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QMines forge up Mt Chalmers metal

22 November 2022 09:58
ASX: QML

After identifying several new targets at Mt Chalmers last week, QMines have delivered two new resource estimates from the Mt Chalmers and Woods Shaft deposits at its flagship copper-gold project in regional Queensland.

It brings in a 104 per cent increase of resource tonnage to 11.86mt @1.22 per cent copper equivalent and a 44 per cent increase to contained metal, making it a hefty total of 144,700t @ 1.22% CuEq.

 

 

QMS Chalmers Estimate

Combined estimate for the Mt Chalmers project.

 

These are the third and fourth upgrades QMines has been able to deliver since the company listed in May last year, marking the third for the Mt Chalmers deposit and a maiden resource from Woods Shaft.

And there is significant growth potential still on the cards, with several additional VHMS prospects remaining untapped outside the known resource.

The company said the achievements had demonstrated the quality of Mt Chalmers, the motivation of its team, and the project’s development potential.

“With drilling continuing and our team already working towards our fifth resource update, we look forward to continuing to deliver shareholder value as we seek to supply a green copper product that supports the global energy transition,” executive chairman Andrew Sparke said.

A 30,000-metre drilling campaign continues spinning unabated at the flagship, and QMines aim to deliver the fifth resource upgrade next year.

QML’s Australian Stock Exchange-listed share price was trading at 24c today (9.50 am UTC+ 8 hours).

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