QMines Ltd (ASX:QML) has hit broad, high-grade copper and gold in the latest drill holes at its flagship Mt Chalmers Copper-Gold Project near Rockhampton in central Queensland.
The explorer recently completed 15 holes across the Woods Shaft exploration target and the broader Mt Chalmers area, covering 1,635 metres in a bid to better define the copper-gold resource.
Now, assays for 11 of those holes are back, and results include:
- 37 metres at 3.6% copper equivalent from 4 metres, including 9 metres at 6.21% from 12 metres and 4 metres at 8.26% from 30 metres;
- 58 metres at 1.26% from 15 metres, including 10 metres at 5.26% from 38 metres;
- 41 metres at 1.09% from 15 metres, including 5 metres at 3.41% from 33 metres;
- 9 metres at 1.12% from 35 metres; and
- 3 metres at 8.33% from 75 metres.
What now?
Drilling continues at the Mt Chalmers property, where a collective 30,000 metres of reverse circulation and diamond drilling is planned to prospect gold and copper resources.
As it waits for the final assays from the Woods Shaft and Mt Chalmers deposits, QMines plans to take to the skies in a regional airborne electromagnetic survey.
It’s hoped this work will improve drill targeting in future campaigns, setting up a pipeline of prospects for exploration.
Simultaneously, QMines will deliver all drill hole and geological modelling data to an independent geologist, who will help prepare the next round of mineral resource estimates.
The next resource update — the third for the Mt Chalmers property — is expected next month, while the fourth, which will incorporate the Woods Shaft target, should go live in Q1 2023.
“Australia’s next copper developer”
QMines executive chairman Andrew Sparke said it was good to see the resource shaping up at the project.
“We are extremely pleased with these recent results, which demonstrate the quality of the Mt Chalmers project and its development potential,” he explained.
“The company has already delivered two resources since listing in May 2022 and has a further two planned in the coming months.
“This is certainly an exciting time to be a QMines shareholder as the company works towards becoming Australia’s next copper developer.”