QMines (ASX:QML) reports resources have increased by 104% with 84% now in the Measured and Indicated categories at its flagship project in Queensland.
The company has reported its third Mineral Resource Estimate (MRE) for the Mt Chalmers deposit and maiden MRE for the Woods Shaft deposit at its flagship Mt Chalmers Project, located 17km north-east of Rockhampton in Queensland.
Hyland Geological and Mining Consultants (HGMC) have completed a new MRE based on additional drilling, improved geological modelling and a significant increase in bulk density readings.
Importantly, the company says, the updated Mt Chalmers MRE delivers a more robust and expanded MRE with an increase to the Measured and Indicated categories which now accounts for 88% of the Mt Chalmers MRE, and 84% of the combined resource base which includes the Woods Shaft deposit. This MRE includes the maiden MRE for the Woods Shaft deposit, located 700 metres to the southwest of the Mt Chalmers main deposit.
“We are extremely pleased to have delivered our third and fourth resources at the Mt Chalmers project in just 18 months since listing”
Addressing the latest MRE, QMines Executive Chairman Andrew Sparke commented: “We are extremely pleased to have delivered our third and fourth resources at the Mt Chalmers project in just 18 months since listing. This achievement demonstrates the quality of the Mt Chalmers project, the motivation of our team and the projects development potential.
With drilling continuing and our team already working towards our fifth resource update, we look forward to continuing to deliver shareholder value as we seek to supply a green copper product that supports the global energy transition.”
QMines reports the new MRE further strengthens the company’s view that Mt Chalmers has future development potential.
QMines is a Queensland-based copper and gold exploration and development company which owns 100% of four advanced projects covering a total area of 1,096km-square. The company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton.
Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers project now has a Measured, Indicated and Inferred Resource (JORC 2012) of 11.86Mt @ 1.22% CuEq for 144,700t Cu-Eq.
Write to Adam Orlando at Mining.com.au
Images: QMines Ltd
