QMines Ltd delivered a quarter of significant milestones across exploration, resource growth, and corporate activity. Standout results from its maiden drilling program at the Develin Creek project, including intersections of 114 metres at 1.64% copper, 0.86% zinc, 0.3 grams per tonne (g/t) gold and 13 g/t silver from 11 metres, have underpinned a 30% increase in the Mineral Resource Estimate (MRE) to 4.13 million tonnes (Mt), with 70% now in the Indicated category.
The company also completed a A$4 million placement to advance Stage 2 drilling at Develin Creek, while securing a binding term sheet to acquire 100% of the Mount Mackenzie gold-silver project, adding scale and development optionality.
Location and Infrastructure at Mt Chalmers, Develin Creek and proposed Mt Mackenzie acquisition.
Drilling success at Develin Creek supports resource upgrade
QMines completed 5,064 metres of reverse circulation (RC) drilling across 43 holes at the Scorpion and Window prospects. Highlights include:
- 114m @ 1.64% Cu, 0.86% Zn, 0.3g/t Au, 13g/t Ag from 11m
- 88m @ 1.06% Cu, 0.93% Zn, 0.26g/t Au, 8.6g/t Ag from 3m
- 35m @ 1.32% Cu, 2.25% Zn, 0.35g/t Au, 14.8g/t Ag from 56m
Drillhole locations, Scorpion and Window prospects showing section lines A-A’ and B-B’.
Drillhole cross section, Scorpion and Window deposits ‘A-A’ and ‘B-B’ (Looking WNW).
These intercepts confirmed the continuity and tenor of shallow massive sulphide mineralisation, particularly at Scorpion, and fed directly into a resource upgrade.
Develin Creek resource grows to 4.13Mt
Following updated geological modelling, Develin Creek’s MRE now stands at 4.13Mt @ 1.07% Cu, 1.16% Zn, 0.15g/t Au and 6g/t Ag.
The resource includes 2.9Mt in the Indicated category. When combined with the Mt Chalmers deposit, QMines’ total resource base has increased to 15.5Mt, reinforcing the company’s copper-gold growth strategy.
Mt Chalmers metallurgical drilling progresses PFS optimisation
Two diamond holes were completed at Mt Chalmers targeting semi-massive sulphide and stringer mineralisation.
Samples will support further test work aimed at improving metal recoveries for the updated Pre-Feasibility Study (PFS), with results expected in Q3 2025.
Mount Mackenzie acquisition adds gold-silver optionality
A binding term sheet was executed to acquire the Mount Mackenzie gold-silver project from Resources and Energy Group Ltd. The deposit hosts a historical resource of 129,000 ounces (oz) gold and 862,000 oz silver.
Historic drilling at the Mt Mackenzie project North Knoll being A and the South-West Slope being B.
QMines plans to evaluate toll-treatment options at Mt Chalmers and explore the potential to grow the resource through follow-up drilling.
Corporate: Placement completed, cash balance strengthened
In February, QMines raised A$4 million via a placement priced at A$0.045 per share. A second tranche was not approved by shareholders.
As at March 31, 2025, QMines held A$3.8 million in cash with no unused finance facilities, supporting ongoing drilling and development activities.