QMines Limited (ASX:QML) has received promising exploration and resource drilling results from its flagship Mt Chalmers Copper and Gold Project, located 17km north-east of Rockhampton, Queensland.
In September 2022, the company completed a 15-hole RC drilling programme at the Woods Shaft Exploration Target and at Mt Chalmers for 1,635 metres drilled. The company has now received the results from eight of the 11 holes drilled at Woods Shaft, and three of the four holes drilled at Mt Chalmers.
Results from eleven holes now received with significant intersections including:
- 37m @ 3.6% CuEq from 4m; including o 9m @ 6.21 % CuEq from 12m; and o 4m @ 8.26 % CuEq from 30m.
- 58m @ 1.26% CuEq from 15m; including o 10m @ 5.26% CuEq from 38m.
- 41m @ 1.09% CuEq from 15m; including o 5m @ 3.41% CuEq from 33m.
- 9m @ 1.12% CuEq from 35m; and o 3m @ 8.33% CuEq from 75m.
The drilling results from the Woods Shaft prospect have delivered several broad high-grade intersections with exceptional copper equivalent grades of up to 8.26% in hole QMWSRC001, 5.26% in hole QMWSRC007 and 8.33% from hole MCRC046 at Mt Chalmers.
The Woods Shaft prospect is situated 0.7km to the southwest of the Mt Chalmers main deposit and has been defined by previous explorers drilling to be over 250m in strike length and up to 40m wide. Mineralisation is from surface to a depth of 90m in places and contains gold and base metal mineralisation. The geology of the deposit appears similar to that of the Mt Chalmers main lode and is dominated by a sulphide stringer zone.
Mineral resource estimates for Woods Shaft were compiled by previous explorers prior to the release of the JORC 2012 code. However due to the lack of QAQC data, a resource that complies with the current code could not be established.
RC drilling at Wood Shaft has been undertaken by QMines to validate the drilling completed by previous explorers with a view to delivering a maiden JORC 2012 mineral resource in Q1-2023.
We are extremely pleased with these recent results which demonstrate the quality of the Mt Chalmers project and its development potential,” Executive Chairman, Andrew Sparke, said.
“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.”
The Woods Shaft drill programme has delivered significant broad and high-grade intersections from within areas of poor drill coverage.
Details relating to the original Woods Shaft Exploration Target can be found in the Company’s Prospectus, Independent Geologist Report, prepared by H&S Consultants Pty Ltd.
Second Resource:
In December 2021, QMines delivered its second Mineral Resource Estimate (MRE) for the Mt Chalmers Project. The MRE was delivered by independent resource consultants, Hyland Geological and Mining Services (HGMC).
Third Resource:
In preparation for the third MRE at Mt Chalmers, the Company has now completed over 14,000 meters of drilling, undertaken preliminary metallurgical test work and completed a detailed geological model for the project. The third MRE is expected to be completed in November 2022.
Fourth Resource:
QMines is working towards delivering a maiden MRE for the Woods Shaft deposit. Geological modelling has commenced. Estimation work is expected to commence on completion of the Mt Chalmers update, with delivery expected in Q1 2023.
