QMines Ltd (ASX:QML) has delivered its second resource estimate for the Mt Chalmers copper property in Queensland this year.
The explorer has grown the project’s JORC-compliant resource by 38% to 5.8 million tonnes at 1.7% copper — that’s equal to 101,000 tonnes of contained copper equivalent.
This updated mineral resource estimate (MRE) means that 78% of Mt Chalmers copper resource now lies within the higher confidence measured and indicated categories.
Looking ahead, drilling continues at the copper play, with a third resource update pencilled in for the first half of 2022.
“A fantastic achievement”
QMines executive chairman Andrew Sparke said: “As the company only listed in May 2021, it is a fantastic achievement to be delivering a resource upgrade for our shareholders in such a short period of time.
“I would like to thank our technical team and consultants for all their hard work in delivering this result for our shareholders.
“It is very pleasing to see that the upgraded resource has substantially grown in both size and confidence level, with the measured and indicated categories now comprising 78% of the overall resource.
“QMines has identified several VHMS prospects outside the known resource that bode well for further resource upgrades and the potential for future development.
“Our team is now preparing to deliver a further resource update which is planned for the first half of next year.”
A new MRE
QMines’ first resource estimate for Mt Chalmers was published in February 2021.
It was based on a historical resource estimate completed in 2005, so the ASX-lister was able to bring the copper resource up to modern standards.
Fast forward to today, and the second resource estimate includes all historical and recent drill results from Mt Chalmers, procured since the company hit the ASX in May 2021.
All up, 395 modern and historical drill holes — totalling nearly 19,000 metres of reverse circulation drilling and almost 11,000 metres of diamond drilling — were used to inform the resource upgrade.
This estimate incorporates base and precious metals contained in the Mt Chalmers deposit including copper, gold, silver, lead and zinc.
A more detailed MRE, highlighting the tonnes of copper equivalent, is below:
