QMines scores with production of saleable Develin Creek copper, pyrite concentrates

QMines metallurgical testing successfully produces saleable copper and pyrite concentrates from Develin Creek ore
Concentrates contain 20% copper and 51% sulphur following testing using process flowsheet for its proposed Mount Chalmers flotation plant
Company to proceed with acquiring remaining 49% of the project from Zenith Minerals

Special Report: Maiden metallurgical test work at QMines’ Develin Creek project near Rockhampton, Queensland, has successfully produced saleable copper and pyrite concentrates.

The company had in late 2023 engaged Como Engineers to supervise a test work program on drill core sourced from the project to define the metallurgical response of the Develin Creek deposit with respect to the process flowsheet for the proposed Mount Chalmers flotation plant.

This work successfully produced a copper concentrate containing 20% copper, which is higher than the targeted 15%, and a pyrite concentrate with 51% sulphur.

Importantly, these concentrates are both saleable to local and international smelters.

This is likely to advance the company’s plans to incorporate the Develin Creek deposits into the mine plan to increase the scale and profitability of the Mt Chalmers project.

QMines (ASX:QML) is also proceeding with the purchase of the remaining 49% stake in the project from Zenith Minerals (ASX:ZNC), which agreed to extend settlement to September 30, 2024.

It will pay ZNC an adjusted cash payment of $975,000 and an adjusted share-based payment of fully paid ordinary QML shares valued at $687,500 which will be escrowed for five months.

The price of the shares will be based on the 15-day volume weighted average price of QML shares up to and including September 5, 2024.

Location and infrastructure of the Mt Chalmers and Develin Creek projects. Pic: QMines

Recent activities

Develin Creek is one of two advanced-stage copper projects covering a total area of 603.7km2 that the company holds near Rockhampton in Queensland.

It currently hosts a resource of 3.2Mt grading 1.05% copper, 1.22% zinc, 0.17g/t gold and 5.9g/t silver.

Notably, about 53% of this is contained within the higher confidence indicated category that provides certainty to support mine planning.

This is likely to be just the starting point with the company’s maiden 4,200m drill program at Develin Creek currently underway and expected to upgrade this resource.

QML is already seeing early signs of success with all holes drilled to date intersecting mineralisation where expected.

Assays from the drilling are expected shortly.

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.