Queensland-based copper and gold explorer, QMines (ASX:QML) reports it has received broad and ‘high-grade’ copper and gold intersections following a reverse circulation (RC) drilling campaign at its flagship Mt Chalmers Copper and Gold Project in Queensland.
The results, generated by 15 RC drillholes for 1,635m (eleven for Woods Shaft and four at Mt Chalmers project) have delivered several ‘high-grade’ intersections with ‘exceptional’ copper equivalent (CuEq) grades of up to 8.26% (QMWSRC001) from within the Woods Shaft prospect.
Other ‘significant’ intersections from the eleven drillholes at Woods Shaft include, 37m at 3.6% Cu-Eq from 4m, including 9m at 6.21% Cu-Eq from 12m; and 4m at 8.26% Cu-Eq from 30, as well as 3m at 8.33% Cu-Eq from 75m.
Drilling was conducted by QMines to validate the drilling completed by previous explorers with a view of delivering a maiden JORC 2012 Mineral Resource Estimate (MRE) for Q1-2023.
Results from the final four drillholes are yet to be received.
Speaking on the results, QMines Executive Chairman, Andrew Sparke said: “We are extremely pleased with these recent results which demonstrate the quality of the Mt Chalmers project and its development potential.
“We are extremely pleased with these recent results which demonstrate the quality of the Mt Chalmers project and its development potential”
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.”
The company also notes that in preparation for the third MRE for the Mt Chalmers project it has now completed over 14,000m of drilling RC drilling, as well as preliminary metallurgical test work and a detailed geological model for the project.
This third MRE for the project is expected to be delivered by November this year.
In addition, QMines also reports that it has commenced geological modelling at the Woods Shaft deposit to aid in the delivery of its planned maiden MRE, with estimation work also expected to commence on completion of the Mt Chalmers update.
QMines is a Queensland based copper and gold exploration and development company with a vision of growing its copper and gold inventory through systematic exploration and by consolidating stranded assets within the region. The company’s flagship Mt Chalmers project makes up part of its four advanced copper and gold projects and is located about 17km northeast of the township of Rockhampton and covers a total area of 1,096km-square, with QMines owning 100% interest in all associated tenements.
The projects hosted historic Mt Chalmers mine has reportedly produced about 1.2Mt at 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982 and currently boasts a measured, indicated and inferred JORC 2012 MRE of 5.8Mt at 1.7% Cu-Eq for 101,000t Cu-Eq.
With results from the final four remaining drillholes still awaited, QMines announces that drilling operations at the project are continuing ahead of its planned 30,000m RC and diamond drilling (DD) programs.
A regional airborne electromagnetic (EM) survey over the project tenement is also planned to improve drill targeting for future drilling campaigns.