QMines makes significant new copper-zinc discovery at Mt Chalmers
The copper-gold resource upgrades have been coming thick and fast for QMines since it made its ASX debut two years ago, but the latest find at its Mt Chalmers project in Queensland shows the once-producing mine still has lots of unexpected treasures to reveal.
QMines’ (ASX:QML) told investors this morning that it had made its first copper-zinc discovery at its flagship Mt Chalmers copper-gold project following a recent electromagnetic survey.
The ambitious explorer has uncovered large anomalous copper gossans at the new VT01, VT02 and VT03 electromagnetic targets at the past producing Mt Chalmers mine.
The new discovery was made at the Artillery Road prospect. Gossanous outcrops, comprising iron oxides with visible copper mineralisation, extend for over 700m in strike and are up to 20m wide at surface.
These copper-bearing gossanous outcrops run adjacent to a zinc soil anomaly measuring 400m by 250m.
“The new Artillery Road prospect has similarities with the Mt Chalmers copper and gold deposit and is proof of the success of the electromagnetic survey,” managing director Andrew Sparke said.
“With 34 anomalies to review, we are excited by the potential to make further discoveries with ongoing ground reconnaissance currently underway.”
Mt Chalmers was mined sporadically between 1898 and 1982, producing 1.24 million tonnes at 2% copper, 3.6 grams per tonne (g/t) gold and 19g/t silver.
The brownfields volcanic-hosted massive sulphide (VHMS) project is located in the same region as significant mines including Heritage Minerals Mount Morgan’s historic mine, which produced over 8 million oz of gold and 400,000 tonnes of copper, and Aeris Resources’ (ASX:AIS) Cracow gold mine, which has produced 1.4 million oz of high-margin gold since 2004.
Also located in the region is Evolution Mining’s (ASX:EVN) Mt Rawdon mine, which has produced over 2 million oz of gold since it started production in 2001.
VHMS systems typically occur in clusters which is exactly what QMines is seeing at Mt Chalmers.
Mt Chalmers – which contains copper, gold, zinc, lead and silver mineralisation – is recognised as being one of the highest-grade gold VHMS mineral systems in the world.
QMines says its understanding of the Mt Chalmers deposit provides some insights into what may be occurring at the Artillery Road prospect.
The working hypothesis is that the gossans potentially represent a feeder/fissure fault which fed deposition of a zinc-bearing massive sulphide horizon.
QMines isn’t waiting to see whether it has a new potentially major copper-zinc find on its hands, with a 30-hole drilling program ready to go as soon as the company has completed landholder access agreements.
The VT01, VT02 and VT03 anomalies have been ranked as priority drill targets.
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.