- Queensland-based copper and gold explorer QMines (QML) is aiming to raise $2 million to further explore its flagship Mt Chalmers mine in Queensland
- The company has the capacity to accept oversubscriptions which would take the total potential amount to be raised to $3.8 million
- Earlier this week, the company reported “outstanding” drill results of up to 17.3 per cent copper equivalent from the Mt Chalmers mine
- The placement will fund a 30,000-metre drilling effort at the mine
- Company shares have now entered a trading halt to complete the placement and last traded at 17.5 cents on July 27
Copper and gold explorer QMines (QML) has announced it is looking to raise $2 million in an upcoming placement.
The company hasn’t given any details on how much it is offering its shares for but does have the capacity to accept oversubscriptions to potentially take the total amount raised to $3.8 million.
If the full $3.8 million is raised, QMines would have $4.8 million in capital (including $1 million in cash reserves) to fund a 30,000-metre drilling program at its Mt Chalmers mine in Queensland.
Mt Chalmers is QMines’ flagship project, located 17 kilometres north-east of Rockhampton, and includes the high-grade historical copper and gold mine that operated between 1898-1982.
Earlier this week, the company reported “outstanding” drill results from the mine which include further wide high-grade intersections.
Intersections include 37 metres at 2.9 per cent copper equivalent from 118 metres, including four metres at 17.3 per cent copper equivalent from 145 metres.
“We are very pleased with recent drilling results. They show that Mt Chalmers is continuing to grow in scale,” Executive Chairman Andrew Sparke said.
“The reverse circulation rig is now moving to the southern end of the Mt Chalmers deposit to test for further extensions. These continued high-grade, shallow and wide intersections bode well for the company’s third resource upgrade expected in 2H-2022.”
Drilling is continuing at Mt Chalmers with further results expected shortly.
Company shares has now entered a trading halt to complete the placement. This means QML shares will be paused until Monday, August 1, or when it completes the placement.
QMines last traded at 17.5 cents per share on July 27.