QMines (ASX:QML) is preparing to begin drilling work at the new Artillery Road prospect within its Mt Chalmers Project in Queensland.
The $22.15 million market capitalisation company has executed an access and compensation agreement with the landowner of Artillery Road, which has now allowed drilling to take place.
Further, 34 electromagnetic (EM) anomalies uncovered by the company and geophysical consultant Mitre Geophysics have returned ‘very encouraging’ signs of mineralisation.
Commenting on drilling activities, QMines Managing Director Andrew Sparke says: “It is very exciting to be commencing drilling at the first of many greenfields exploration targets at Mt Chalmers.
“With approximately 30 anomalies still to assess, this is a very exciting time to be a QMines’ shareholder”
This has required a significant amount of work including data capture, analysis, ranking, field investigations, drill planning, and finally access agreements. With approximately 30 anomalies still to assess, this is a very exciting time to be a QMines’ shareholder.”
Following this announcement, QMines shares closed 11.54% higher at $0.14 on Friday afternoon.
QMines is a Queensland-based copper and gold explorer that owns 4 advanced projects covering a total area of about 1,096km-square. The company’s flagship Mt Chalmers Project is located 17km northeast of Rockhampton.
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. In May, the company raised $3 million through a share placement.
Write to Aaliyah Rogan at Mining.com.au
Images: QMines Ltd