QMines grows Mount Mackenzie gold resource by 32%

QMines (ASX:QML) has increased the mineral resource at its Mount Mackenzie Gold and Silver Project in Central Queensland, lifting contained gold by 32% and significantly improving confidence in the resource.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

The updated JORC Mineral Resource now stands at 5.22 million tonnes at 1.01g/t gold and 6.7g/t silver, containing 170,000 ounces of gold and 1.12 million ounces of silver.

Since acquiring the project, QMines has grown the contained gold resource by 32% and the contained silver resource by 30% compared with the previous 2020 estimate.

The update follows the company’s 73-hole, 9,798-metre reverse circulation and diamond drilling campaign, which focused on the North Knoll deposit.

Importantly, around 70% of the contained gold is now classified as Indicated, up from 66,000 ounces previously to around 120,000 ounces, providing a higher-confidence resource base for future mine planning and development studies.

Exploration Manager Tom Bartschi said the update represented an important step forward for the project: “This is the first Mount Mackenzie Mineral Resource Estimate informed by QMines drilling and represents a clear advancement from the Resource base the Company acquired,” he said.

The drilling also gave the company a much better understanding of how gold is distributed across the deposit.

QMines said the results show mineralisation is controlled by geological structures and alteration rather than being randomly distributed, allowing it to build a more accurate geological model and better target future drilling.

The company said the drilling campaign did not close off mineralisation, with the deposits remaining open along strike and at depth, leaving room for further resource growth.

Looking ahead, the company plans to continue drilling to test extensions of the mineral system, particularly at depth and west of the North Knoll deposit, while South West Slopes remains available for future resource growth after not being drilled during the latest campaign.

Join the discussion: See what HotCopper users are saying about Qmines and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.