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QMines Ltd (ASX:QML)‘s maiden drilling program at the Develin Creek copper project has ended on a strong note, with the company picking up an intercept of 114 metres at 1.65% copper close to the surface.
The Queensland project – where QMines is looking for several volcanic-associated massive sulphide (VMS) copper-zinc deposits in the Rookwood Volcanics – had already been defined through a maiden mineral resource estimate (MRE) in 2023.
The estimates were set at 3.2 million tonnes (Mt) at 1.05% copper (Cu), 1.22% zinc (Zn), 0.17g/t gold (Au), and 5.9g/t silver (Ag).
Of this early info, 53% was categorised as inferred and 47% as indicated.
The drilling at Develin Creek was then completed in December 2024 and included 43 drill holes for 5,064 metres.
In one hole – mentioned above – this picked up 114 metres at 1.64% Cu, 0.86% Zn, 0.3g/t Au and 13g/t Ag from 11 metres, including 23 metres at 4.04% Cu, 1.12% Zn, 0.61g/t Au and 26.1g/t Ag from 55m, and 13 metres at 3.15% Cu, 1.37% Zn, 0.52g/t Au and 20g/t Ag from 94 metres.
This was one of two holes drilled down dip designed to assess the ore body’s continuity, dip and consistency for future open pit mining operations.
QMines shares were lower after the news, and at 14:41 AEDT, they were trading at 4.9 cents – a drop of 10.91% since the market opened.
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