QMines heads for third resource upgrade with even higher copper grades at Mt Chalmers
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There is no doubt QMines is setting itself up for a significant third resource upgrade at the past producing Mt Chalmers mine in Queensland, with drilling continuing to deliver new peak grades of up to 17.3% copper equivalent.
QMines’ (ASX:QML) is firmly on track for a material resource upgrade in the second half of this year as it rolls out more high-grade drilling results from a further 10 reverse circulation (RC) holes drilled in June.
These new wide, high-grade intersections featured a top hit of 37m at 2.9% copper equivalent from 118m, including 4m at 17.3% copper equivalent from 145m.
Other notable intersections were 25m at 1.65% copper equivalent from 81m, including 3m at 7.3%; 21m at 1.38% from 79m, including 7m at 3.3%; 14m at 1.94% from 76m, including 5m at 3.98% from 79m.
Executive chairman Andrew Sparke said the continued high-grade, shallow, and wide intersections bode well for QMines’ third resource upgrade.
“We are very pleased with recent drilling results,” he said. “They show that Mt Chalmers is continuing to grow in scale.
“The RC rig is now moving to the southern end of the Mt Chalmers deposit to test for further extensions.”
QMines is progressing its 30,000m exploration plan quickly, having already completed 10,581m of RC and diamond drilling so far at Mt Chalmers.
This has been helped along with the explorer’s purchase of a RC drill rig earlier this year, which is increasing the speed of drilling whilst also reducing the cost.
Importantly, the increased drill density, together with deeper drilling, is delivering a more detailed geological and structural interpretation for the Mt Chalmers project.
QMines’ goal is to upgrade the Inferred resources to the higher confidence Indicated and Measured levels as well as extend the resource in several areas.
The company also recently completed a downhole electromagnetic (DHEM) orientation survey to better understand the electromagnetic (EM) response of the Mt Chalmers mineralisation.
This led to a strong off-hole response from drillhole MCRC009, which prompted QMines to review historical data adjacent to that hole, which confirmed four historical holes intersected significant strong copper mineralisation, including a peak of 22.6m at 2.05% copper.
To confirm the results QMines plans to target the off-hole response with an angled RC hole, and if required complete an additional downhole EM survey.
The results of the DHEM survey will also be used to design a more extensive airborne EM survey over a large part of the Mt Chalmers tenement package.
QMines says airborne EM may prove to be a rapid assessment and targeting tool over the wider Mt Chalmers project, assisting with its targeting at four large copper and zinc soil anomalies at Tracker 1, 2, 3 and Striker.
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.