Recently listed junior resources company QMines (ASX: QML) has reported a string of high-grade copper-gold-silver results from maiden drilling at the historic Mt Chalmers project in Queensland.
A diamond program of 11 holes for a total 1,587m delivered “outstanding intersections”, with bonanza grades including 0.75m at 13.4% copper, 6.11 grams per tonne gold and 31g/t silver from 132.6m.
Highlight results from the first seven holes were: 10.8m at 2.08% copper, 2.97g/t gold and 55g/t silver from 54.2m; 10.6m at 2.06% copper, 0.43g/t gold and 3g/t silver from 133.8m; 38.05m at 1.55% copper, 1.05g/t gold and 3g/t silver from 132.6m; and 6m at 3.55% copper, 1.03g/t gold and 5g/t silver from 141.8m to end of hole.
Reviving Mt Chalmers
QMines has made no secret of its strategy to revive Mt Chalmers, which has been dormant for over 25 years and was last subject to exploratory drilling in 1995.
The company’s six-week maiden program started in February and was designed to validate historical drilling data compiled and digitised since the project’s acquisition.
DDH1 Drilling was contracted for the work and company staff cut core onsite before sending mineralised intersections to ALS Laboratories in Brisbane for assaying.
QMines chairman Andrew Sparke was pleased with the high-grade results.
“These outstanding results clearly validate [our] view that Mt Chalmers has significant development potential,” he said.
“Our technical team has delivered this diamond program in a very quick timeframe and we expect to continue delivering [more] results that will lead to a resource update in the near future.”
Zero carbon developer
QMines is seeking to become Australia’s first zero carbon copper and gold developer and plans to use Mt Chalmers as a springboard into the market.
During its 84 years in production, Mt Chalmers produced 1.2Mt at 2% copper, 3.6g/t gold and 19g/t silver.
It has a current inferred resource of 3.9Mt at 1.15% copper, 0.81g/t gold and 8.4g/t silver.
Mr Sparke said a 3,000m reverse circulation and infill program commenced at the project this month to further validate historical data and provide information for the resource expansion.