QMines reveals ‘outstanding’ results from drilling at Woods Shaft target
QMines executive chairman Andrew Sparke says the company plans to unveil a resource update shortly.
Junior explorer QMines (ASX: QML) has reported “outstanding” high-grade results from drilling at the Woods Shaft target within the flagship Mt Chalmers copper-gold project in Queensland.
Eleven holes were completed at Woods Shaft for 905 metres this month, and returned broad high-grade copper-gold intersections across multiple zones.
Results from Woods Shaft returned significant intersections such as 37m at 3.6% copper equivalent (CuEq) from 4m, including 9m at 6.21% CuEq from 12m, and 4m at 8.26% CuEq from 30m; 58m at 1.26% CuEq from 15m, including 10m at 5.26% CuEq from 38m; and 41m at 1.09% CuEq from 15m, including 5m at 3.41% CuEq from 33m.
Other results were 9m at 1.12% CuEq from 35m, and 3m at 8.33% CuEq from 75m.
Woods Shaft location
The Woods Shaft prospect is situated 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.
Quality of the project
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.”