QMines (ASX:QML) has agreed to acquire two strategic freehold properties covering 25.52 hectares over and adjacent to the Botos deposit, part of the Mt Chalmers Copper-Gold Project in Central Queensland, for $2.39 million.
The acquisitions comprise $1.14 million for 87 Bells Road and $1.25 million for 91 Bells Road, with both properties scheduled to settle on 30 October 2026. Contractual access to 87 Bells Road applies from execution of the contract, allowing exploration to progress ahead of settlement.
Executive Chairman Andrew Sparke says the acquisitions are “another important piece of the Mt Chalmers puzzle”, as they materially improve land access over Botos and provide a pathway to assess it as an additional feed source for the Mt Chalmers processing hub.
According to QMines, Botos has seen no drilling since the early 1980s due to land access constraints. Only eight historical drill holes have intersected the target, which remains open along strike and down plunge.
“That is an unusual position for a deposit sitting just 700m from a planned processing plant,” Sparke points out.
Botos hosts an exploration target of 1.5–2.5 million tonnes @ 0.50–0.80 grams per tonne gold (Au), 0.10–0.20% copper (Cu), and 1.10–1.40% zinc (Zn) at a 0.50g/t Au cut-off.
Historical percussion drilling by Geopeko in the late 1970s and early 1980s returned broad mineralisation, such as 33m @ 0.80g/t Au, 0.16% Cu, 1.82% Zn, 0.93% lead (Pb), and 47g/t silver (Ag) from 75m in hole BTDDH01. The hole included 27m @ 0.83g/t Au, 2.20% Zn, 1.10% Pb, 51g/t Ag, and 0.20% Cu from 81m.
Other historical results include 33m @ 0.60g/t Au from 54m and 3m @ 1.65% Cu from 105m.
The acquisitions support QMines’ strategy, which Sparke summarises succinctly: “Consolidate the land, drill, and grow resources within the district and progressively evaluate the satellite deposits as potential additional feed sources for the Mt Chalmers hub.”
The company says a nine-hole, 1,500m drilling program is now underway as the first systematic modern test of Botos. Subject to validation, the company will then progress a 17-hole, 3,800m extension program targeting mineralisation along strike and down dip.
“The objective is a maiden mineral resource and a clear answer on whether Botos can add tonnes, mine life, and value to the future Mt Chalmers development,” Sparke says.
QMines is a copper and gold developer focused on its 100%-owned Mt Chalmers and Develin Creek projects in Queensland.
Write to Paula Fabe at Mining.com.au
Images: QMines
