QMines Limited (ASX: QML) reports that it has intersected wide ‘high-grade’ copper, gold, silver, lead and zinc mineralisation from RC and diamond drilling at its flagship Mt Chalmers Project near Rockhampton.
The latest exploration results, which sit outside the project’s known resource, include multiple intersections of up to 11.65% Cu, 41.51g/t Au, 224g/t Ag, 33.9% Zn, and 6.18% Pb.
QMines says that the results confirm ‘significant’ resource growth potential, with a JORC resource upgrade planned for release to market in Q4 2021.
Highlight intersections include:
- Hole MCDD017: 60.8m @ 2.59g/t Au, 0.74% Cu, 11.1g/t Ag, 1.81% Zn, and 0.71% Pb from 6.2m; including 12.6m @ 12.01g/t Au, 0.79% Cu, 43.0g/t Ag, 8.42% Zn, and 3.25% Pb from 21.2m
- Hole MCDD018: 38.5m @ 1.22g/t Au, 0.76% Cu, and 2.3g/t Ag from 63m; including 10.5m @ 1.30g/t Au, 1.93% Cu, and 5.2g/t Ag from 91m
- Hole MCDD015: 16.0m @ 0.57g/t Au and 2.18% Cu from 104m; including 7.2m @ 1.11g/t Au, 4.15% Cu, and 2g/t Ag from 111.6m.
- Hole MCRC001: 7.0m @ 2.90g/t Au, 0.1% Cu, 119g/t Ag, 13.69% Zn, and 3.29% Pb from 107m.
Commenting on the result, QMines Executive Chairman Andrew Sparke said: “The results from the current drilling program are very exciting. They demonstrate that this deposit has strong grade and width and is growing rapidly which bodes well for shareholder value. The current drilling program continues to intersect new mineralisation outside the current resource. Mineralisation remains open in all directions, which gives us confidence that this deposit will continue to grow. With two drill rigs onsite, multiple assays in the labs and a resource update expected shortly, we expect this quarter to be a very exciting period for our shareholders.”
“With two drill rigs onsite, multiple assays in the labs and a resource update expected shortly, we expect this quarter to be a very exciting period for our shareholders”
To date, QMines has completed a total of 35 holes for 3,498 metres, comprising 14 diamond holes for 1,587 metres, seven RC holes for 602 metres, and 14 RC pre-collars for 1,309 metres. Several additional diamond tails were also completed and delivered to the ALS laboratory in Brisbane with assays pending.
The company reports that drilling continues with two rigs, with upcoming work including downhole EM surveys, a 1,800-line km Heli-EM survey to identify further drill targets, and expanded soil testing utilising handheld XRF.
Images: QMines Limited