The Mount Black lead‐zinc deposit at Cooleman Plains, southern New South Wales, occurs in the uppermost part of the moderately folded, weakly metamorphosed, Upper Silurian Cooleman Limestone. A joint‐controlled collapse‐breccia zone interpreted as a palaeokarst structure has been partly replaced by quartz, sphalerite, galena, and a little chalcopyrite, pyrite, marcasite, tetrahedrite, arseno‐pyrite, and mackinawite. These minerals show evidence of having encrusted and replaced limestone fragments in the breccia. Oxidic Zn, Pb, Cu, and Fe minerals have formed by the near‐surface oxidation of the sulphides.