QMines tops the charts with headline hit of 69m @ 2.0% copper equivalent at historic Queensland mine
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The historic Mt Chalmers mine in Queensland is quickly proving it still has plenty more copper riches left, with drilling returning further multiple wide and high-grade intersections of up to 5.1% copper equivalent.
QMines’ (ASX:QML) accelerated drilling program at the past producing Mt Chalmers project has delivered a headline hit of 69m at 2.0% copper equivalent from 137m, including 16m at 5.1% from 137m and 4m at 3.9% from 163m.
Other top hits from the latest nine reverse circulation (RC) holes drilled were 14m at 3% copper equivalent from 64m; 15m at 2.1% from 25m; and 40m at 1.2% from 76m, including 9m at 4.1% from 107m.
Executive chairman Andrew Sparke said the historic Mt Chalmers copper mine continued to deliver shallow, thick and high-grade copper and gold results.
“Further step out drilling is continuing where the deposit remains open in a number of directions,” he said.
With the ramp up of drilling after the company bought its own rig, the results are now coming in quickly, building momentum for QMines and providing consistent news flow for investors over the coming months.
“The RC drill rig and our drilling team are performing exceptionally well with significantly more meters being delivered on a more regular basis,” Sparke noted.
“More results are expected shortly with a further eight holes submitted to ALS for assay.”
QMines has so far drilled an additional 1,015m across eight holes in June, continuing the planned 30,000m.
The goal is to upgrade the Inferred Resources to the higher confidence Indicated and Measured levels as well as extend the resource in several areas.
There have been some nice surprises for QMines along the way, with mineralised intersections in some holes turning out to be broader than expected based on historic drilling and some evidence of stacked mineralised zones.
Another bonus for QMines is that recent drilling has uncovered a second mineralised horizon not previously recognised.
The current exploration program is expected to improve the company’s understanding of the geological controls on mineralisation, while also aiming to identify additional mineralisation.
Since QMines listed in early May last year, the company has already delivered two resource upgrades and a third is expected this year.
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.