Following initial exploration success at Mt Chalmers, QMines (ASX: QML) has progressed the company’s development strategy by agreeing to acquire two freehold land packages adjacent to the Queensland asset.
QMines entered into two contracts to acquire the freehold land packages that total 43 acres and are close to the historic Mt Chalmers copper mine.
Combined with an existing 126 acre freehold land package, QMines now has 277 acres of freehold ground in the region.
Strategy behind freehold acquisitions
QMines says securing freehold land in the region is part of its integrated development strategy for Mt Chalmers as it continues exploring the project.
The initial 126-acre land package was secured in April this year and includes an “off grid” site office and accommodation facilities which are used for staff and contractors.
QMines executive chairman Andrew Sparke said the company was pleased with the strategic acquisitions as they will assist its copper development strategy.
“We look forward to working closely with the vendors and local land owners to progress our exploration efforts in a manner that benefits both QMines’ shareholders and the local community,” Mr Sparke added.
Mt Chalmers copper project
Mt Chalmers is QMines’ flagship project and is about 17km east of Rockhampton.
The project has an inferred resource of 3.9 million tonnes at 1.15% copper, 0.81 grams per tonne gold and 8.4g/t silver.
Between 1898 and 1982, the project’s historic mine generated 1.2Mt at 3.6g/t gold, 2% copper and 19g/t silver.
QMines debuted on the ASX earlier this year and has completed its first drilling program at the project.
As well as copper, gold and silver, drilling uncovered up to 16.8% zinc and 8.3% lead.
These will be included in a resource update which is anticipated in the “near future”.
The aim of the initial drilling program was to validate historical data for the project.
Mr Sparke said previous drill results from the program were “outstanding”.