QMines (ASX:QML) has intersected further broad zones of high-grade copper, gold and zinc mineralisation, which demonstrate the growing scale of Mt Chalmers in Queensland and bodes well for the company’s third resource upgrade.
High grades have been intersected in multiple drill holes from the recent drilling programmes including peak values of 8.44% Cu, 2.93g/t Au, 83g/t Ag and 1.03% Zn in MCDD038, 3.2% Cu, 5.45g/t Au, 105g/t Ag, 1.2% Pb and 2.36% Zn in MCDD042, and 8.5% Cu, 4.52g/t Au.
“We are very pleased with these results as they demonstrate the growing scale of the Mt Chalmers deposit,” Executive Chairman, Andrew Sparke, said.
“It is great to see the company’s RC rig now fully operational which is expected to deliver a step change in the number of meters drilled, results released and therefore the speed at which the Company can grow the Mt Chalmers resource.
“This purchase will provide our shareholders with significant leverage to a growing resource and exploration success, and bodes well for the company’s third resource upgrade.”
The company recommenced drilling operations at Mt Chalmers in January 2022, completing an eight-hole diamond drilling programme for 946 metres in March 2022.
QMines also commenced a ~10,000 metre Reverse Circulation (RC) drill programme utilising the Company’s newly acquired RC drilling rig, with a further three RC holes for 530 metres now complete with assays pending.
In late December, the company completed six diamond holes for 962 metres and one pre-collars for 56 metres, of which one pre-collars were submitted for assay. The core from all diamond holes drilled between December to March was cut and submitted to ALS Laboratories Brisbane for assay.
The November to December drilling program focussed on step out and extensional drillholes outside the current resource, while the February to March drilling programme focussed on infill for structural studies and to improve resource model confidence.
The March diamond drilling programme was designed to test structure and mineralisation in the south-eastern corner of the Main Pit. The holes were designed as a drill fan, drilled from the lowest point accessible to the pit floor and comprised 8 holes for 946 metres (MCDD034 and MCDD038 – 044).
Drill hole MCDD044 was drilled at a 45- degree dip to test historical higher-grade zones of mineralisation seen in Geopeko’s grade control drilling beneath the main pit floor.
Hole MCDD044 returned outstanding results over a broad 66 metre intersection from 39 metres downhole including 8m @ 4.08% Cu, 1.34g/t Au, 6.8g/t Ag and 0.5% Zn from 73m.
Current RC drilling has seen the completion of three RC holes, the first drilled by the company’s newly acquired RC drilling rig. Samples from these drillholes MCRC009 – MCRC011 have been submitted to ALS laboratories in Brisbane with results awaited.
The planned ~10,000 metre RC drilling program is expected to continue through the second and third quarters with results to be reported on a regular basis. The company is expecting to deliver ~3,000 metres of RC drilling per month over the coming months now the rig is fully operational.
For further information please visit: https://qmines.com.au/
