QMines Ltd (ASX:QML) has obtained 100% of the Develin Creek Copper-Zinc Project in Queensland after paying $975,000 (plus GST) in cash and $687,500 in QMines shares in return for the remaining 49% interest in the project.
In 2023, the company defined a revised resource estimate for Develin, which came in at 3.2 million tonnes at 1.05% copper, 1.22% zinc, 0.17 g/t gold and 5.9 g/t silver.
Just last week, QML fielded the initial results from a drilling program at the Scorpion prospect, which generated a drilling result of 31 metres at 2.35% copper, 2.37% zinc 0.37 g/t gold, 20 g/t silver and 19% sulphur from 104 metres of depth, pointing to strong resource growth potential.
Strategically important acquisition
"We are very pleased to have completed the acquisition of the strategically important and high-grade Develin Creek copper project,” QMines executive chair Andrew Sparke said.
“We wish to thank Zenith Minerals for their support for the transaction and welcome them as a large shareholder in our company.”
QML has also completed metallurgical test work on the mineralisation at Develin Creek, testing copper, iron, lead, zinc and sulphur at Auralia Laboratory.
The company achieved copper concentrate yields of 20%, above expectations of 20%, and a pyrite concentrate of 51% sulphur, but efforts to create a saleable zinc product produced grades of only 5.7%, requiring further testing.
QMines will target an updated mineral resource estimate once the current drilling program is complete.