QMines reports further broad copper-gold results from Woods Shaft target
QMines revealed bonanza grades up to 13.4% copper, 6.11g/t gold and 31g/t silver from its maiden campaign at Mt Chalmers.
Junior explorer QMines (ASX: QML) has intersected further broad copper and gold zones at the Woods Shaft exploration target within its Mt Chalmers project in Queensland.
In September, the company completed an 11-hole reverse circulation program at Woods Shaft and four additional holes at Mt Chalmers for a total 1,455 metres.
Results delivered several broad intersections comprising intervals with “exceptional” copper equivalent grades up to 8.26%, 6.21% and 5.26%.
Highlight intercepts from latest assays were 25m at 1.04% copper equivalent; 19m at 1.18% copper equivalent; and 11m at 1.37% copper equivalent, which extend the mineralisation towards the north where it remains open.
Prospect location
The Woods Shaft prospect is 700m to the southwest of the Mt Chalmers main deposit and has been previously defined to be over 250m in strike length and up to 40m in width.
The mineralisation is reported to be from surface to a depth of 90m in places and contains gold and base metals.
The geology of the deposit is believed to be similar to that of the Mt Chalmers main lode and is dominated by a sulphide stringer zone.
Mineral resource estimates for Woods Shaft were compiled by previous explorers prior to the release of the JORC 2012 code.
Since then, a lack of quality data has meant a compliant resource could not be established.
QMines’ drilling program at Woods Shaft aimed to validate historic drilling with a view to delivering a maiden JORC mineral resource early next year.
Development potential
Executive chairman Andrew Sparke said the company was pleased with the latest results from Mt Chalmers.
“These results demonstrate the quality of the Mt Chalmers project and its development potential,” he said.
“We have already delivered two resources since listing on the ASX in May last year and we have a further two planned for the coming months … this is certainly an exciting time to be a QMines shareholder as we work towards becoming Australia’s next copper developer.”