QMines Limited (ASX:QML) has unveiled a third Mineral Resource Estimate (MRE) for the Mt Chalmers deposit and maiden MRE for the Woods Shaft deposit at its flagship Mt Chalmers Project, located 17km north-east of Rockhampton in Queensland.
Hyland Geological and Mining Consultants (HGMC) have completed a new MRE based on additional drilling, improved geological modelling and a significant increase in bulk density readings. Importantly, the updated Mt Chalmers MRE delivers a more robust and expanded MRE with an increase to the Measured and Indicated categories which now accounts for 88% of the Mt Chalmers MRE and 84% of the combined resource base which includes the Woods Shaft deposit.
This MRE includes the maiden MRE for the Woods Shaft deposit, located 700m to the southwest of the Mt Chalmers main deposit.
Highlights:
- 104% increase in resource tonnes to 11.86Mt at 1.22% copper equivalent.
- 44% increase in contained metal to 144,700t at 1.22% copper equivalent.
- 119% increase in measured & indicated tonnes to 10.0Mt (84% of resource).
- 160% increase in meters drilled in 2022 compared with 2021 for a total of 15,323m.
- Several additional VHMS prospects remain outside the resource, demonstrating further growth potential.
- Fifth resource update planned for H1-2022.
Executive Chairman, Andrew Sparke, said the new MRE further strengthens the company’s view that Mt Chalmers has future development potential.
Mt Chalmers Resource
QMines’ first MRE at Mt Chalmers was completed in February 2021 by Mr Simon Tear of H&S Consulting (H&SC) which was published in QMines Prospectus dated 16 March 2021. This maiden resource was based on a 2005 resource estimate by McDonald Spiejers as part of a prospectus for Echo Resources which itself was based on a 1996 estimate by McDonald Spiejers.
The company’s second MRE was completed in November 2021 by Mr Stephen Hyland of HGMC and announced in December 2021. This MRE included data from the maiden resource and the results from QMines drilling undertaken in 2021. HGMC estimated a 38% increase to 5.8Mt @ 1.7% copper equivalent (CuEq) for 101,000t contained CuEq with 78% in the Measured & Indicated categories.
The company’s third Mineral Resource Estimate is a new independent estimate undertaken by HGMC for QMines. The MRE includes all historical drillhole data and all drilling results delivered by the company since listing on the ASX in May 2021.
“We are extremely pleased to have delivered our third and fourth resources at the Mt Chalmers project in just 18 months since listing. This achievement demonstrates the quality of the Mt Chalmers project, the motivation of our team and the projects development potential,” Mr Sparke said.
“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”.
The Mt Chalmers resource (excluding Woods Shaft) now stands at 11.3Mt @ 0.76% Cu, 0.42g/t Au, 4.52g/t Ag, 0.22% Zn and 0.08% Pb for 85.6Kt Cu, 153,240oz Au, 1.6Moz Ag, 24.4kt Zn and 9.6kt Pb. Measured and Indicated categories now account for 88% of the total Mt Chalmers resource.
Mt Chalmers is a brownfields Volcanic Hosted Massive Sulphide (VHMS) deposit that was mined sporadically up to 1982.
For further information please visit: https://qmines.com.au/
