QMines (ASX:QML) has intersected ‘high-grade’ copper and gold mineralisation at its Mt Chalmers Project around 20km northeast of Rockhampton in Central Queensland.
The company says it returned an ‘outstanding’ intersection of 35m @ 2.88% copper (Cu), 0.75 grams per tonne gold (Au), and 3.3g/t silver (Ag) from 107m.
This intersection includes a higher-grade core of 31m @ 3.22% Cu and 0.83g/t Au from 110m.
Individual assays from the diamond drill holes include up to 10.45% Cu and 9.52g/t Au across the two holes. QMines says these individual assays demonstrate the “locally very high-grade nature” of the mineralised system at Mt Chalmers.
At drill hole 26MCRD002, copper grades were higher than those represented locally in the existing mineral resource block model.
Exploration Manager Tom Bartschi says the company deliberately drilled into the existing resource position.
“A 35m intercept at 2.88% copper with gold and silver is an excellent result from a hole drilled primarily to provide metallurgical material for the Definitive Feasibility Study,” Bartschi says.
Drilling is ongoing at Mt Chalmers, with 24 drill holes completed to date for 2,890m, including 18 diamond and reverse circulation pre-collar holes totalling 2,351m across the deposit.
Today’s news includes the return of assays from two diamond drill holes, which were completed as part of the metallurgical and geotechnical drilling campaign.
The metallurgical and geotechnical drilling program is intended to support the ongoing Definitive Feasibility Study (DFS) at Mt Chalmers.
The second drill hole returned today intersected 16m @ 1.17% Cu and 1.58g/t Au from 66m, including 2m @ 4.22% Cu and 5.38g/t Au.
QMines also returned a further broad zone of 21m @ 0.84% Cu and 0.83g/t Au from 89m, including 5m @ 1.52% Cu and 1.09g/t Au.
The company is awaiting assays from seven further drill holes while a 10,000m, multi-rig drilling campaign continues at Mt Chalmers.
Bartschi adds the initial 35m intercept at 2.88% copper with gold and silver is “useful on two fronts”.
“The new drilling provides additional information for the mineral resource update, while the same mineralised core is already at ALS Burnie undergoing comminution and flotation work required for the DFS,” Bartschi says.
“Individual samples above 10% copper also demonstrate the tenor of the higher-grade parts of the stringer system.
“The assays indicate that visual logging may understate the proportion of copper-bearing sulphides in parts of the zone, and the mineralogy and flotation work now underway will determine the sulphide assemblage, liberation characteristics, and metallurgical response.”
Well-funded for Mt Chalmers
QMines is a recipient of a $15 million investment from the Queensland Investment Corporation’s (QIC) Queensland Critical Minerals Fund (QCMF).
QMines entered binding agreements with QIC Critical Minerals and Battery Technology Fund (QCMBTF) trustee QBF No.1 in April 2026 for $5 million in cash, in consideration of the issuance of 95.6 million shares to QCMBTF at $0.052 each, and $10 million in cash, in consideration of granting a 2% net smelter return royalty.
This investment has supported QMines with its DFS, along with other workstreams ahead of a final investment decision, including the front-end engineering design study and construction readiness at Mt Chalmers.
The QIC is a government-backed investment manager that delivers infrastructure, real estate, liquid markets, private equity, and private debt solutions.
In June this year, the Queensland Government boosted the QCMF’s capital base to $250 million, as stated in the 2026–27 State Budget.
The improved capital base for the QCMF reflects the state’s focus on advancing critical mineral projects to support local supply chains.
QMines is focused on becoming Australia’s next copper and gold producer with a portfolio of assets in Queensland.
Write to Maddison Elliott at Mining.com.au
Images: QMines
