QMines Ltd (ASX:QML) is readying for its fourth resource report at the Mt Chalmers copper-gold property near Rockhampton in central Queensland.
The explorer recently drilled 11 holes for 905 metres across the Woods Shaft deposit and all samples have been delivered to a lab in Brisbane for assay.
QMines expects to release its third resource upgrade at Mt Chalmers next month while the maiden Woods Shaft resource is expected in the first quarter of the new year and will be the company's fourth resource at the project.
Pit optimisation will soon kick off on the new resources while a scoping study will begin in early 2023.
Delivering maiden resource
Speaking to the work to date, QMines executive chairman Andrew Sparke said the explorer had made excellent progress across several areas at Mt Chalmers.
“[This includes] the completion of the Woods Shaft validation drilling which will now enable the delivery of a maiden resource at Woods Shaft,” he explained.
“There were some fairly significant historical drill holes from this area and the completion of this drilling will enable the delivery of a fourth resource upgrade early in the new year.”
What’s next?
QMines plans to pursue several key goals and the end of 2022 approaches. These include:
- Continue drilling at Mt Chalmers under the planned 30,000-metre reverse circulation (RC) and diamond drilling programs;
- secure drilling results from recent works at the Mt Chalmers mine and the Woods Shaft prospect;
- conduct an airborne electromagnetic survey over Mt Chalmers to improve drill targeting for future regional drilling campaigns;
- deliver all new drill hole and geological modelling data to the independent resource geologist; and
- deliver a third mineral resource for Mt Chalmers in Q4.