Copper and gold explorer QMines (ASX:QML) is preparing to begin drilling at the Artillery Road prospect and other electromagnetic (EM) targets within its Mt Chalmers Project in Queensland, Australia.
The $23 million market capitalisation company will be conducting the exploration work at Artillery Road once drilling has been completed at the southwest extension of the Mt Chalmers deposit.
Recent drilling at the Mt Chalmers west lode has intersected ‘high-grade’ base metal mineralisation. ‘Significant’ intersections include 12m @ 4.38% CuEq from 49m, including 2m @ 9.69% CuEq from 52m; and 6m @ 1.66% CuEq from 54m, including 1m @ 7.11% CuEq from 59m.
Commenting on the results, QMines Managing Director Andrew Sparke says: “We are very pleased to have located what appears to be a faulted extension of the West Lode. Further drilling is in progress which aims to define a new resource which will be added to the existing resource at Mt Chalmers in due course.”
The Mt Chalmers Project is located 17km northeast of Rockhampton, Queensland, and is a ‘high-grade’ historic mine that produced 1.2 million tonnes @ 2% Cu, 3.6g/t Au, and 19g/t Ag between 1898 and 1982.
QMines is a Queensland-based exploration company that owns 4 advanced projects covering an area of about 1,096km-square.
On 31 March 2023, the company had $813,000 cash and cash equivalents at hand, according to its latest quarterly report published on 28 April 2023.
Images: QMines Ltd
