QMines continues its successful expansion of the Mt Chalmers resource after intersecting even more wide and high-grade copper, gold and zinc mineralisation during recent drilling.

QMines’ (ASX:QML) is moving swiftly towards a third resource upgrade at its Mt Chalmers project in Queensland and the latest broad, high-grade drill results bode well for an increase in its mining inventory.

The company reported peak grades of up to 8.5% copper, 5.45 grams per tonne (g/t) gold, 105g/t silver, 9.08% zinc and 4% lead from multiple wide intercepts.

Investors welcomed the news, edging shares up over 3.5% to 29c on Thursday morning.

QMines (ASX:QML) share price chart


Top hits featured 21.2m at 2.14% copper, 0.7g/t gold, 5.9g/t silver and 0.6% zinc, including 8m at 4.08% copper, 1.34g/t gold, 6.8g/t silver and 0.5% zinc, from 73m.

Those results came from within a whopping 66.5m intercept hosting 0.86% copper, 0.51g/t gold, 5.9g/t silver and 0.45% zinc that started at just 39.5m.

Another significant intercept extended for 27.9m and returned grades of 1.36% copper, 0.64g/t gold, 14.9g/t silver and 0.2% zinc, including 3.6m at 5.3% copper, 1.83g/t gold, 59g/t silver and 0. 54% zinc, from 14.1m.

Executive chairman Andrew Sparke said the latest results demonstrate the growing scale of the Mt Chalmers deposit.

“It is great to see the company’s RC rig now fully operational which is expected to deliver a step change in the number of meters drilled, results released and therefore the speed at which the company can grow the Mt Chalmers resource.

“This purchase will provide our shareholders with significant leverage to a growing resource and exploration success and bodes well for the company’s third resource upgrade.”

QMines announced the purchase of its own drill rig in February this year as part of its Mt Chalmers resource growth strategy which involved accelerating its planned exploration program.

QMines RC rig operating at the northern end of the Mt Chalmers main pit, April 2022.

The company is expecting to deliver ~3,000m of RC drilling per month over the coming months now the rig is fully operational.

The goal of the RC drilling program at Mt Chalmers is to upgrade the Inferred resources to the higher confidence Indicated and Measured levels as well as extend the resource in several areas.

QMines has plenty more exploration on the cards, with ~30,000m of RC and diamond drilling ongoing and drilling set to begin at the Woods Shaft prospect – the first of three Exploration Targets (JORC 2012).

Preparations are also underway to drill Tracker 3, the first of four large copper and zinc soil anomalies.

Since QMines listed in early May last year, the company has already delivered two resource upgrades and a third is expected in either Q2 or Q3 of this year.


This article was developed in collaboration with QMines, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.