QMines (ASX:QML) is planning its next stages of drilling and exploration in the coming weeks at the Mt Chalmers Project in Queensland.
The program consists of brownfield and greenfield exploration designed to increase the scale of a potential mining operation and to make new discoveries.
At the Develin Creek and Woods Shaft deposits, further drilling is required, and optimisation and modelling to be brought into the mine plan and ore reserve statement.
Once drilling is completed, QMines aims to upgrade a portion of the inferred material within the resources to the indicated category. Drilling is expected to begin at the Scorpion and Sulphide Cite deposits in the coming weeks.
QMines says all of the deposits within Mt Chalmers represent an opportunity to increase the scale and projected mine life of a potential operation at the project.
On 30 April 2024, the company reported Mt Chalmers is a technically and financially robust project, with the Prefeasibility Study outlining the project has a net present value of $373 million and an internal rate of return of 54%.
The Mt Chalmers and Develin Creek projects have a resource containing 15.1 million tonnes at 1.3% copper-equivalent for 195,800 tonnes of copper-equivalent with 76% in the measured and indicated category.
QMines is a Queensland-focused copper and gold explorer and developer. The company’s assets include the Mt Chalmers, Develin Creek, Silverwood, Warroo, and Herries Range projects.
Write to Aaliyah Rogan at Mining.com.au
Images: QMines
