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Encouraging new results for Malachite Resources Limited at Joes Gully: Tooloom gold project

Wednesday, February 24th, 2010

Recent exploration drilling at the Joes Gully Prospect has produced some encouraging new results, with gold assays up to 28g/t Au. The elevated gold values occur within broad zones of anomalous gold in quartz vein stockwork systems that point to the upper part of Joes Gully as an exciting target for continuing exploration. An intensive and highly focussed field program is underway, aimed at better defining the Joes Gully target for follow up drilling.

Malachite Resources Limited advises that assay results from recent diamond drilling at the Joes Gully Prospect, part of the Company’s wholly owned Tooloom Gold Project, have now been received. The results are encouraging, as several significant gold values were recorded, the highest being 28.4g/t Au over a 1m interval. Commenting on the new results, Managing Director, Garry Lowder observed:
“Joes Gully has tantalised gold prospectors for over a hundred years and Malachite no less so than any of our predecessors. We have long believed that a rich prize may lie hidden at Joes Gully and these new results indicate we are on to something quite exciting.”
Two holes were drilled at Joes Gully, both of them diamond core extensions to older reverse circulation percussion (RC) holes that were drilled from the same pad but in opposite directions. The first hole (JGRD01), oriented roughly west, extended an earlier 169m deep RC hole by a further 205m to a total depth of 374m. The second hole (JGRD02), oriented roughly east, extended another older RC hole from 201m to a total depth of 378m.

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