QMines Ltd (ASX:QML) has delivered more results described as “outstanding” from its ongoing reverse circulation (RC) drill program at the flagship Mt Chalmers Copper-Gold Project, 17 kilometres northeast of Rockhampton, Queensland.
A further batch of results is in from the June/July drilling program, for 10 holes, and they reveal high-grade copper equivalent results over broad intervals with the standout being 37 metres at 2.90% copper equivalent from 118 metres, including 4 metres at 17.3% from 145 metres.
High-grade copper
Other strong results are:
- 25 metres at 1.65% from 81 metres, including 3 metres at 7.3%;
- 21 metres at 1.38% from 79 metres, including 7 metres at 3.3%; and
- 14 metres at 1.94% from 76 metres, including 5 metres at 3.98% from 79 metres.
“We are very pleased with recent drilling results,” QMines executive chairman Andrew Sparke said.
“They show that Mt Chamers is continuing to grow in scale. The RC rig is now moving to the southern end of the Mt Chalmers deposit to test for further extensions.
“These continued high-grade, shallow and wide intersections bode well for the company’s third resource upgrade expected in 2H-2022.”
Investors have also welcomed the results with QML shares as much as 5.88% higher to $0.18.
Further priority targets
A downhole electromagnetic survey data capture is now complete and has identified further priority targets.
Multiple drill pads have also been prepared at the southern end of the Mt Chalmers West Pit in preparation for resource extension drilling to the south.
Several holes were drilled along the western side of both the Main Pit and the West Pit and have closed off the mineralisation on this side of the project. A further five were drilled to the north of the main pit, where mineralisation remains open.
The increased drill density, together with deeper drilling, is delivering a more detailed geological and structural interpretation at Mt Chalmers. The company is drilling grouped holes from various prepared drill pads due to terrain and access.
The RC drilling campaign continues apace, with the company wrapping up a further two RC holes for 450 metres since returning to the site. It will continue throughout the year, and the company will release results on a regular basis as they come in.
Ongoing activities
The company has more than 30,000 metres of RC and diamond drilling planned for Mt Chalmers.
Drilling will soon kick off at the Woods Shaft prospect, the first of three targets singled out by the company for exploration.
Plans are afoot for a follow-up downhole electromagnetic survey will also provide better confidence for planned airborne survey.
Ongoing geological interpretation and modelling continues on regional prospects and a third resource upgrade is planned for release before the end of 2022.