QMines steps on the exploration gas at Mt Chalmers after unearthing more broad, high-grade copper, gold and zinc
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QMines latest drilling results at its Mt Chalmers project are not only providing further evidence of the significant scale of the project, but have also opened up an opportunity for the explorer to accelerate its exploration program as it heads towards a resource update.
Confirming the significant size potential of Mt Chalmers, QMines (ASX:QML) has announced more broad high-grade copper, gold and zinc intersections at its flagship copper and gold mine in Queensland outside of the existing resource.
Peak grades have been intersected in multiple holes of the 15-hole, 2,182m diamond drilling program and include 5.3% copper, 11.75 grams per tonne (g/t) gold, 243g/t silver, 33% zinc and 19% lead.
The latest results follow close on the heels of ‘bonanza’ grade copper, gold, silver, lead and zinc intercepts announced in October.
Top hits from the current drilling blitz featured 35.3m at 2.75g/t gold, 1.4% copper and 4g/t silver, including 5.5m at 9.91g/t gold, 4% copper and 13g/t silver, from 96.4m; and 15.5m at 0.47g/t gold, 0.4% copper, 42g/t silver, 2.3% lead and 3.9% zinc, including 5m at 1.14g/t gold, 1.1% copper, 119g/t silver, 6.9% lead and 11.3% zinc, from 50m.
“Given recent results, and the fact that QMines is yet to drill its three near-mine exploration targets and four large soil anomalies, management see an opportunity to accelerate its exploration and development plans to fast-track value creation for our shareholders,” executive chairman Andrew Sparke said.
These new results bode well for the pending resource upgrade at Mt Chalmers, which is recognised as being one of the world’s highest-grade gold-rich volcanic-hosted massive sulphide (VHMS) systems.
The current 30,000m drilling program is very much focused on near-mine resource extension drilling and the continued success so far has confirmed QMines’ view that mineralisation remains open to the south of the pits, showing strong potential to increase the resource with further drilling in the new year.
QMines recently acquired 50 acres of freehold land adjacent to the southern drill fence on the boundary of the mine site, which will allow the company to fast-track drilling to the south early in Q1-2022.
Located in the same region as several significant mines, the Mt Chalmers project is only 17km from the major regional centre of Rockhampton.
Copper and zinc prices soared in October and are forecast to rise further next year, particularly copper given its significant use in clean energy technologies.
Meanwhile, QMines is moving closer to achieving its vision of becoming Australia’s first zero carbon copper and gold developer, having recently signed an agreement with an Australian company for the long-term supply of renewable fuel.
This renewable fuel deal targets an initial 20% reduction in scope 1 diesel emissions from drilling and exploration activities across its four projects covering a total area of 1,096sqkm.
QMines’ near-term goal is to achieve an initial 60% renewable energy usage as part of its commitment to net zero emissions by 2030.
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.