QMines’ Mt Chalmers reveals big growth potential with wide, bonanza grade copper-gold-zinc hits outside resource
Link copied to
The once-producing Mount Chalmers mine in Queensland is proving there is still plenty of valuable, high-grade resources left to find, and it’s more than just copper and gold.
QMines (ASX:QML) has reported ‘bonanza’ grade copper, gold, silver, lead and zinc intercepts from resource expansion drilling at its Mount Chalmers copper and gold project, northeast of Rockhampton in Queensland.
Several holes drilled outside of the current resource returned impressive assays peaking at 11.65% copper, 41.51 grams per tonne (g/t) gold, 224 g/t silver, 33.9% zinc and 6.18% lead.
Mount Chalmers is already recognised as being one of the highest-grade gold-rich volcanic-hosted massive sulphide (VHMS) systems in the world.
And it is on track to host a much bigger resource after infill drilling uncovered new mineralisation outside of the current inferred resource of 3.9 million tonnes at 1.15% copper, 0.81 g/t gold and 8.4 g/t silver.
New top hits featured a very wide 60.8 m intercept of 2.59g/t gold, 0.74% copper, 11.1g/t silver, 1.81% zinc and 0.71% lead from just 6.2m below surface.
This included higher grade intercepts of 12.6m at 12.01g/t gold, 0.79% copper, 43g/t silver, 8.42% zinc and 3.25% lead from 21.2m, and 18.6m at 6.84g/t gold, 1.69% copper and 2.6g/t silver from 48.4m.
QMines also reported another broad hit of 38.5m at 1.22g/t gold, 0.76% copper, and 2.3g/t silver from 63m including 10.5m at 1.3g/t gold, 1.93% copper and 5.2g/t silver from 91m.
“The results from the current drilling program are very exciting. They demonstrate that this deposit has grade, width and is growing in scale which bodes well for the proposed resource upgrade”, executive chairman Andrew Sparke told Stockhead.
“Mineralisation remains open in all directions which gives us confidence that this deposit will continue to grow.”
The new results confirm significant resource growth potential and put QMines firmly on track to deliver a resource upgrade in the fourth quarter.
The company first flagged that the Mount Chalmers copper and gold deposit was also playing host to high-grade zinc and lead back in July.
Mount Chalmers, which is located in the same region as several significant mines, was mined sporadically between 1898 and 1982, producing 1.24 million tonnes at 2% copper, 3.6g/t gold and 19g/t silver.
No mining has been undertaken since 1982, but QMines’ exploration efforts are proving there is still plenty of blue sky.
In the most recent round of drilling, the company drilled several holes in previously untested areas on the western side of the main pit and to the north of the west load.
Three drill holes, including the one that hit bonanza grades (MCRC001), revealed that mineralisation extended beyond the current resource.
MCRC001 intersected peak grades of 7.2g/t gold, 224g/t silver, 6.18% lead and 33.9% zinc from within a broader intersection of 7m at 2.9g/t gold, 0.1% copper, 119g/t silver, 13.69% zinc and 3.69% lead from 106m.
And this drill hole has not yet reached its target depth, ending in mineralisation at a depth of 140m down hole.
Drilling is continuing through October with two rigs in operation.
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.