QMines accelerates exploration at Mt Chalmers copper-gold project
Junior explorer QMines (ASX: QML) has completed 11 holes of a diamond drilling program at its Mt Chalmers copper-gold project, 17 kilometres northeast of Rockhampton in Queensland.
The company re-commenced exploration in January, with contractors carrying out significant earthworks in preparation for planned reverse circulation and diamond drilling campaigns.
Staff spent several weeks building two container dome workshops to service a recently-acquired fleet comprising a reverse circulation drill rig, booster and auxiliary compressor truck, rod truck and support vehicles.
Diamond drilling kicked off in February with an eight-hole, 1,000 metre program which ended in March and complemented three diamond holes completed in December.
QMines has logged and cut all 11 holes with samples delivered to ALS laboratories in Brisbane for assaying.
The company has also commenced a 10,000m reverse circulation resource and infill drilling program targeting potential resource extensions to the north and south of Mt Chalmers and conversion of the Woods Shaft prospect to a resource.
This work is expected to lead to a third update of the Mt Chalmers project resource in the next quarter.
Historic high-grade mine
Mt Chalmers is a high-grade historic mine which operated between 1898 and 1982 to produce 1.2 million tonnes at 3.6 grams per tonne gold, 2% copper and 19g/t silver.
It is recognised as being one of the highest gold grade volcanic-hosted massive-sulphide (VHMS) mineral systems in the world.
Since acquiring the project, QMines has delivered two resource updates with the current global estimate sitting at 5.8Mt at 1.7% copper equivalent for 101,000t copper equivalent.
It incorporates base and precious metals including copper, gold, silver, lead and zinc and approximately 78% of the resource falls into the measured and indicated categories.
QMines said the resource upgrades further strengthen the company’s view that Mt Chalmers has strong potential to help it achieve its goal of becoming Australia’s first zero carbon copper and gold developer.