QMines fast-track flagship development with major find

23 November 2021 13:47
QMines fast-track flagship development with major find

Broad, shallow intersections holding a bevy of valuable high-grade commodities have been found at QMine’s flagship Mt Chalmers project northeast of Rockhampton in Queensland. The developer is ramping up the exploration and production of its open resource with multiple open targets and anomalies remaining.

A bounty of copper, gold, zinc, lead, and silver is a monster find this early in the site’s development – the explorer lays ambitious eyes on becoming Australia’s first carbon zero copper and gold producer and its aspirations are confirmed by a discovery of this magnitude.

Continuation of the 30 thousand metre drilling program proceeds apace with two rigs onsite where the resource remains open in all directions and further results are awaited, ideally like these, which include peak values of 5.3pc copper, 11.75 grams per tonne of gold, 243g/t silver, 33 per cent zinc and 19 per cent lead.

QMines had some inkling of what it was sitting on as it recently acquired the Bodes Well strategic land package, bringing the project’s total landholding to just under 89 hectares.

The company said it was delighted to observe results like this outside of the current resource and that it holds the potential to give more immediate benefits to investors.

“Given recent results, and the fact that QMines is yet to drill its three near-mine exploration Targets and four large soil anomalies, management see an opportunity to accelerate its exploration and development plans to fast-track value creation for our shareholders,” executive chairman Andrew Sparke said.

Ongoing drilling results from a more than 30,000m drilling program will soon be available.

The company hopes to begin1,800-line kilometre electromagnetic survey in the first half of next year, pending the resource upgrade.

Stock price
QML’s Australian Stock Exchange-listed share price has risen 2.7pc today, currently trading at 3.8c (11:04am UTC+8)

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