QMines (ASX:QML) is preparing to begin drilling at its ‘highest ranked’ electromagnetic (EM) target, the VT04 anomaly, within the Mt Chalmers Copper Gold Project in Queensland.
The $21.65 million market capitalisation company is finalising the first stage of its drilling operations at the Artillery Road discovery, where drilling work is anticipated to be completed shortly.
With access agreements now in place for the VT04 target, drilling operations here are expected to begin once drill rig access tracks and drill site pads have been prepared and the Artillery Road program has been completed.
Commenting on drilling, QMines Managing Director Andrew Sparke says: “The company is pleased to have secured access to commence drilling at our highest priority electromagnetic target, VT04.
Drilling the first electromagnetic targets at the Artillery Road prospect has proven successful. The VT04 electromagnetic anomalies have a significantly stronger electromagnetic response, so we are excited to get drilling underway.”
“The VT04 electromagnetic anomalies have a significantly stronger electromagnetic response, so we are excited to get drilling underway“
Recent field reconnaissance of the VT04 EM target has shown the modelled EM plate anomalies are covered by colluvium, preventing on-ground geological interpretation and a geochemical response.
Modelling by the company’s consultants, Mitre Geophysics, has revealed EM anomalies at VT04. One set dips shallowly from 10m to 50m below surface and another set dips steeply north and south.
QMines is a Queensland-based copper and gold explorer and developer. The company has a portfolio of wholly owned assets including the Mt Chalmers, Silverwood, Warrooma, and Herries Range projects.
As of 30 June 2023, the company had $2.291 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: QMines Limited