QMines Ltd (ASX:QML) is trading higher after returning intersections of up to 4.16% copper and 2.82% zinc along with up to 0.45 g/t gold and 23 g/t silver at Scorpion deposit within the Develin Creek Project in central Queensland.
The company drilled 43 holes for 5,034 metres, confirming Scorpion to be a shallow, high-grade copper and zinc deposit with potential to grow the mine life at the flagship Mt Chalmers Project.
QML also identified a broad hydrothermal alteration below the Window prospect, offering a promising new structure to investigate for mineralisation.
Investors have welcomed the results with shares trading 12.5% higher on the ASX this morning to $0.054.
Resource update in the works
"We have now completed an initial 5,000-metre drilling program at Develin Creek,” QMines executive chair Andrew Sparke said.
“The program consistently intersected wide high-grade intersections at the Scorpion and Window deposits.
“This is an excellent start to the new year which will be followed up shortly by further drilling results and an updated mineral resource estimate at each of these deposits.”
The latest results from Develin Creek’s Scorpion deposit included:
- 20 metres at 2.94% copper, 0.42 g/t gold, 20 g/t silver and 1.4% zinc from 46 metres including 6 metres at 4.16% copper from 57 metres.
- 30 metres at 1.58% copper, 0.45 g/t gold, 23 g/t silver and 2.82% zinc from 61 metres including 5 metres at 3.63% copper from 68 metres.
- 17 metres at 2.15% copper, 0.42 g/t gold, 20 g/t silver and 2.18% zinc from 102 metres; and
- 15 metres at 2.54% copper, 0.45 g/t gold, 18.3 g/t silver and 1.54% zinc from 83 metres including 8 metres at 3.87% copper from 86 metres.
Develin Creek comprises several Volcanic Hosted Massive Sulphide (VHMS) copper-zinc deposits within the Rookwood Volcanics.
In September 2023, the company completed a maiden mineral resource estimate for the project of 3.2 million tonnes at 1.05% copper, 1.22% zinc, 0.17 g/t gold and 5.9 g/t silver with 53% classified as inferred and 47% as indicated.
Several other historical base metal and gold intercepts are located at depth around these deposits and will require drill testing in future.
The Sulphide City resource to the east will also require infill and step-out drilling, however, the company's current focus is to develop a mineral resource estimate and mine plan for the near-surface Scorpion deposit and possibly the Window prospect.
The Mt Chalmers and Develin Creek projects now have a measured, indicated and inferred resource of 15.1 million tonnes at 1.3% copper equivalent for 195,800 tonnes copper equivalent.