The exploration report below gives a wrap up of the modern...

The exploration report below gives a wrap up of the modern exploration and some great mine plans. However there are a few points raised in the historical reports that were not picked up in this work.

Ozmin Mount Molloy report 2008.pdf

The report states that Gregory (1977) classified the deposit as Besshi-type VHMS which consists of two massive stratiform sulphide lenses, one Cu-rich (chalcopyrite- pyrite), and one Zn-rich (sphalerite-pyrite-chalcopyrite) within interbedded mudstones, siltstones and sandstones of the Molloy beds. Mineralisation sits on the eastern limb of the Molloy basin anticline (axial closure just west of mine) and occurs within 50-80m vertical intervals in shales and interlaminated sandy bands which overlie the breccia-siltstone sequence and below the dolerite sills. This ignores the strong supergene enrichment described in the old reports and the evidence of very high grade, up to 37% copper in some shipments, that can only be from chalcocite called black copper sulphide in old reports (no reports of hand sorting just very high grade direct shipping ore). The old reports also mention that the two lodes throughout much of the mine workings are separated by a felsic porphyry dyke about 4ft wide within a broader band separating the two lodes (ignored in modern reports). The two lodes are known as the main or footwall lode and the hanging wall lode. The report states there was no record of gold being mined at Mount Molloy and yet there was significant soil gold anomaly. The old reports make clear that much of the gossan was carrying around 3g/t gold and some parcels of direct shipping ore had up to 15g/t gold and assays up to 22g/t gold. Old reports also describe mine workings for a location 1000ft south and 500ft east of the southern most of the Mount Molloy workings although it is not clear if this is a parallel zone higher up the stratigraphy or the eastern flank of the syncline as it emerges to the surface, no description give the distance between fold axes.

The report describes an IP anomaly over the mine workings and along strike some 500m north. The IP work appears to have only tested the strike of the mine sequence and strike extensions. It does not appear to have tested the sequence laterally to the east, through to the syncline axis to the eastern flank where workings are described where the mine sequence emerges. There may be additional massive sulphide lenses elsewhere in the mine sequence laterally to where it is again exposed on the eastern flank. Also the eastern flank may have a very high grade chalcocite blanket the old workings may not have been deep enough to locate.

The Ballymore announcement gives a width of 4m for the ore. Old reports describe the ore up to 40ft thick in places with 6ft to 20ft being normal. 4m may be an accurate estimate of the average but it is certainly not the width of the thickest ore zone. BMR also state up to 20% copper but old records show up to 37% copper and greater than 25% copper in numerous direct shipping ore parcels (>100 tons each).

I will post a much longer report on the historical records tomorrow. But it is fair to say that Mount Molloy is a high grade VHMS deposit with the potential for new ore lenses to be found deeper in the syncline (untested) or on the eastern flank (untested). Supergene enrichment was evident and important in the old mines and this has not been considered in the modern exploration. Gold was also an important by-product and soil anomalies may point to additional copper-gold-zinc ore lenses within the mine sequence. IP with a reasonable depth of penetration could be useful to find new lenses and there is an existing IP anomaly about 500m north of the mine. This deposit was zinc rich and zinc was not a focus of the old mines or modern exploration, perhaps some potential there.

Other recent work

1995 17th IGES_Mineral_Deposits_Northeast_Queensland

The Mt Molloy deposit comprises two lenses ofmineralisation, one cupreous pyrite and the other layered copper- and zinc-richhorizon enclosed in interbedded shale, greywacke, basaltic siltstone brecciaand minor basalt. Pyritic chert forms the hanging wall to one lens. A pyriticsiliceous siltstone defines a distinct zone in association with themineralisation and its strike extension. The deposits have a surface expressionas massive to banded gossans. The lower limit of supergene enrichment extendsvertically to about 90m with oxidation down to 27m. Texturally, the depositsshow features typical of volcanogenic mineralisation at low greenschist faciesgrade. These include a prominent primary layering of sulphides, slump features,slaty cleavage folding and transposition, deformation-recrystallisation fabricsand framboidal and colloform textures (Gregory et al., 1980)

Besshi-Kieslager type volcanogenic massive sulphidesof Siluro-Devonian age for both Mount Molloy and Diane.