Mining

QMines delivers substantial increase to contained copper-equivalent metal at Mt Chalmers

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By Lorna Nicholas - 
QMines ASX QML substantial increase contained copper equivalent metal Mt Chalmers Queensland

QMines’ global resource for Mt Chalmers now has 144,700t of contained copper equivalent.

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QMines (ASX: QML) has delivered a 44% increase to contained metal in its latest resource update for its Mt Chalmers copper-gold-silver-zinc-lead project in Queensland.

Excluding the Woods Shaft deposit, the Mt Chalmers resource now totals 11.3 million tonnes at 0.76% copper, 0.42 grams per tonne gold, 4.52g/t silver, 0.22% zinc and 0.08% lead for 85,600t copper, 153,240oz gold, 1.6Moz silver, 24,400t zinc and 9,600t of lead.

Of this estimate, 88% falls in the measured and indicated categories.

Maiden Woods Shaft resource

As well as revealing an update for the Mt Chalmers resource, QMines has debuted a maiden estimate for the Woods Shaft deposit at the project.

Recent drilling along with historical results have paved the way for the initial estimate which stands at 540,000t grading 0.5% copper and 0.95g/t gold for 2,700t of copper and 16,440oz gold.

This brings the global Mt Chalmers project resource to 11.86Mt at 1.22% copper equivalent for 144,700t of contained copper equivalent.

The updated global estimate represents a 104% increase in resource tonnes and a 44% rise in contained metal.

Strengthened development potential

QMines executive chairman Andrew Sparke said the company was “extremely pleased” to have delivered its third and fourth resources at the Mt Chalmers project since the company’s ASX listing 18 months ago.

Mr Sparke added the resource “further strengthens” the project’s development potential.

“With drilling continuing and our team already working towards our fifth resource update, we look forward to continuing to deliver shareholder value as we seek to supply a green copper product that supports the global energy transition.”

Mt Chalmers was mined historically, and drilling has now closed off the deposit to the east and west. However, it remains open along strike to the north and south.

The current drilling program is targeting these extensions, with a fifth resource update scheduled for the first half of next year.

Meanwhile, regional exploration is underway, after a review of historical geophysical surveys identified several new VMS (volcanogenic massive sulphide) targets.

The data has shown a coincident electromagnetic and copper-zinc soil anomaly. A contractor has been engaged to fly a helicopter-borne versatile domain EM Max survey in January to follow up on these targets.

“The new data demonstrates the upside potential of the Mt Chalmers project and confirms our belief that Mt Chalmers is a district-scale opportunity,” Mr Sparke said.