QMines (ASX:QML) eyes more copper-gold upgrades
October 25, 2022QMines is likely to report resources upgrades early next year following high grade copper-gold intersections from its Woods Shaft, part of the Company’s flagship Mt Chalmers Copper and Gold Project in central Queensland.
RC drilling revealed 8.26% CuEq over 5m from a standout hole averaging 3.66pc CuEq for 37 metres, as part the 1,635m, 11-hole campaign.
“We are extremely pleased with these recent results which demonstrate the quality of the Mt Chalmers project and its development potential,” Executive Chairman Andrew Sparks said.
“The Company has already delivered two resources since listing in May 2022 and has a further two planned in the coming months.
“This is certainly an exciting time to be a QMines shareholder as the Company works towards becoming Australia’s next copper developer.”
- 37m @ 3.6% CuEq from 4m; including 9m @ 6.21 % CuEq from 12m
- 4m @ 8.26 % CuEq from 30m
- 58m @ 1.26% CuEq from 15m; including o 10m @ 5.26% CuEq from 38m
- 41m @ 1.09% CuEq from 15m; including o 5m @ 3.41% CuEq from 33m
- 9m @ 1.12% CuEq from 35m
Next Steps
QML will complete 30,000 metres of RC and Diamond drilling programs at Mt Chalmers.
A MRE is expected for Woods Shaft is likely in Q1 2023.
About QMines
QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns 100% of four advanced projects covering a total area of 1,096km2. The Company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton.
Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. Mt Chalmers has a Measured, Indicated and Inferred Resource (JORC 2012) of 5.8Mt @ 1.7% CuEq for 101,000t CuEq1.
QMines’ objective is to grow its Resource base, consolidate assets in the region and assess commercialisation options.
The Company has commenced an aggressive exploration program (+30,000m) providing shareholders with significant leverage to a growing Resource and exploration success.
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