QMines (ASX:QML) has increased the contained gold resource at its Mount Mackenzie Gold and Silver Project in Queensland by 32% against the estimate published before it acquired the asset.
The updated mineral resource estimate comprises 5.22 million tonnes (Mt) @ 1.01 grams per tonne gold (Au) and 6.7g/t silver (Ag), containing 170,000 ounces Au and 1.12 million ounces Ag. It is reported at a 0.4g/t Au cut-off grade.
About 120,000 ounces, or 70%, of the contained gold is now classified as indicated, up from 66,000 ounces in the May 2020 estimate published by previous owner Resources and Energy Group (ASX:REZ).
The resource comprises 3.77Mt @ 0.99g/t Au and 7.3g/t Ag indicated, plus 1.45Mt @ 1.07g/t Au and 4.9g/t Ag inferred.
The update incorporates QMines’ 73-hole, 9,798m reverse circulation and diamond drilling campaign, which focused on the North Knoll deposit. It is the first Mount Mackenzie estimate to include drilling completed by QMines.
Compared with the May 2020 estimate, the updated resource contains 32% more gold and 30% more silver using each estimate’s published reporting basis.
However, the figures may not be directly comparable. The earlier estimate used separate cut-offs of 0.35g/t Au for oxide material and 0.55g/t for primary material, and was constrained by an optimised pit shell.
Against QMines’ July 2025 estimate, the updated resource contains a similar amount of gold and 3% more silver using each estimate’s disclosed reporting basis. The estimates also used different cut-off grades.
Exploration Manager Tom Bartschi says the drilling has increased confidence in the resource and improved QMines’ understanding of the mineralisation controls.
“The drilling and statistical review demonstrate that gold at Mount Mackenzie is not randomly distributed. It is controlled by alteration, structural preparation, and position within the mineral system, and those controls are now much better constrained,” Bartschi says.
QMines says the drilling points to a high-sulphidation epithermal gold-silver system, with enriched mineralisation near the surface and structurally controlled zones at depth.
The company notes the updated estimate will support pit optimisation, metallurgical testwork, mine planning, and engineering evaluation. QMines owns 100% of Mount Mackenzie, located about 140km north-west of Rockhampton.
QMines is an Australia-based exploration and development company focusing on gold, copper, zinc, and silver deposits in Queensland.
Write to France Pinzon at Mining.com.au
Images: QMines
