QMines Ltd (ASX:QML) has completed an initial pit optimisation study, confirming the potential for an open pit at 160 metres depth at its flagship Mt Chalmers Project, situated 17 kilometres northeast of Rockhampton in Queensland.
The study demonstrates the potential to produce 7.1 million tonnes at a head grade of 1.5% copper equivalent (CuEq) delivering 94,300 tonnes, strengthening the company’s view that a robust mining operation can be developed at Mt Chalmers.
As a result, additional metallurgical test work is now being undertaken to progress Mt Chalmers towards a feasibility study and the delivery of a maiden ore reserve statement.
Moving forward, the feasibility study will now investigate the addition of underground mining and satellite deposits to grow the scale of a potential mining operation.
Owner-operator model
QMines managing director Andrew Sparke said: “The results of the pit optimisation study are very pleasing and are testament to the significant amount of work completed by the company and its staff in such a short period of time.
“The delivery of four resources at Mt Chalmers in just 18 months shows the motivation of the team and the time and cost advantages of the owner operator exploration model.”
Study highlights
The pit optimisation study was undertaken by Gary McCrae of Minecomp Pty Ltd and was based on the company’s fourth mineral resource estimate (MRE) for the project delivered on November 22, 2022.
The Mt Chalmers resource stands at 11.3 million tonnes at 1.22% CuEq with measured and indicated categories now accounting for 88% of the total Mt Chalmers resource.
The initial study will help guide further work for a potential mining operation and the size of a potential plant.
Additional work to determine the possibility of expanding a potential mining operation with the inclusion of underground mining and satellite deposits will also be undertaken.
Forward plan
QMines has outlined the next steps at Mt Chalmers, which include:
- updated metallurgical testwork for the Mt Chalmers deposit;
- delivery of the results of a recent carbon audit to meet the requirements of the Climate Active program;
- completing the planned pre-feasibility study on the Mt Chalmers project, assessing the potential for a standalone mining operation; and
- interpretation of the recently completed VTEM™ Max airborne Electromagnetic survey; and commencing drilling of prospective regional targets.