QMines expands Mt Chalmers holding with new Striker tenement acquisition

QMines (ASX: QML) has announced the strategic purchase of a new tenement at the Striker prospect in Queensland.

The tenement was among 33 sub-blocks QMines applied for to close a notable window within its Mt Chalmers tenement holdings.

The area has now been granted to the company’s wholly-owned subsidiary Rocky Copper for a minimum period of five years.

‘Favourable geology’

Striker is a sought-after target that will now form part of the company’s flagship Mt Chalmers copper and gold project located 17 kilometres north-east of Rockhampton.

This area was previously covered by an existing tenement held by a local landowner who undertook limited work on the site and there is also evidence of small-scale alluvial mining in the area.

“We have been waiting for this strategic tenement to become available for some time as it hosts intense sulphide mineralisation, with favourable geology and strong geochemical and geophysical support,” executive chair Andrew Sparke said.

“There is a clear case for drilling this target now that the tenement has been granted.”

Geochemical anomalies

While the tenement area had been unavailable, previous work in the area by Geopeko in the 1970s identified robust multi-element soil geochemical anomalies detected during a regional survey.

Geopeko subsequently drilled four holes, two of which ended in mineralisation and two above the mineralised horizon.

A versatile time-domain electromagnetic survey acquired by QMines in 2023 identified an excellent chargeability anomaly coincident with this target, providing the company with the confidence that Striker contains all of the inputs required for a Mt Chalmers-style volcanic-hosted massive sulphide (VHMS) deposit.

Expanded opportunity

The new tenement adds another satellite opportunity to the Mt Chalmers development, which the company fully acquired in 2021.

Mt Chalmers is backed by a positive recent pre-feasibility study, a forecast 10-year mine life, a current resource of 11.86 million tonnes at 0.76% copper and 0.42 grams per tonne gold and a reserve of 9.6Mt at 0.63% copper and 0.48g/t gold.

Recent drilling at Mount Chalmers and its satellites, such as Develin Creek, have highlighted the significant upside of the area.

The company now plans to complete reconnaissance work at the new tenement, followed by deeper additional drilling to properly test the mineralisation zones in the search for VHMS-style deposits.