New permit grant enables QMines to launch Mt Chalmers airborne survey
Junior explorer QMines (ASX: QML) has been granted a new exploration permit covering two large copper and zinc soil anomalies within its flagship Mt Chalmers copper-gold project in Queensland.
The grant adds a further 118.4 square kilometres to the company’s tenement package and is considered a significant feat as it now allows QMines to carry out a large airborne electromagnetic (EM) geophysical survey over the entire Mt Chalmers project.
The 1,800-line kilometre survey is expected to aid in the prioritisation of many regional drill targets. It will also assist in drill targeting for the Tracker 3 and Striker copper ad zinc-in-soil anomalies, as well as the large Tracker 1 and Tracker 2 anomalies located in the newly granted permit area.
Mt Chalmers is a volcanic-hosted massive sulphide (VHMS) deposit, which are known to host multiple deposits within a cluster.
With this in mind, QMines executive chairman Andrew Sparke said the land acquisition bodes well for the company’s strategy of identifying a number of potential repeats to the Mt Chalmers deposit.
“These four large soil anomalies present significant upside potential at the Mt Chalmers project. When combined with the exploration targets at Woods Shaft, Botos and Mt Warminster, they demonstrate that significant exploration potential remains at the project.”
Ongoing exploration at Mt Chalmers
Meanwhile, a planned 30,000m reverse circulation (RC) and diamond drilling program is ongoing at Mt Chalmers with drilling expected to soon begin at the Woods Shaft prospect.
Late last month, QMines reported intersecting broad zones of high-grade copper and gold mineralisation with peak values of 8.5% copper, 5.45 grams per tonne of gold, 9.08% zinc and 4% lead.
The company today said preparations are also underway to drill Tracker 3, the first of four large copper and zinc soil anomalies.
Mt Chalmers currently has a measured, indicated and inferred resource of 5.8 million tonnes at 1.7% copper equivalent for 101,000t of copper equivalent. QMines plans to release a resource upgrade in the third quarter.
“The company’s third resource upgrade remains on track for delivery in Q2/Q3 with the 10,000m RC drilling program progressing well and a number of samples in the labs with results expected shortly,” Mr Sparke said.