QMines Ltd (ASX:QML) has been granted tenement EPM27899 by the Queensland Department of Resources.
This tenement is within QML’s flagship Mt Chalmers project northeast of Rockhampton in central Queensland.
The company owns 100% of four advanced projects covering a total area of 1,096 square kilometres.
Mt Chalmers is a high-grade historic mine that produced 1.2 million tonnes at 2.0% copper, 3.6 g/t gold and 19 g/t silver between 1898-1982. It has a JORC 2012- compliant measured, indicated and inferred resource of 5.8 million tonnes at 1.7% copper equivalent for 101,000 tonnes copper equivalent.
Due to the scale and prospectivity of the anomalies within the new tenement, this becomes an important acquisition for the company.
The tenement covers two large Tracker 1 and Tracker 2 copper and zinc soil anomalies and adds 118.4 square kilometres to QML’s existing and very large tenement package.
These anomalies were identified following the digitisation of an extensive historic soil program.
QML, which is aiming to become Australia’s first zero-carbon copper and gold developer, is preparing to commence a planned 1,800 line-kilometre airborne electromagnetic (EM) geophysical survey at Mt Chalmers, which will aid in prioritising regional drill targets.
Strategic acquisition to highlight drill targets
The latest tenement acquisition by QML sees it looking for potential repeats of the Mt Chalmers deposit.
Mt Chalmers is a VHMS deposit known to host multiple deposits within a cluster.
“The granting of EMP 27899 is a significant acquisition for the company. We know VHMS deposits cluster, and this acquisition bodes well for our strategy of identifying a number of potential repeats to the Mt Chalmers deposit,” QMines executive chairman Andrew Sparke said.
“The company is now preparing to commence a large EM survey at Mt Chalmers and is looking forward to sharing these results when they become available.
"The company’s third resource upgrade remains on track for delivery in Q2/Q3 with the 10,000-metre RC drilling program progressing well and a number of samples in the labs with results expected shortly.”
Mt Chalmers Project new geochemical discoveries.
An 1,800-line kilometre airborne EM survey over Mt Chalmers and the wider tenement package, will provide valuable geological information and will aid in prioritising of the many regional drill targets.
This survey will also assist in drill targeting for the large Tracker 1, Tracker 2, Tracker 3 and Striker copper and zinc in soil anomalies, which present significant upside potential at the Mt Chalmers project.
When combined with the exploration targets (JORC 2012) at Woods Shaft, Botos and Mt Warminster, they demonstrate that significant exploration potential remains at the project.
What’s next?
QML has a steady program of works in the pipeline including several drilling programs and a resource upgrade.
Investors can expect to see:
- Ongoing drill programs for the planned +30,000 metres of RC and diamond drilling.
- Drilling to commence at the Woods Shaft prospect, the first of three exploration targets.
- Preparations underway to drill Tracker 3, the first of four large copper and zinc soil anomalies.
- Planned 1,800-line kilometre Heli-EM survey to identify further drill targets.
- Resource upgrade planned to be released in Q3 2022.