QMines Ltd (ASX:QML) has secured an additional tenement for the Mt Chalmers Copper and Gold Project in Queensland, simultaneously gaining access to a highly ranked versatile time-domain electromagnetic (VTEM) anomaly that sits within the newly acquired Striker tenement.
The new VTEM anomaly is coincident with a copper-lead-zinc soil geochemical anomaly, offering strong evidence of mineralisation.
Previous drilling at Striker generated results of up to 18 metres at 0.88% zinc, including 6 metres at 1.63% zinc, 0.56% lead and 11 g/t silver.
Historical results also included broader intersections of 45 metres at 0.48% zinc and 45 metres at 0.43% zinc, indicating potential for a sizable mineralised zone.
Drilling to follow reconnaissance
“We have been waiting for this strategic tenement to become available for some time as it hosts intense sulphide mineralisation, with favourable geology and strong geochemical and geophysical support,” QMines executive chair Andrew Sparke said.
“There is a clear case for drilling this target now that the tenement has been granted.”
QMines will now complete reconnaissance ground work at Striker to better understand the geology of the target and dial-in on promising drilling targets.
A first pass drilling program will follow, with a deeper program to follow which will thoroughly test the northwest-trending geological alteration at Striker and identify any Mt Chalmers-style volcanic-hosted massive sulphide (VHMS) deposits.
Mt Chalmers currently holds an ore reserve (probable and proven) of 9.6 million tonnes at 0.65% copper, 0.48 g/t gold, 0.27% zinc, 5.20 g/t silver and 4.30% sulphur.
The project’s total mineral resource estimate (measured, indicated and inferred) sits at 11.3 million tonnes at 0.75% copper, 0.42 g/t gold, 0.23% zinc, 4.60 g/t silver and 4.30% sulphur.
QMines holds additional resources in the Woods Shaft and Develin Creek deposits, totalling about 3.72 million tonnes at between 0.5% and 1.05% copper.