QMines Ltd has kicked off a 10,000-metre drilling program at its Develin Creek and Mt Chalmers copper projects in Queensland, following a $6 million capital raising.
The two-rig campaign, comprising 2,000 metres of diamond drilling and 8,000 metres of reverse circulation (RC) drilling, aims to extend high-grade copper deposits and strengthen resource confidence across key targets.
Results are anticipated to provide further insight into the potential for resource growth across both projects.
“A 10,000-metre drilling program has now commenced following the completion of a $6 million capital raise," QMines chairman Andrew Sparke said.
"This program follows the maiden 5,000-metre drilling program that was completed in December 2024. This program will lead to a resource update for the Scorpion and Window deposits which is expected shortly.
“The new 8,000-metre RC drilling program is designed to grow and improve the mineral resource at the Sulphide City deposit. An additional 2,000-metre diamond drilling program has been designed to extend the Develin Creek resources and for further metallurgical test work.
“We expect both RC and diamond drilling rigs to run concurrently with the RC rig expected to commence operations in April 2025. Drilling results will be delivered as they come to hand.”
Diamond drilling has commenced at the company’s Mt Chalmers project.
Resource updates
At Develin Creek, drilling will focus on potential extensions to the Scorpion and Window deposits, which remain open. Additional RC drilling will be directed at the Sulphide City deposit, where QMines seeks to expand and improve the existing mineral resource.
The RC rig is expected to begin operations in April 2025, with results to be released as they become available.
Develin Creek hosts a mineral resource estimate of 3.2 million tonnes at 1.05% copper, 1.22% zinc, 0.17 g/t gold and 5.9 g/t silver.
Meanwhile, the Mt Chalmers project, which has undergone five resource updates and a pre-feasibility study (PFS), holds an ore reserve of 9.6 million tonnes at 0.65% copper, 0.48 g/t gold, 0.27% zinc, 5.2 g/t silver and 4.3% sulphur under JORC 2012 standards.
Resource updates for Scorpion and Window are expected in the near term, while an updated PFS is targeted for the second half of 2025. The company anticipates that additional discoveries at Develin Creek will enhance the scale of the Mt Chalmers mine plan.
Money in the bank
Just a week ago, the company said it was set to accelerate copper and gold exploration at its central Queensland projects after securing firm commitments for A$6 million before costs through a well-supported two-tranche placement.
The placement attracted strong interest from both new and existing shareholders, reflecting confidence in the company’s strategy to unlock commercial value from its assets.
The funds will support the advancement of exploration and development activities at the Mt Chalmers and Develin Creek projects, located within 90 kilometres of Rockhampton.
As part of the placement, QMines will issue up to 133,333,336 fully paid ordinary shares at A$0.045 per share, with the second tranche subject to shareholder approval.
Read more: QMines to pick up the pace of copper and gold exploration on completing $6 million placement