QMines Validates High-Grade Gold and Silver at Mount Mackenzie with Maiden Drilling

Initial Drilling Success at Mount Mackenzie

QMines Limited (ASX – QML) has reported promising maiden drilling results from its Mount Mackenzie gold-silver project in Central Queensland. The company completed 19 reverse circulation and diamond drill holes totaling 2,240 metres, confirming high-grade mineralisation consistent with a high-sulphidation epithermal system. Notable intercepts include 6 metres at 8.11 grams per tonne (g/t) gold and over 100 g/t silver, and a broad 44-metre zone averaging 1.00 g/t gold and 20.8 g/t silver.

These results validate the existing JORC-compliant Mineral Resource Estimate of 3.35 million tonnes at 1.40 g/t gold and 8.4 g/t silver, while also highlighting the potential for resource expansion. The mineralisation remains open at depth and along strike, suggesting further upside as drilling continues.

Strategic Fit Within Central Queensland Hub

Mount Mackenzie sits approximately 120 kilometres northwest of Rockhampton and is fully owned by QMines. The project forms a key part of the company’s strategy to consolidate regional feed sources for a planned central processing hub at Mt Chalmers. Executive Chairman Andrew Sparke emphasised that the high-grade intercepts and broad mineralised zones strongly support the robustness of the epithermal system and its integration into the broader project.

With drilling ongoing through the holiday period and a third diamond rig recently contracted, QMines is accelerating its exploration campaign. Pending assay results from 13 additional holes are expected to further refine geological models and resource estimates.

Advancing Towards Pre-Feasibility

Alongside Mount Mackenzie, QMines has completed drilling at the Develin Creek sulphide deposit, with all assay results now released. The company is progressing multiple workstreams including updated Mineral Resource Estimates, pit optimisation, mine design, and metallurgical testwork across its portfolio.

These efforts feed into an updated Pre-Feasibility Study (PFS) scheduled for the second half of 2026, which will integrate data from Mount Mackenzie, Develin Creek, and Mt Chalmers. The PFS aims to optimise project scale, mine life, and economics, underpinning QMines’ goal of sustainable copper and gold production in Central Queensland.

Technical and Geological Context

The Mount Mackenzie deposit is characterised by advanced argillic alteration and pervasive silicification within volcanic rocks, typical of high-sulphidation epithermal systems. Gold and silver mineralisation occurs in broad, shallow zones amenable to open-pit mining. The recent drilling program was designed to improve confidence in historical data, which relied heavily on older percussion drilling methods, and to provide a robust basis for future mining studies.

QMines’ geological team, led by Principal Geologist Tom Bartschi, is focused on integrating high-quality diamond core and RC samples to refine the geological model. The company has committed to rigorous quality control and re-assaying of samples exceeding analytical detection limits to ensure data integrity.