QMines (ASX:QML) is moving quickly at its Mt Chalmers project in Queensland to bring it back into production with a pit optimisation study confirming potential for an open pit to 160m depth.
Additional metallurgical test work is now being undertaken to progress Mt Chalmers towards a feasibility study and the delivery of a maiden reserve.
Mt Chalmers is a high-grade historic mine that produced 1.2Mt at 2% copper, 3.6g/t gold and 19g/t silver between 1898 and 1982.
QMines has delivered four resources, including 88% in the higher confidence Measured and Indicated JORC categories, in just 18 months.
The optimised pit demonstrates potential to deliver 7.1Mt at a head grade of 1.5% copper equivalent potentially delivering 48,000t of copper, 137,500oz of gold, 1.3Moz of silver, 26,000t of zinc and 12,000t of lead.
A feasibility study will now investigate the addition of underground mining and satellite deposits to grow the scale of a potential mining operation.
The results of the pit optimisation study are very pleasing and are testament to the significant amount of work completed by the Company and its staff in such a short period of time,” Managing Director, Andrew Sparke, said.
“The delivery of four resources at Mt Chalmers in just 18 months shows the motivation of the team and the time and cost advantages of the owner operator exploration model.”
