Malachite Resources reports that it has made a significant new tin discovery at its 100% owned Elsmore Tin Project, located about 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.
Managing Director, Garry Lowder, commented: “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.
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.”
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. The full areal extent of the alluvial deposit has not yet been determined but individual occurrences mapped so far range from about one hundred metres square to approximately one square kilometre, all within an area of 3.5 x 1.5km. It is not yet known whether the areas mapped separately 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 added.
