Extractinator

The  is an item added in the 1.2 update. It turns silt and slush blocks into more valuable items like Ores, Coins, and Gemstones. The Amber Mosquito (spawns pet dinosaur) might rarely be extracted. It is one easy way to get alternative ores to the ones spawned in your world, i.e. Iron ore if your world spawned with Lead. It is the only way to get Amber and Amber Mosquito in the game.

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Output
The possible output result of the does not seem to vary from the block used (Slush or Silt). Possible outputs include: Otherwise you will receive coins instead.
 * Easymode Ores:- Copper, Tin, Iron, Lead, Silver, Tungsten, Gold, Platinum. 1/3 or 33.3% chance.
 * Gems:- Amethyst, Topaz, Sapphire, Emerald, Ruby, Diamond. 1/25 or 4% chance.
 * Amber. 1/50 or 2% chance.
 * Amber Mosquito. 1/5000 or 0.02% chance.
 * Platinum Coin. 1/5000 or 0.02% chance. (Hardmode Only)
 * Gold Coin. 1/400 or 0.25% chance.
 * Silver Coin. 1/30 or 3.3% chance.
 * Copper Coin. Guaranteed if all else fails or 57.13% chance.