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QMines get historic targets at Mt Chalmers

16 November 2022 11:29
ASX: QML

QMines continue to grow the scale potential of Mt Chalmers, having identified several new exploration targets through the acquisition of two historic airborne electromagnetic datasets.

Recent exploration of has already returned more broad and high-grade copper intersections to the Queensland flagship ahead of its next two resource upgrades.

A new electromagnetic helicopter survey is planned for January, moving to uncover further targets and shore up drill targeting for the large copper and zinc soil anomalies already identified.

First discovered in 1860, Mt Chalmers holds a hefty historical database, having seen over 33 thousand metres of drilling previously over the historical mining site which recorded production of 1.24Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag.

The company said its preliminary analysis was very encouraging.

“The data confirms a number of existing soil anomalies whilst also highlighting further exciting targets in several new areas,” executive chairman Andrew Sparke said.

“The new data demonstrates the upside potential of the Mt Chalmers project and confirms our belief that Mt Chalmers is a district-scale opportunity.”

The company expects results from the upcoming survey early next year, with drilling kicking off shortly after.

QML’s Australian Stock Exchange-listed share price was trading at 22c today (10.55 am UTC+ 8 hours).

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