QMines (ASX:QML) is on a pathway to production with a Prefeasibility Study (PFS) on its Mt Chalmers Copper Project in Queensland to determine potential of delivering a standalone mining operation.
Speaking to Mining.com.au, Executive Chairman Andrew Sparke says combining the Mt Chalmers and Develin Creek projects in Queensland, the company believes it has enough scale to become one of the next copper producing operations.
“The cupboard really is bare for quality copper development stories out there. What we’re doing at the moment is a lot of optimisation work to see if there is enough scale, is the grade and tonnage of the potential optimised pit shells — are they sufficient to profitably mine on.
Based on various assumptions, we think that work will be positive, but we’ll wait and see what the new year brings.”
QMines, which has a market capitalisation of $15.18 million, expects to release the PFS in the first half of 2024.
Upon completing the PFS, Sparke tells this news service the company will conduct a reverse circulation (RC) drilling program to test a number of targets that were identified via a ‘large’ previously conducted electromagnetic (EM) survey.
Consultants Mitre Geophysics recently reinterpreted the EM data through a geophysical inversion study — funded by the Queensland Government Collaborative Exploration Initiative grant — which revealed 6 new EM targets within its Mt Chalmers Project.
Sparke says: “Importantly, it has come up with quite a few new areas that we didn’t previously understand. So we’ve now got over 40 targets to drill test next year which is exciting.”
“Believe me when I say it’s big. So that is really exciting“
He adds that although the company has not hit the ‘mother-lode’ yet, the EM data reinterpretation revealed an ‘exciting, large’ intrusion or porphyry potential to the southeast of its Artillery Road discovery that could be the main feeder source for this mineralisation QMines discovered earlier this year, as previously reported.
“Believe me when I say it’s big. So that is really exciting.”
This news follows after the inversion study identified 34 anomalies, 4 of which have been drilled. QMines notes that 3 of these anomalies led to the discovery of Artillery Road, which is a major skarn body subject to ongoing exploration.
Drilling at the fourth anomaly, VT04, intersected alteration but no ‘significant’ anomalism was reported, according to QMines.
The company currently has a diamond drill rig on site at Mt Chalmers undertaking geotechnical work and more metallurgical testing.
QMines is a Queensland-based copper and gold explorer and developer focused on its wholly owned Mt Chalmers and Develin Creek projects. Mt Chalmers lies 17km northeast of Rockhampton. Meanwhile, Develin Creek lies 90km west from Rockhampton.
As of 30 September 2023, the company had $2.412 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au