QMines starts 10,000m copper drill drive at Develin Creek

QMines’ diamond drilling program will initially focus on the Scorpion and Window deposits
It will then move across to improve Sulphide City resource
As well as resource updates expected shortly, a PFS will be released in the second half of 2025

Special report: QMines has fired up the drill rigs to carry out a 10,000m campaign over the Scorpion and Window deposits in Queensland, which will likely lead to resource updates for both.

It follows the maiden 5,000m drill program completed in December 2024 that delivered a string of stunning high-grade copper intercepts including 114m at 1.64% copper along with zinc, gold and silver credits.

A 2000m diamond drilling program will take place as well as an additional 8,000m RC program to grow and improve the resource at the Sulphide City deposit.

QMines (ASX:QML) expects both RC and diamond rigs to run concurrently, with the RC rig expected to begin operations in April 2025. Drilling results will be delivered as they come to hand.

Since its acquisition, Develin Creek has emerged as an important potential satellite opportunity for the Mt Chalmers project near Rockhampton, among a handful of high-grade copper development opportunities in Australia as prices begin to lift back toward historic highs.

Diamond drilling at Mt Chalmers. Pic: QML

Leveraging high copper prices

Positioned for a revival with copper prices running over US$9,000/t, QML has accumulated a significant inventory across Mt Chalmers and Develin Creek, with a combined 15.1Mt at 1.3% CuEq for 195,800t of copper equivalent metal.

The recent drill program at Develin Creek validated the historical drilling database, confirming both the tenor and continuity of high-grade massive sulphide mineralisation at Scorpion, while infill and step out drilling at the Window deposit also posted consistent and comparable results to historical drilling.

There is a dearth of sustainable copper mining operations available for ASX investors, especially in Australian jurisdictions, putting a premium on assets like QML’s.

While deposits like Mt Chalmers and Develin Creek won’t make a dent in supply shortages expected in copper by the end of this decade, they will be the first to profit as prices rise due to their lower capital costs compared to bulk, low grade porphyries.

READ: Barry FitzGerald: Copper is making its run and so is soon to be cashed up QMines

Resource estimates and PFS study

QML executive chairman Andrew Sparke said the completion of a $6m capital raise sets the company up well to carry out exploration and drilling.

“This program will lead to a resource update for the Scorpion and Window deposits which is expected shortly,” he said.

An updated pre-feasibility study is also targeted for H2 2025, where several deposits at Develin Creek are expected to grow the scale of the Mt Chalmers mine plan.