QMines reveals wide and high-grade copper intercepts at Mt Chalmers
QMines will cease drilling operations next week to begin preparing for a mineral resource update.
The Mt Chalmers copper-gold project in Queensland continues to deliver outstanding drilling results for QMines (ASX: QML), returning consistent wide mineralised intersections with high-grade assays from multiple drillholes.
The explorer announced peak grades including 10% copper and 11.45 grams per tonne gold over individual metres assayed. Best intersections were 22m at 1.6% copper equivalent from 109m, including 2m at 4.98% copper equivalent from 122m; 30m at 1.47% copper equivalent from 108m, including 6m at 2.89% copper equivalent and 4m at 2.38% copper equivalent; and 34m at 1.41% copper equivalent from 124m, including 9m at 3.97% copper equivalent from 124m.
QMines executive chairman Andrew Sparke said all new drill holes will be included in the next mineral resource estimate scheduled for delivery in November.
“The company has now delivered over 14,000 metres of RC and diamond drilling at Mt Chalmers and we are now seeing the benefits of the investment in an RC drill rig, which has significantly reduced costs and improved efficiencies,” he said.
Drilling to halt ahead of resource estimate
The latest results came from 15 of 24 holes completed since August. The program is ongoing with a further 16 holes planned; although drilling operations are expected to cease on 5 October to meet the November resource estimate deadline.
Drilling will then restart in November and continue into December, subject to the onset of the Queensland wet season.
Any results that don’t make the 5 October cut-off will fall into a further resource update planned in 2023.
Mt Chalmers’ mineral resource estimate currently totals 5.8 million tonnes at 1.7% copper equivalent for 101,000t contained copper equivalent, with 78% in the measured and indicated categories.
Ongoing work
QMines has planned a follow-up down hole electromagnetic (DHEM) survey to provide better confidence for a future potential airborne EM survey.
The company will complete current drilling operations at the Woods Shaft exploration target, with results to also be delivered to the independent resource geologist to commence the mineral resource estimate.
Pit optimisation studies are expected to commence on completion of the resource update and a scoping study is scheduled to begin in early 2023.