QMines unearths more wide and high-grade intersections at Mt Chalmers
Around $6.1 million of the IPO funds have been allocated to advancing Mt Chalmers over the next two years.
Step-out drilling at QMines’ (ASX: QML) Mt Chalmers project in Queensland has continued to unearth wide intersections containing high-grade copper, gold and zinc.
Latest assays have returned 35.3m at 2.75 grams per tonne gold, 1.4% copper and 4g/t silver from 96.4m, including 5.5m at 9.91g/t gold, 4% copper and 13g/t silver from 96.4m.
Another hole intercepted 15.5m at 0.47g/t gold, 0.4% copper, 42g/t silver, 2.3% lead and 3.9% zinc from 50m, including 5m at 1.14g/t gold, 1.1% copper, 119g/t silver, 6.9% lead and 11.3% zinc from 50m.
QMines has now received assays from 12 holes for a total of 2,182m out of a 15-hole program that involved drilling diamond tails from reverse circulation pre-collars.
Advancing Mt Chalmers
The program at Mt Chalmers is now focused on step out and extensional drilling outside of the current resource.
A further three diamond tails are underway with two rigs operating onsite for the 30,000m program.
QMines executive chairman Andrew Sparke said it was “pleasing” to see further broad and high-grade intersections outside of the current resource at Mt Chalmers.
“Given recent results and the fact that QMines is yet to drill its three near-mine exploration targets and four large soil anomalies, management sees an opportunity to accelerate its exploration and development plans to fast-track value creation for our shareholders.”
Down hole electromagnetic (EM) surveys will be completed on several holes that have been drilled.
Meanwhile, QMines is undertaking expanded soil sampling using a portable PAS XRF to provide real-time soil geochemical data for future drill targeting.
In the first half of 2020, QMines also plans to carry out an 1,800-line kilometres Heli-EM survey across the project to firm up further drill targets.
Mt Chalmers history
Mt Chalmers has an existing inferred JORC resource of 3.9Mt at 1.15% copper, 0.81g/t gold and 8.4g/t silver.
An upgrade to this resource is pending and expected in the current quarter.
The project was mined between 1898 and 1982 – producing 1.2Mt at 3.6g/t gold, 2% copper and 19g/t silver.
Mt Chalmers is located 17km northeast of Rockhampton and spans 316sq km of tenements.