- QMines (QML) has received results from drilling at its Mt Chalmers Project in Queensland
- Latest assays include grades of up to 12.01 grams of gold per tonne (g/t), 0.79 per cent copper, 43g/t silver, 8.42 per cent zinc and 3.25 per cent lead
- QMines says the results demonstrate the potential of the project ahead of a planned resource upgrade
- There are currently two rigs onsite to continue drilling outside the existing inferred resource, which is on track to be updated before the end of the year
- Company shares are up 9.33 per cent to trade at 41 cents at 1:45 pm AEDT
QMines (QML) has received results from reverse circulation (RC) and diamond drilling at its Mt Chalmers Project in Queensland.
The drilling program included 35 holes, for nearly 3500 metres, to expand the resource model with several step-out holes drilled on the western, southern and eastern sides of the pits outside of the current resource boundaries.
Latest and best results include 60.8 metres at 2.59 grams of gold per tonne (g/t), 0.74 per cent copper, 11.1g/t silver, 1.81 per cent zinc and 0.71 per cent lead from 6.2 metres, including 12.6 metres at 12.01g/t gold, 0.79 per cent copper, 43g/t silver, 8.42 per cent zinc and 3.25 per cent lead from 21.2 metres.
Executive Chairman Andrew Sparke said the drilling results were very exciting.
“They demonstrate that this deposit has strong grade and width, and is growing rapidly which bodes well for shareholder value. The current drilling program continues to intersect new mineralisation outside the current resource.”
Mineralisation remains open in all directions which suggests there’s potential for the project to continue to grow.
There are currently two drill rigs onsite to continue testing undrilled areas outside the existing inferred resource which sits at 3.9 million tonnes at 1.15 per cent copper, 0.81g/t gold and 8.4g/t silver.
Before the end of the year, QMines expects to deliver a resource upgrade and is on track to do so.
Company shares were up 9.33 per cent to trade at 41 cents at 1:45 pm AEDT.