more high grade copper at mt lidster

Malachite Resources NL
ABN 86 075 613 268
Suite 1502, Tower B, 799 Pacific Highway, Chatswood NSW 2067
P O Box 5218, West Chatswood NSW 1515
Tel. (02) 9411 6033 Fax (02) 9411 6066
ASX Announcement Code: MAR 30 January 2007
MORE HIGH GRADE COPPER AT MT LIDSTER
• Drilling at Mt Lidster in December 2006 has intersected further high grade
copper mineralisation;
• Best result was in MLRC09: 18m @ 2.4% Cu, including 2m @ 9.8% Cu.
• Highest single assay result: 1m @ 15.05% Cu and 1.04g/t Au;
• True widths of mineralisation up to 12m.
Malachite Resources NL (ASX: MAR) advises that assay results
have now been received for samples from December 2006 drilling at
the Mt Lidster Copper Project, near Mt Isa in northwest Queensland,
where Malachite has an option to acquire a 100% interest. The best
intersection in the recent drilling was in hole MLRC09, which cut an
18m massive sulphide zone from 76m to 94m (11.6m true width),
with an average grade of 2.4% Cu, including 2m of 9.8% Cu.
Several holes intersected massive to semi-massive sulphide
mineralisation, with good copper values, mainly expressed as
primary chalcopyrite. Other holes intersected the structure where it
is dominated by quartz rather than sulphide. Copper grades
correlate well with sulphide content and it is apparent from both
drilling to date and inspection of the outcrop that mineralisation is
concentrated into pods or shoots within the Mt Lidster structure, at
least near surface. Copper mineralisation was also intersected in
what appear to be parallel or splay structures, some examples of which can be seen at the
surface. Significant amounts of gold and cobalt are present as accessory metals.
Twelve shallow, reverse circulation percussion holes were drilled in the latest program, for a
total of 959m. Drill hole details are set out in Table 1 and assays of the mineralised
intersections are listed in Table 2. The map below shows the Mt Lidster structure and the
location of all holes drilled at the project to date.
Malachite is strongly encouraged by these results, for while the drill sample assays to date are
mixed, it is clear that this is due to the poddy distribution of mineralisation within the structure.
Where good mineralisation is intersected the grades can be spectacular – the best single
assay from the recent program was 1m @ 15.05% Cu and 1.04g/t Au. Much of the structure
remains to be drill tested and as yet there has been no deep drilling at Mt Lidster at all. It is
too soon to draw any conclusions about average grades within the Mt Lidster structure overall,
but it is possible that, in a future mining context, the high grade massive sulphide pods may be
sufficiently abundant to carry the interspersed lower grade quartz-rich zones. It is also
possible that the massive sulphide zones will expand or coalesce at depth, where drilling is yet
to occur.
Following the current tropical wet season the Company plans to conduct a geophysical
survey, utilising an electromagnetic (“EM”) technique, at Mt Lidster, with the aim of identifying
electrical conductors that could represent the best concentrations of massive sulphide
mineralisation at depth. These will then be targeted by drilling, including diamond drilling if
warranted, during the 2007 field season.
Mt Lidster Copper
Project location map

Malachite Resources NL – Conrad Drilling Results – January 2007
Table 1: Drill Hole Details for holes drilled at Mt Lidster in December 2006
Hole No. Collar Details
Northing
GDA94
Easting
GDA94
Magnetic
Azimuth
Inclination
Final Hole
Depth
MLRC06 7709959 393653 1360 -530 83m
MLRC07 7709946 393662 1850 -500 22m
MLRC08 7709949 393669 960 -500 58m
MLRC09 7710009 393849 3050 -500 106m
MLRC10 7710007 393849 2800 -500 136m
MLRC11 7710010 393851 3460 -500 166m
MLRC12 7709773 393532 200 -520 76m
MLRC13 7709775 393527 3150 -650 40m
MLRC14 7709647 393442 3090 -500 64m
MLRC15 7709664 393449 3050 -600 58m
MLRC16 7709658 393462 3050 -600 82m
MLRC17 7709951 393662 950 -610 68m
Table 2: Assay Results for holes drilled at Mt Lidster in December 2006
HOLE NO. FROM
(m)
TO
(m)
APPROX
TRUE WIDTH
(m)
COPPER
% Cu
Au
g/t
Co
%
COMMENTS
MLRC06 61 62 0.6 0.25 <0.1 0.04 6m @ 4.2% Cu intersected vertically above
in MLRC02
MLRC07 No significant assays. Hole abandoned due to caving ground before reaching target depth.
MLRC08 24 29 3 0.21 <0.1 0.02 Oblique intersection in oxide zone only
MLRC09
Including
Including
Also
76
76
76
89
94
78
77
94
11.6
1.3
0.6
3.2
2.4
9.81
15.05
3.81
0.21
0.75
1.04
0.37
0.02
0.06
0.02
0.03
Massive sulphide intersection
MLRC10
And
122
54
123
63
0.5
5
1.14
0.02
0.17
0.34
0.03
<0.01
Oblique intersection south of MLRC09
MLRC11 129 137 4.5 0.25 <0.1 0.01 Oblique intersection to north of MLRC09
MLRC12 43 48 ? 0.45 <0.1 0.09 Very oblique intersection
MLRC13 18 21 1.3 0.29 <0.1 <0.01 Intersection in oxide zone only
MLRC14
Including
And
Also
18
18
18
55
42
28
21
56
15.4
6.4
1.9
0.6
0.28
0.43
0.86
5.96
<0.1
<0.1
<0.1
0.64
<0.01
<0.01
<0.01
0.01
This intersection is NW of main structure
MLRC15
Including
Including
30
34
34
43
41
37
6.5
3.5
1.5
2.13
3.73
6.12
0.12
0.17
0.22
0.03
0.05
0.06
Includes 1m @ 0.12% Co (36-37m)
MLRC16 67 71 2 0.47 <0.1 0.05 Deeper cut to MLRC15
MLRC17 51 54 1.5 0.22 <0.1 <0.01 Deeper cut to MLRC08