QMines achieves carbon neutral status at Mt Chalmers copper-gold project
QMines executive chairman Andrew Sparke says the company plans to unveil a resource update shortly.
Queensland company QMines (ASX: QML) has become one of only three publicly listed resource stocks to achieve carbon neutral status under the federal government’s voluntary Climate Active program.
Since making its ASX debut in May, the junior explorer has harboured the aim of becoming a zero carbon copper-gold developer.
QMines executive chairman Andrew Sparke said today’s announcement demonstrates the company’s leadership in the minerals industry as part of the global transition towards a low carbon future.
“Climate Active participants are an exclusive group of approximately 350 Australian businesses which are certified carbon neutral,” he said.
“We have achieved this milestone following a rigorous audit process and independent assessment of our carbon abatement initiatives.”
QMines’ initiatives centre around the flagship Mt Chalmers project, northeast of Rockhampton, and include new workshops with a 70,000-litre renewable fuel storage facility, a 10,000L rainwater system, a 10-kilowatt solar power system, and an 80:20 renewable fuel blend which will reduce carbon emissions from drilling by an initial 20%.
The project is believed to be “ideally placed” to meet increasing demand for zero carbon and ethically-sourced copper.
Historic mine
Mt Chalmers is based around a high-grade historic mine which produced 1.2 million tonnes at 2% copper, 3.6 grams per tonne gold and 19g/t silver from 1898 to 1982.
It has a measured, indicated and inferred resource of 5.8Mt grading 1.7% copper equivalent for 101,000t copper equivalent.
QMines plans include growing the project’s resource base, consolidating its assets in the region and assessing commercialisation options.
The company has planned an aggressive drilling program of more than 30,000 metres using two rigs.
Renewable fuels
Earlier this month, an internal audit identified diesel usage for drilling to be the largest source of future emissions at Mt Chalmers.
In order to achieve a reduction, the company invested $1.6 million in a reverse circulation drill rig and support trucks to establish a base of operations at the project for the effective use of renewable fuels for future drilling operations.
The rig is mounted on a short wheel-base truck which will allow QMines to access remote targets to 250m depth at a significantly lower cost per metre drilled.
“This rig and equipment will allow us to accelerate our planned exploration and resource growth initiatives, reduce costs in a highly inflationary environment and deliver on our commitment to reduce carbon emissions,” Mr Sparke said.