” for Malachite. High grade, polymetallic silver-rich base metal mineralisation has been discovered at Conrad and 25,000m of resource definition drilling has been completed along a 2.2km length of the Conrad Lode system. Based on that drilling, a mineral resource containing 9.6 million ounces of silver, or 19.2 million ounces of silver equivalent, has been defined. Within that resource, a higher grade component, comprising 458,000 tonnes at a grade of 424g/t AgEQ (13.6oz/t AgEQ) has been defined (containing 6.2 million ounces of silver equivalent).

Preliminary economic modelling suggests that if the higher grade resource can be increased by further drilling to approximately 1,000,000 tonnes at a similar grade a viable new mining project could be established at Conrad. Malachite believes that objective can be achieved, as there are several areas within the existing global resource where drilling is currently too widely spaced for some additional high grade intersections to be brought into the higher grade resource category. A program of infill diamond core drilling commenced in June, 2010.

The Company has mapped the Conrad mineralised structure for a further 2.3km to the southeast of the existing resource, where it is marked by old workings, anomalous soil geochemistry and VLF-EM anomalies. An initial reconnaissance program of reverse circulation percussion drilling took place in this area in May/June, 2010, with a view to identifying additional ore targets. The results of that program indicated that the mineralisation, though persistent along strike, appears to be developed over wider but lower grade zones, more analogous with the so-called “Greisen Zone” at the northwestern end of the Conrad system than with the narrow, high grade lodes that make up the greater part of the existing resources at Conrad.


The Pikedale Project is located in southern Queensland, some 30km west of the town of Stanthorpe (see map, Figure 1). It comprises an Exploration Permit for Minerals (EPM18166) of 100 sub-blocks, oriented along a major regional structure that appears to host silver-base metal mineralisation at the old Pikedale mine (which is situated on a small mining lease, ML6968, not held by Malachite). Mineralisation in the region is thought to relate to plutons of the Ruby Creek Granite, an active mineralising intrusive analogous to the Gilgai Granite at Conrad.

Malachite’s exploration is focussed on discovery of silver-rich base metal mineralisation, like that at Conrad and at the old Pikedale mine. The most promising result to date is the discovery, in a prospect area known as ‘Lickhole’, of a large area of ironstone outcrops that are geochemically anomalous, locally very much so. The highest assays reported so far (in separate samples) are: copper up to 7.9% Cu, zinc up to 6.3% Zn and silver up to 71g/t Ag. Encouraged by these geochemical results, Malachite conducted a geophysical survey at Lickhole (induced polarisation method) that identified strong chargeability anomalies underlying the surface ironstones (see map, Figure 2). The chargeability anomalies are thought to indicate the presence at depth of well developed sulphide mineral systems that make Lickhole an attractive drill target. Malachite has applied for funding from the Queensland Government under its Collaborative Drilling Initiative of the Greenfields 2020 Program to assist with initial drill testing of the Lickhole anomalies.

That drilling is expected to take place in the second half of 2011.


The Elsmore project is based on ELs 6196 (“Elsmore”), 7177 (“Macintyre”) and the northern part of EL 7349 (“Kings Gap”), all of which are held 100% by Malachite. These tenements are located in northern New South Wales, about 20km east and southeast of Inverell and about 25 km northeast of the Company’s Conrad silver project. The two ELs cover approximately 450km² but exclude the Elsmore Tin Mine, which occupies about 2.5 km² of land, with attaching mineral rights, in the northern part of EL 6196. The Company explored this land under an option agreement with the current owner in 2004 but allowed the option to lapse when results obtained at the Elsmore mine were found to be inferior to those obtained on the Company’s own ground.

The Elsmore mine was the first commercial tin mine in Australia and has produced tin from various alluvial deposits intermittently since 1871. Newstead, located 5km southeast of the Elsmore mine, has a similarly long history of mining but appears to have been less extensively worked over the years. Newstead is currently the focus of the Company’s exploration at Elsmore, with particular emphasis on a tin-bearing paleo-alluvial deposit, known as the Karaula Lead.


The Lorena Gold Project is located about 15km east of Cloncurry in northwest Queensland, just 2km from the Flinders Highway (Figure 1). The project comprises one granted mining lease and five mining lease applications (“MLAs”) that collectively encompass approximately 2.5km², together with two small Exploration Permit for Minerals Applications (“EPM(A)s”) and one granted EPM adjoining the mining leases (Figure 2). The MLAs have all been recommended for grant and are expected to be granted very soon. Malachite acquired Lorena in early 2011 by purchasing all the shares of Volga Elderberry Pty Limited (“VEPL”), the title holder, which is now a wholly owned subsidiary of Malachite.

An interim measured resource of 177,800 tonnes grading 9.8g/t Au, containing approximately 56,000 ozs of gold, has been estimated at Lorena by the previous owners, together with an additional inferred resource of 95,000 tonnes grading 7.2g/t Au, or about 22,000ozs of contained gold. Parts of the known resource contain very high grades and there is strong evidence for extensions to the known ore grade mineralisation at depth and along strike. Significant copper mineralisation is also present at Lorena, mostly in what appear to be discrete copper-gold lodes, adjacent to but separate from the main gold lodes.

Malachite is undertaking a new program of drilling from late March, 2011, with a view to expanding the mineral resource to a level where the contained gold exceeds 150,000 ounces. Once that has been achieved economic modelling will be undertaken to assess the viability of developing an open pit gold mine to produce 50,000 ounces of gold per annum. Exploration drilling to expand the available resource will continue, together with exploration for repetitions of Lorena style mineralisation on the adjoining EPMs. It is hoped to complete a mining feasibility study by the end of 2011 and to commence gold production at Lorena by early 2013.


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.

Mine For

gold, silver, copper, tin, lead, zinc

Location of operation(s)

Queensland, New South Wales


Se 1502, Level 15, Tower B, 799 Pacific Highway
Chatswood, NSW, AUSTRALIA, 2067


(02) 9411 6033



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The data on Australian is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.