QMines Limited: Multiple Wide High-Grade Intersections Outside Known Resource
HIGHLIGHT
Several drill holes outside current resource intersect high-grade copper, gold and zinc mineralisation; Results include multiple wide and high-grade intersections of up to 11.65% Cu, 41.51g/t Au,
224g/t Ag, 33.9% Zn and 6.18% Pb;
- Significant intersections include:
-
60.8m @ 2.59g/t Au, 0.74% Cu, 11.1g/t Ag, 1.81% Zn and 0.71% Pb from 6.2m; including
- 12.6m @ 12.01g/t Au, 0.79% Cu, 43.0g/t Ag, 8.42% Zn and 3.25% Pb from 21.2m.
-
38.5m @ 1.22g/t Au, 0.76% Cu and 2.3g/t Ag from 63m; including
- 10.5m @ 1.30g/t Au, 1.93% Cu and 5.2g/t Ag from 91m.
-
16.0m @ 0.57g/t Au and 2.18% Cu from 104m; including
- 7.2m @ 1.11g/t Au, 4.15% Cu and 2g/t Ag from 111.6m.
- 7.0m @ 2.90g/t Au, 0.1% Cu, 119g/t Ag, 13.69% Zn and 3.29% Pb from 107m.
- Results confirm significant resource growth potential with upgrade planned in Q4-2021; and
- Drilling continues unabated (+30,000m) with two rigs onsite and further results
OVERVIEW
QMines Limited (ASX:QML)(QMines or Company) is pleased to provide results from its current RC and diamond drilling program at its flagship Mt Chalmers Project, located 17km north-east of Rockhampton in Queensland (Figure 7).
High grades have been intersected in multiple drill holes from the recent drilling program including 41.51g/t Au and 7.16% Cu from hole MCDD017, 17.4g/t Au and 5.13% Cu from hole MCDD018, 2.45g/t Au and 11.65% Cu from hole MCDD015 and 7.2g/t Au, 224g/t Ag, 6.18% Pb and 33.9% Zn from hole MCRC001 which all occurred within broader mineralised intersections.
Figure 1: Drill Hole MCDD015 Showing Chalcopyrite Stringer Veins.
MANAGEMENT COMMENT
Commenting on the results, QMines Executive Chairman Andrew Sparke, said:
“The results from the current drilling program are 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 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.”
Figure 2: Mt Chalmers Diamond, RC and RC pre-collar drill hole locations, including Sections AA’, BB’ and CC’, August-September 2021.
QMines has completed a total of 35 holes for 3,498m comprising fourteen diamond holes for 1,587 metres, seven RC holes for 602 metres and fourteen RC pre-collars for 1,309 metres. Diamond, RC, RC pre-collar and planned step out drill hole locations are shown in Figure 2.
Significant results from the recent drilling programs can be seen in Table 1. Several additional diamond tails have been completed and delivered to the ALS laboratory in Brisbane with assays pending. QMines personnel are cutting core onsite daily with samples being despatched to ALS weekly.
The recent RC and diamond drilling programs were designed 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 wireframes, with multiple pre-collars drilled ready to complete diamond tails. Examples of the recent mineralised intersections can be seen in Sections AA, BB and CC (Figures 3-5), with several drillholes including MCDD014, MCDD015, MCD017 and MCRC001 intersecting high-grade mineralisation.
Importantly, QMines has drilled several holes in previously untested areas on the western side of the main pit and to the north of the west load. The Company has focused on these areas due to the lack of historical drilling by previous explorers. Drill holes MCDD014, MCDD015 on the west side of the main pit and MCRC001 on the east side of the main pit, shown in Section AA (Figure 3), illustrate the mineralised intersections outside the current resource wireframe.
Drill hole MRC001 (Figure 3) did not reach target depth and ended in mineralisation at 140 metres down hole. MCRC001 also intersected peak bonanza grades of 7.2g/t Au, 224g/t Ag, 6.18% Pb and 33.9% Zn within a broader intersection of 7.0m @ 2.90g/t Au, 0.1% Cu, 119g/t Ag, 13.69% Zn and 3.29% Pb from 107 metres. The drill hole was planned as an infill hole targeting the footwall stringer zone, designed to end at 185 metres. Additional step out holes have now been planned to further test the ore zone on the eastern side of the main pit.
A 3D interpretation of the wireframes over the digital terrain model showing the recent drill holes outside the resource envelope in an area of the project where little historical drilling has been undertaken can be seen in Figure 6.
Figure 3. Section “AA’ showing MCDD013-015 and MCRC001 mineralised intersections and resource wireframe, August-September 2021.
Drill hole MCDD017, drilled to the south of MCDD0015, can be seen in Section BB’ (Figure 4) and in plan view in Figure 2, with historical drill hole PDH0021 drilled behind MCDD017 not intersecting mineralisation. The results from MCD014 and MCDD015 seen in Section AA’ indicate the ore body is dipping to the west and the historical hole PDH0021 ended too early and may have missed the mineralised envelope. Step out drilling will now be extended to the west of holes MCDD015 and MCDD017 to test down dip extensions of the mineralisation outside the current resource and in areas of minimal historical drilling.
Section CC ‘(Figure 5) is a long section along the West Lode indicating that mineralisation remains open downplunge to the north and south and illustrates potential to increase resource tonnage with further drilling.
Figure 4. Section “BB” showing MCDD017 mineralised intersection and resource wireframe, August-September 2021.
Figure 5. Section “CC” long section showing mineralised intersections and resource wireframe, August-September 2021.
All results are now digitised into the Company’s drill hole data base and have been sent to the resource geologist, including the earlier validation drill holes, for resource modelling. QMines is on schedule to deliver a resource upgrade in Q4-2021 and, based on historical holes twinned and recent drill holes, is expecting to deliver a new resource in the Measured, Indicated and Inferred JORC categories.
The Company has completed multiple RC pre-collars ready for diamond tails and has a number of new holes planned to continue to test relatively undrilled areas of interest outside the existing resource. Further results will be reported as they come to hand.
Figure 6: 3D image of Mt Chalmers incorporating the recent digital terrain model, pit shell, RC and diamond drill collar locations and resource model.
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COMPETENT PERSON’S STATEMENT
The information in this announcement that relates to exploration results is based on information compiled by Hamish Grant, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Hamish Grant is contracted by QMines Limited as Project Geologist. Hamish has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Hamish Grant consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.
ABOUT QMINES
QMines Limited (ASX:QML) (FSE:81V) is a Queensland based copper and gold exploration and development company. QMines is seeking to become Australia’s first zero carbon copper and gold developer. The Company owns 100% of four advanced projects covering a total area of 1,096km². The Company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton.
¹The Project is a high-grade historic mine that produced 1.2Mt @ 3.6g/t Au, 2.0% Cu and 19g/t Ag between 1898-1982. Mt Chalmers has an Inferred Resource (JORC 2012) of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag.
QMines’ objective is to grow its resource base, consolidate assets in the region and assess commercialisation options. The Company has commenced an aggressive exploration program (+30,000m) providing shareholders with significant leverage to a growing resource and exploration success.
DIRECTORS AND MANAGEMENT
ANDREW SPARKE
Executive Chairman
ELISSA HANSEN
Non-Executive Director & Company Secretary
PETER CARISTO
Non-Executive Director (Technical)
JAMES ANDERSON
General Manager Operations
HAMISH GRANT
Project Geologist
PROJECTS
MT CHALMERS (100%)
SILVERWOOD (100%)
WARROO (100%)
HERRIES RANGE (100%)
QMINES LIMITED ACN 643 212 104
SHARES ON ISSUE 111,372,748
UNLISTED OPTIONS 4,200,000 ($0.375 strike, 3 year term)
ASX CODE
QML
FSE CODE
81V
This announcement has been approved and authorised by the Board of QMines Limited.
CONTACT
QMines Limited (ASX:QML)
Registered Address: Suite J, 34 Suakin Drive, Mosman NSW 2088
Postal Address: PO BOX 36 Mosman NSW 2088
Telephone: +61 (2) 8915 6241
Peter Nesveda, Investor Relations
Andrew Sparke, Executive Chairman
Website: www.qmines.com.au
Email: [email protected]
Email: [email protected]
Email: [email protected]
¹ Refer to the Independent Geologist Report commencing on page 84 of the Prospectus dated 16 March 2021 available at https://qmines.com.au/prospectus-2/. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus dated 16 March 2021 and that all material assumptions and technical parameters underpinning the resources estimates in the Prospectus dated 16 March 2021 continue to apply and have not materially changed.
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