Company
ASX:QML
QMines Ltd (ASX:QML) is seeking to become Australia’s first zero-carbon copper and gold producer. The company’s flagship project, Mount Chalmers, is a high-grade historical copper and gold producing mine.
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The update includes a maiden inferred resource for Woods Shaft deposit of 540,000 tonnes at 0.5% copper and 0.95 g/t gold at a 0.3% copper cut-off for 2,700 tonnes of copper and 16,440 ounces of gold.
“Preliminary analysis of the historic electromagnetic data is very encouraging. The data confirms a number of existing soil anomalies whilst also highlighting further exciting targets in several new areas," QMines executive chairman Andrew
The drilling at Woods Shaft will validate this historical drilling completed by previous explorers and will help QMines to convert the historical exploration target into a JORC-compliant maiden resource.
The company says the $1.26 million placement was oversubscribed and will be used to fund further exploration and development at the high-grade Mt Chalmers Copper Project in Queensland.
Drilling continues at the Mt Chalmers property, where a collective 30,000 metres of reverse circulation and diamond drilling is planned to prospect gold and copper resources.
Pit optimisation will soon kick off on the new resources while a scoping study will begin in early 2023.
“We have made excellent progress across several areas at Mt Chalmers with RC drilling continuing to intersect broad and consistent zones of mineralisation with numerous drill holes outside the current resource model," said QMines executive
The company’s review of historical data has identified seven soil anomalies which have the potential to be regional repeats of Mt Chalmers.
The fully subscribed $2 million placement will fund accelerated exploration and development at the high-grade Mt Chalmers Copper-Gold Project.
The company has fielded peak results of 4 metres at 17.28% copper equivalent within a 37-metre intersection and 3 metres at 7.25% copper equivalent within 25 metres.
“We expect to deliver an additional 10,000 metres of RC results by November 2022 leading to our third resource upgrade and consistent new flow over this period,” says chairman Andrew Sparke.
The Queensland focused copper and gold explorer is set to build its existing resource base in the region with an aggressive drilling program planned.
Results from the next eight holes are expected shortly as QMines works to release a third resource upgrade later this year.
Results from the remaining nine holes are expected shortly as QMines works to release a third resource upgrade later this year.
“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,” executive chai
The company’s RC rig is now fully operational and expected to deliver a step-change in metres drilled and results released with further assays pending.
The company is ramping up drilling activities with assay results from 11 diamond drill holes pending. Another resource update is expected in 2Q22.
“Further work is now being undertaken to improve overall recoveries, develop a cleaner flotation and improve flowsheet optimisation,” says chairman.
Down the line, the company’s overarching vision is to become Australia’s first zero-carbon copper and gold developer.
Preparations are underway to kick off drilling at Mt Chalmers’ Woods Shaft prospect, an existing exploration target not currently included in the Mt Chalmers resource.
