High-grade finds underline Mount Chalmers potential

QMines has reported multiple wide, high-grade intersections of a raft of minerals outside the known resource at the historical Mount Chalmers copper mine, north-east of Rockhampton. Results include intersections grading up to 11.65 per cent copper, 41.51g/t gold, 224g/t silver, 33.9 per cent zinc and 6.18 per cent lead. QMines executive chairman Andrew Sparke. QMines executive chairman Andrew Sparke described the results from the ongoing 30,000m-plus drilling program as very exciting. "They demonstrate that this deposit has strong grade and width and is growing rapidly which bodes well for shareholder value," he said. "The current drilling program continues to intersect new mineralisation outside the current resource. Mineralisation remains open in all directions which gives us confidence that this deposit will continue to grow. "With two drill rigs onsite, multiple assays in the labs and a resource update expected shortly, we expect this quarter to be a very exciting period for our shareholders." Significant intersections include: 60.8m at 2.59g/t gold, 0.74 per cent copper, 11.1g/t silver, 1.81 per cent zinc and 0.71 per cent lead from 6.2m; including 12.6m at 12.01g/t gold, 0.79 per cent copper, 43.0g/t silver, 8.42 per cent zinc and 3.25 per cent lead from 21.2m.38.5m at 1.22g/t gold, 0.76 per cent copper and 2.3g/t silver from 63m; including 10.5m at 1.30g/t gold, 1.93 per cent copper and 5.2g/t silver from 91m.16.0m at 0.57g/t gold and 2.18 per cent copper from 104m; including 7.2m at 1.11g/t gold, 4.15 per cent copper and 2g/t silver from 111.6m.7.0m at 2.90 g/t gold, 0.1 per cent copper, 119g/t silver, 13.69 per cent zinc and 3.29 per cent lead from 107m. QMines listed on the ASX in May after an oversubscribed Initial Public Offer (IPO) that raised $11.55 million and left it well funded for a large exploration and drilling push at the flagship Mount Chalmers project. The project is centred on the former Mount Chalmers mine, which operated at various times between 1898 and 1982, producing 1.2 million tonnes at 2 per cent copper, 3.6g/t gold and 19g/t silver. It has an existing Inferred Resource of 3.9Mt at 1.15 per cent copper, 0.81g/t gold and 8.4g/t silver. QMines has completed a total of 35 holes for 3498m at Mount Chalmers, comprising 14 diamond holes for 1587m,seven RC holes for 602m and 14 RC pre-collars for 1309m. All results have been digitised into the company’s drill hole data base and have been sent to the resource geologist for resource modelling. QMines plans to deliver a resource upgrade by the end of the year, and is expecting to deliver a new resource in the Measured, Indicated and Inferred JORC categories.

High-grade finds underline Mount Chalmers potential

Industry Queensland

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