QMines plans survey over Mt Chalmers copper-gold project to identify new drill targets
Junior resources company QMines (ASX: QML) has announced plans to conduct an airborne electromagnetic survey over its flagship Mt Chalmers copper-gold project in Queensland to identify new volcanogenic hosted massive sulphide (VHMS) drill targets.
The 1,092 line kilometre survey follows the discovery earlier this month of several copper-zinc soil anomalies which confirm the large-scale potential for multiple Mt Chalmers look-a-like discoveries in the area.
QMines has engaged Planetary Geophysics and Geosolutions to carry out the work, which will extend to the north-west and south-east of the Mt Chalmers mine landholding, over an extensive area of the early Permian Berserker beds of central-eastern Queensland.
The survey is scheduled to commence before year end and will be used in conjunction with the project’s current data sets to define potential VHMS targets.
QMines has commissioned an airborne RepTEM time domain electromagnetic (TDEM) geophysical survey to measure the electrical conductivity of ground below the Mt Chalmers, Tracker and Striker prospects.
The fully-automated system is operated from a helicopter platform and designed to measure early-time TDEM responses to enable accurate geological mapping.
The equipment being used is aerodynamic and lightweight to reduce costs related to longer survey endurance and to lower the power requirements for the helicopter.
QMines is seeking to become Australia’s first zero carbon copper-gold development company.
It is the sole owner of four advanced projects in Queensland covering a total area of 1,096sq km.
The high-grade historic Mt Chalmers mine is located 17km north-east of Rockhampton and produced 1.2 million tonnes grading 3.6 grams per tonne gold, 2% copper and 19g/t silver between 1898 and 1982.
It has an inferred resource of 3.9Mt at 0.81g/t gold, 1.15% copper and 8.4g/t silver.
QMines has a strategy of growing its resource base, consolidating assets in the region and assessing commercialisation options.
The company has commenced an aggressive exploration program over more than 30,000m to provide its shareholders with significant leverage to a growing resource.
QMines debuted on the ASX earlier this year and has completed its first drilling program at the project.
As well as copper, gold and silver, drilling uncovered up to 16.8% zinc and 8.3% lead.
These will be included in a resource update which is anticipated in the near future.