QMines Ltd (ASX:QML) has delivered further broad high-grade copper, gold and zinc intersections from recent reverse circulation (RC) and diamond drilling at the flagship Mt Chalmers Project, 17 kilometres northeast of Rockhampton in Queensland.
Notably, high grades have been intersected in multiple drill holes including peak values of 8.5% copper, 5.45 g/t gold, 105 g/t silver, 9.08% zinc and 4.0% lead.
These results demonstrate the growing scale of Mt Chalmers which bodes well for the company’s third resource upgrade.
Moving forward, QMines’ RC rig is now fully operational and expected to deliver a step-change in metres drilled and results released with further assays pending.
“Growing scale”
QMines executive chairman Andrew Sparke said: “We are very pleased with these results as they demonstrate the growing scale of the Mt Chalmers deposit.
“It is great to see the company’s RC rig now fully operational which is expected to deliver a step change in the number of metres drilled, results released and therefore the speed at which the company can grow the Mt Chalmers resource.
“This purchase will provide our shareholders with significant leverage to a growing resource and exploration success and bodes well for the company’s third resource upgrade.”
Drill results
QMines recommenced drilling at Mt Chalmers in January 2022, completing an eight-hole diamond program for 946 metres in March 2022.
Further, the company also began a ~10,000 metre reverse circulation (RC) program utilising its newly acquired RC rig, with a further three RC holes for 530 metres now complete and assays pending.
Significant intersections include:
- 21.2 metres at 2.14% copper, 0.7 g/t gold, 5.9 g/t silver and 0.6% zinc from 73 metres;
- 27.9 metres at 1.36% copper, 0.64 g/t gold, 14.9 g/t silver and 0.2% zinc from 14.1 metres;
- 19.1 metres at 1.23% copper, 0.39 g/t gold, 11 g/t silver and 0.79% zinc from 68.9 metres;
- 17.6 metres at 0.93% copper, 0.24 g/t gold, 9.8 g/t silver and 0.4% zinc from 13 metres; and
- 6 metres at 1.09% copper, 2.01 g/t gold, 35 g/t silver, 0.48% lead and 0.93% zinc from 52 metres.
Forward plan
QMines has drilling underway, part of the planned +30,000 metre of RC and diamond drilling programs.
The company is set to begin drilling at the Woods Shaft prospect, the first of three exploration targets identified
Preparations are underway to drill Tracker 3, the first of four large copper and zinc soil anomalies.
In addition, a planned 1,800-line kilometre Heli-EM survey is in the cards to identify further drill targets.
QMines also has a resource upgrade which is planned to be released later this quarter or next quarter.