New tin discovery at Elsmore

  Malachite Resources has made a significant new tin discovery at its 100%-owned Elsmore Tin Project, located roughly 20km east of Inverell in northern NSW.The new discovery is at the Newstead Prospect, which comprises a large tin-bearing greisen system with associated alluvial and other surface deposits and numerous shallow old tin workings.Malachite Managing Director, Garry Lowder said: “This discovery comes at a time of record tin prices and offers us excellent scope to start a very competitive tin mining operation at low capital cost.” “The deepest we have drilled so far is 3m, but from looking down some of the old shafts and pits in the area, the tin-bearing wash appears to be at least 8m deep in places,” Mr Lowder said.“It is too soon to say just how much tin is present at Newstead, but a few thousand tonnes of contained tin looks like a reasonable resource target at this stage,” he said.The new discovery is situated within Malachite’s EL6196 on freehold land and consists of semi-consolidated alluvial material that extends from surface to an unknown maximum depth, in excess of 3m. Malachite said the full extent of the alluvial deposit has not yet been determined, but that individual occurrences mapped so far range from about 100sqm to approximately 1sqkm, all within an area of 3.5km by 1.5km. The company said it is not yet known whether the separately mapped areas link up beneath soil cover, but this is thought to be quite likely in some cases.“The Newstead alluvial deposit also contains sapphires and our rights under EL6196 cover both metallic minerals and gem minerals,” Dr Lowder said.