QMines’ first Scorpion strikes reap high-grade red metal

QMines first drilling campaign at Develin Creek shows the Scorpion deposit’s potential to grow mine life and add higher-grade ore
Set to build on current 3.2Mt at 1.05% Cu, 1.22% Zn, 0.17g/t Au and 5.9g/t Ag resource
More assays and final 49% project acquisition due soon.

Special Report: Initial assays at Develin Creek have shown shallow high-grade copper and zinc mineralisation, leading to potential mine life extension at Mt Chalmers.

First results out of QMines’ (ASX:QML) Develin Creek drill program have returned eye-opening multi-metal assays from the project’s Scorpion prospect in central Queensland.

QML considers the initial strikes outstanding, putting the spotlight on Scorpion as a shallow, high-grade copper and zinc deposit with potential to grow the mine life of its flagship Mt Chalmers project.

Results include:

31m at 2.35% Cu, 0.37g/t Au, 20g/t Ag, 2.37% Zn and 19% S from 104m; and
17m at 2.88% Cu, 0.61g/t Au, 21g/t Ag, 2.06% Zn and 24% S from 106m

“We are especially pleased with these initial results from the first drillholes completed at the at Develin Creek copper project,” QML chairman Andrew Sparke said.

“With the recent announcement of positive metallurgical test work results along with the imminent acquisition of the remaining interest in the Project, we look forward to completing the drilling program this year and providing an updated mineral resource estimate soon after.”

And with 14 holes and 1,700m now in the books and the rig spinning unabated, QMines expects more results to come in shortly.

Mining Mt Chalmers

The 60-hole, 4,000m maiden campaign over the Scorpion and Window deposits is directed at upgrading the current 3.2Mt at 1.05% Cu, 1.22% Zn, 0.17g/t Au and 5.9g/t Ag Develin Creek resource and back in plans to grow the mine life at Mt Chalmers.

Both deposits currently lie outside the mine plan and have the offer of a bigger ore reserve and longer lived mine from higher-grade Develin Creek material which has already been used to produce saleable copper and pyrite concentrates.

A pre-feasibility study showed Mt Chalmers off in May as a decade-plus operation, which QML believes represents a low cost, high-margin project with immediate upside.

And the QML flagship is now consolidated as a district scale package after the company claimed a previously unavailable strategic tenement marked for a first pass drill program.

Location and Infrastructure surrounding the Mt Chalmers and Develin Creek projects. Pic: QML

Red Metal Riches

QMines has long had its sights set on copper production, and is hardly alone in seeing an emerging deficit of the key electrification commodity.

With declining grade in the major mines and little in the pipeline to replace them, commodity analysts have continued to up their demand forecasts.

BHP has also sounded the alarm over increased demands from the AI industry, further exacerbating a potential shortfall as it looks to copper over its bread and butter in iron ore as its next leg of growth.

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.