QMines (ASX:QML) reports reverse circulation (RC) drilling at the Mt Chalmers Copper-Gold Project continues to deliver ‘consistent wide’ mineralised intersections of ‘high-grade’ copper and gold assays.
The company reports that the recent results from drilling at the project, located northeast of Rockhampton, Queensland, intersected peak grades of up to 10% Cu and 11.45g/t Au from multiple drillholes.
Drillhole MCRC038 recorded 6.6% Cu and 3.5g/t Au, while MCRC041 recorded 6.8% Cu and 11.45g/t Au, and MCRC044 recorded 10% Cu and 3.6g/t Au.
The company reports drilling continues to deliver visible sulphide mineralisation including chalcopyrite and sphalerite, with mineralised intersections varying in length and concentration of sulphides seen in each drillhole
QMines has continued to accelerate drilling operations at Mt Chalmers with current drilling focused on increasing the Mt Chalmers Mineral Resource Estimate (MRE).
To date, the company has completed 24 of 40 planned RC holes for 4,022m since mid-July this year.
Assayed results from 15 drillholes delivered to ALS have been received, and the recent drilling program has focused on areas of poor drill coverage.
QMines Executive Chairman Andrew Sparke said the company is making ‘excellent progress and the new results will be included in the next MRE.
“We have made excellent progress across several areas at Mt Chalmers with RC drilling continuing to intersect broad and consistent zones of mineralisation with numerous drillholes outside the current resource mode”
“We have made excellent progress across several areas at Mt Chalmers with RC drilling continuing to intersect broad and consistent zones of mineralisation with numerous drillholes outside the current resource model.
“All new drillholes will be included in the next Mineral Resource Estimate which is scheduled for delivery in November 2022.
The company has now delivered over 14,000m of RC and diamond drilling at Mt Chalmers and we are now seeing the benefits of the investment in an RC drill rig which has significantly reduced costs and improved efficiencies.”
QMines continues to deliver samples to ALS on a weekly basis from ongoing drill operations, and will continue to report these results as they come to hand. The current RC drilling operations at Mt Chalmers are expected to cease on October 5 to meet the November MRE deadline.
Drilling at Mt Chalmers is scheduled to recommence in November, and continue into December subject to the Queensland wet season.
The results that do not make the October 5 cut-off will fall into a further resource update planned in 2023.
In December 2021, QMines delivered its second MRE for the Mt Chalmers Copper Gold Project since listing the company in May 2021.
The MRE was delivered by independent resource consultants, Hyland Geological and Mining Services.
At the completion of the current RC drilling program in October, Hyland will commence the third MRE utilising all new drillhole data, and more significantly the recently completed Mt Chalmers geological model.
Consistent with the company’s strategy to deliver the third MRE in 2022, QMines has now delivered in excess of 14,000m of drilling at Mt Chalmers.
It has undertaken initial preliminary metallurgical test work, delivering excellent recovery results as announced to the market on March 30, 2022.
Significantly, over the past 2 months it has delivered a detailed geological model for the Mt Chalmers project.
The MRE is scheduled to be finalised and delivered to the market in November.
QMines has spent several weeks delivering a ‘high quality’ geological model of the Mt Chalmers deposit.
The modelling was undertaken by domaining at 5m section intervals from the northern end of the deposit to the southern end, and then wireframing the sections.
An outcome of the drilling work undertaken by the Company over the past 12 months, together with the completion of the geological model, has led to a far greater understanding of the Mt Chalmers deposit.
Significantly, both the ‘massive’ sulphide/exhalate horizon and the sulphide stringer zone are now modelled from the drilling data to produce new mineralisation envelopes for the upcoming MRE.
The resulting envelopes have extended mineralisation outwards in all directions and has shown the massive sulphide/exhalate horizon to be more widespread than previously understood.
Faulting has played an important part in defining the geometry, and the geology of the Mt Chalmers deposit which is much better understood as a result.
This modelling has also enabled a clear domaining of metallurgical recoveries, and future MRE calculations will benefit as a result.
Ongoing drilling continues to expand the model, which is being regularly updated.
QMines is a Queensland based copper and gold exploration and development company. It owns 100% of 4 advanced projects covering a total area of 1,096km-square.
The company’s flagship project, Mt Chalmers is located 17km northeast of Rockhampton.
Mt Chalmers is a ‘high-grade’ historic mine that produced 1.2Mt @ 2% Cu, 3.6g/t Au and 19g/t Ag between 1898 to 1982. Mt Chalmers has a Measured, Indicated, and Inferred Resource (JORC 2012) of 5.8Mt @ 1.7% CuEq for 101,000t CuEq.
QMines’ objective is to grow its resource base, consolidate assets in the region and assess commercialisation options. It has commenced an aggressive exploration program (over 30,000m) providing shareholders with significant leverage to a growing resource and exploration success.
Images: QMines Limited
