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QMines flags big future for Mt Chalmers project

6 October 2021
ASX: QML
Rueben Hale

QMines Limited has identified multiple wide and high-grade intersections and significant growth potential following the completion of drilling at its flagship Mt Chalmers copper and gold project near Rockhampton in Central Queensland.

The 35-hole exploration over almost 4500 metres revealed high-grade intersections of up to 11.65 per cent copper, 33.9pc of zinc, 6.18pc of lead, 41.51 grammes per tonne of gold, and 224g/t grammes per tonne of silver.

“The results from the current drilling program are very exciting,” executive chairman Andrew Sparke said.

 “They demonstrate that this deposit has strong grade and width and is growing rapidly, which bodes well for shareholder value.

 “The current drilling program continues to intersect new mineralisation outside the current resource.”

The Sydney-based mining explorer owns four advanced copper and gold projects in Queensland, including the Mt Chalmers project located northeast of Rockhampton.

The company said the project area contains systematic geology known for copper, gold, zinc, lead and silver.

“Mineralisation remains open in all directions, which gives us confidence that this deposit will continue to grow,” Mr Sparke said.

“With copper and gold prices still near ten-year highs, the drilling results bode well for QMines and its Mt Chalmers project.

“The company isn’t standing still. Multiple projects are planned or already underway at the site, with fresh findings from the mining site anticipated later this year.”

QML will provide regular updates on exploration activities, including highly-anticipated assays expected soon.

The company’s Australian Stock Market listed price rose 8 pc today, trading at 40.5c today (11:01 am GMT + 8 hours).

COMPANY OVERVIEW

QMines Limited (ASX:QML)(FSE:81V) is an Australian based exploration and development Company. The Company owns four advanced copper and gold projects located in Queensland covering 978 square kilometers. The company intends to grow its existing copper and gold resource base to build value for shareholders.

COMPANY INFORMATION

ASX: QML

Website

https://qmines.com.au/
https://www2.asx.com.au/markets/company/qml

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