QMines (ASX:QML) has been granted a tenement that covers two large copper and zinc soil anomalies (Tracker 1 and 2) at its flagship Mt Chalmers project in Queensland.
Highlights:
- The tenement adds a further 118.4 sq. km to the company’s already large land holding 17km northeast of Rockhampton.
- VHMS deposits cluster and the acquisition bodes well for QMines’ strategy of identifying a number of potential repeats to the Mt Chalmers deposit.
- The company is now preparing to begin a large airborne electromagnetic geophysical survey over Mt Chalmers to define regional drilling priorities.
- Third resource upgrade remains on-track for delivery in Q2/Q3.
The tenement covers the large Tracker 1 and Tracker 2 copper and zinc soil anomalies that were identified following the digitisation of an extensive historic soil programme.
The company will now begin preparations to acquire its planned 1,800 line-kilometre airborne electromagnetic (EM) geophysical survey² at Mt Chalmers, which will aid in the prioritisation of regional drill targets.
Exploration Strategy
Mt Chalmers is a VHMS deposit which are known to host multiple deposits within a cluster. The granting of EPM 27899 is a strategic acquisition for the company as it seeks to discover potential repeats of the Mt Chalmers deposit.
QMines management said the granting of the EPM is of strategic importance to the company, and now allows for the acquisition of an 1,800 line kilometre airborne EM survey over Mt Chalmers and the wider tenement package.
This survey will provide valuable geological information and will aid in the prioritisation of the many regional drill targets. The survey will also assist in drill targeting for the large Tracker 1, Tracker 2, Tracker 3 and Striker copper and zinc in soil anomalies.
These four large soil anomalies present significant upside potential at the Mt Chalmers project. When combined with the Exploration Targets (JORC 2012) at Woods, Shaft, Botos and Mt Warminster, they demonstrate that significant exploration potential remains at the project.
“The granting of EMP 27899 is a significant acquisition for the company. We know VHMS deposits cluster, and this acquisition bodes well for our strategy of identifying a number of potential repeats to the Mt Chalmers deposit,” Executive Chairman, Andrew Sparke, said.
“The company is now preparing to commence a large EM survey at Mt Chalmers and is looking forward to sharing these results when they become available.
“The company’s third resource upgrade remains on-track for delivery in Q2/Q3 with the 10,000m RC drilling programme progressing well and a number of samples in the labs with results expected shortly.”
For further information please visit: https://qmines.com.au/
