QMines copper and gold project near Rockhampton has received another boost

New discoveries by a company conducting exploration drilling have strengthened its belief a site near Rockhampton has future development potential.

QMines executive chairman Andrew Sparke (inset) and the mine pits at Mt Chalmers.

A copper and gold company conducting exploration activities on Rockhampton’s outskirts has made new mineral discoveries there which have strengthened its belief that the site has future development potential.

QMines Ltd (ASX:QML) on Wednesday announced a further resource upgrade for its flagship Mt Chalmers Project, located 17km north-east of Rockhampton.

QMines’ second resource estimate at Mt Chalmers shows the resource has grown by 38 per cent (to 5.8Mt at 1.7 per cent CuEq for 101,000t contained copper equivalent).

The resource estimate also delivers 78 per cent in the measured and indicated categories.

QMines further revealed several additional VHMS (volcanic-hosted massive sulphide) prospects had been identified outside the resource, demonstrating further growth potential.

In layman’s terms, what it all means is QMines continues to intersect broad zones of high-grade copper, gold, silver, lead and zinc mineralisation from its drilling activities at the Mt Chalmers Project.

Mine pits at the QMines Mt Chalmers project.

The company’s 30,000m drilling program is ongoing with two rigs on site.

QMines executive chairman Andrew Sparke said a third resource upgrade was planned for the first half of next year.

“As the company only listed in May 2021, it is a fantastic achievement to be delivering a resource upgrade for our shareholders in such a short period of time,” Mr Sparke said.

“I would like to thank our technical team and consultants for all their hard work in delivering this result for our shareholders.

The Mt Chalmers mine pits.

“It is very pleasing to see that the upgraded resource has substantially grown in both size and confidence level, with the measured and indicated categories now comprising 78 per cent of the overall resource.

“QMines has identified several VHMS prospects outside the known resource that bode well for further resource upgrades and the potential for future development.

“Our team is now preparing to deliver a further resource update which is planned for the first half of next year.”

Results at the Mt Chalmers Project to date include multiple wide and high-grade intersections with peak values of 5.3 per cent copper, 11.75 g/t gold, 243 g/t silver, 33 per cent zinc and 19 per cent lead.

Originally published as QMines copper and gold project near Rockhampton has received another boost