Copper and gold development company QMines (ASX:QML) has confirmed potential for an open pit to be developed following an initial pit optimisation study at its Mt Chalmers Project in Queensland.
The company says the initial study, undertaken by Gary McCrae of Kalgoorlie-based survey and mine planning company Minecomp, has strengthened its view that a ‘robust’ mining operation can be developed at Mt Chalmers.
QMines notes the optimised pit demonstrates potential to deliver up to 7.1 million tonnes (Mt) at a head grade of 1.5% copper equivalent (Cu-Eq) delivering 94,300 tonnes Cu-Eq at a strip ratio of 6.3:1.
In addition, recovered metal within the optimised shell boasts amounts greater than 48,000 tonnes copper (Cu), 137,500oz gold (Au), 1.3 million ounce (Moz) silver (Ag), 26,000 tonnes zinc (Zn), and 12,000 tonnes lead (Pb).
Additional metallurgical testwork is now being undertaken to progress the project towards a Prefeasibility Study (PFS) and deliver a maiden ore reserve statement.
Addressing the results, QMines Managing Director Andrew Sparke says: “The results of the pit optimisation study are very pleasing and are testament to the significant amount of work completed by the company and its staff in such a short period of time.
The delivery of four resources at Mt Chalmers in just 18 months shows the motivation of the team and the time and cost advantages of the owner operator exploration model.”
“The results of the pit optimisation study are very pleasing and are testament to the significant amount of work completed by the company and its staff in such a short period of time”
The company also notes the study has been conducted based off of a fourth Mineral Resource Estimate (MRE) for the project, which was delivered on the 22nd November 2022. The Mt Chalmers resource now stands at 11.3Mt @ 1.22% Cu-Eq.
QMines goes on to add that additional work to determine the possibility of expanding a potential mining operation with the inclusion of underground mining and satellite deposits will also be undertaken.
With potential for an open pit to be developed at the project, QMines announces it has engaged COMO Engineers to manage the delivery of the Mt Chalmers PFS and final metallurgical testwork is underway at the ALS Balcatta laboratory in Perth.
QMines is an ASX-listed Queensland-based copper and gold exploration and development company with a portfolio of 4 wholly owned advanced projects covering a total area of 1,096km-square. The company’s flagship Mt Chalmers project is located about 17km northeast of the city of Rockhampton and represents a ‘high-grade’ historic mine that produced about 1.2Mt @ 2.0% Cu, 3.6g/t Au, and 19g/t Ag between 1898-1982.
Other assets included in QMines wholly owned exploration arsenal include the Silverwood, Warroo, and Herries Range projects.
Images: QMines Ltd
