Evidence is presented to show that the Tumut ‘greenstone’ occurrence is unlikely to be an example of Palaeozoic oceanic crust. First, new rare‐earth element analyses are unlike those obtained from oceanic tholeiites. Second, the published major‐ and trace‐element analyses of the metabasalts are not definitive of an oceanic magma type. Third, the juxtaposition of mafic volcanic rocks and ultramafic intrusives is not considered to be diagnostic of an oceanic crustal section. Fourth, the sulphide mineralization is not similar to that found in typical ophiolites such as those at Troodos in Cyprus.