QMines wraps up high-grade Develin Creek copper project

QMines wraps up Develin Creek acquisition for $1.66m
Maiden drilling has hit high-grade copper and zinc already, including at the exciting Scorpion prospect
Hosts significant copper resource, close to the Company’s historic Mt Chalmers copper and gold mine

Special Report: QMines has completed the purchase of the remaining 49% stake in the Develin Creek copper-zinc project from Zenith Minerals for $1.66m in cash and shares.

Following a detailed metallurgical test work program, QMines (ASX:QML) has paid Zenith an adjusted cash payment of $975,000 and issued 10,261,194 fully paid ordinary shares valued at $687,500 for the remaining stake, giving the company 100% ownership of the project.

First results out of a maiden drill program at Develin Creek, now incorporated into QMines’ Mt Chalmers project in Queensland, have returned eye-opening, multi-metal assays from the Scorpion prospect, one of two deposits at the project.

Sting in the tail

QML considers the initial strikes “outstanding”, pegging Scorpion as a shallow, high-grade copper and zinc deposit with potential to grow the mine life of its flagship Mt Chalmers project.

Best hits include:

31m at 2.35% Cu, 0.37g/t Au, 20g/t Ag, 2.37% Zn and 19% S from 104m; and
17m at 2.88% Cu, 0.61g/t Au, 21g/t Ag, 2.06% Zn and 24% S from 106m.

You can crack open a XXXX to those.

QMines plans to add tonnes to Develin Creek’s current 3.2Mt at 1.05% copper and 1.22% zinc resource and combine it and the 0.5Mt at 1.0g/t Au and 0.54% copper Woods Shaft deposits to Mt Chalmers, which boasts 11.3Mt at 0.75% copper, 0.42g/t gold, 0.23% zinc and 4.6% silver, with 4.3% sulphur.

Mt Chalmers also includes an ore reserve of 9.6Mt at 0.65% Cu at a 0.3% Cu cut-off, alongside 0.48g/t gold, 0.27% zinc, 5.2g/t silver and 4.3% sulphur.

Additional to those three deposits are the Botos and Warminster prospects, which together have a total exploration target of 3.0 – 4.3Mt.

“We are very pleased to have completed the acquisition of the strategically important and high-grade Develin Creek copper project,” QMines exec chair Andrew Sparke said.

“We wish to thank Zenith Minerals for their support for the transaction and welcome them as a large shareholder in our company.”