QMines Boosts Develin Creek Indicated Resource by 46%, Paving Way for Expansion

Resource Upgrade Unlocks Development Potential

QMines Limited (ASX: QML) has announced a substantial upgrade to its Develin Creek Mineral Resource Estimate, marking a pivotal step towards advancing the project’s development. The Indicated Mineral Resources have surged by 46% to 4.22 million tonnes grading 0.98% copper and 1.08% zinc, while the total resource base has expanded by 14% to 4.70 million tonnes. This upgrade significantly de-risks the project by elevating approximately 90% of the resource into the Indicated category, a classification that provides greater confidence for mine planning and feasibility studies.

The Develin Creek deposit, located about 90 kilometres northwest of Rockhampton in Queensland, is part of QMines’ broader Mt Chalmers hub strategy. The project hosts volcanogenic massive sulphide (VHMS) mineralisation, characterised by stacked and locally discontinuous sulphide lenses. The recent upgrade incorporates results from extensive infill drilling conducted over 2024 and 2025, alongside a revised geological interpretation that better defines the deposit’s complex lens geometry.

Technical Advances and Metallurgical Insights

The upgrade was prepared by Hyland Geological and Mining Consultants in accordance with the JORC Code (2012). The improved drill density, with typical spacing of 20 to 25 metres in key areas, has allowed for tighter control over mineralisation continuity and thickness variability. This has enabled a substantial portion of previously Inferred resources to be reclassified as Indicated, reducing uncertainty and supporting more robust mine design assumptions.

Preliminary metallurgical testwork has demonstrated promising recoveries, with copper extraction rates reaching up to 98.1% and zinc recoveries up to 92.6% under certain conditions. These results align well with the conventional flotation processing methods proposed for the Mt Chalmers mill, suggesting that Develin Creek mineralisation can be efficiently integrated into existing infrastructure plans.

Strategic Implications and Forward Program

Executive Chairman Andrew Sparke highlighted the significance of the upgrade, noting that the resource now possesses the scale and confidence necessary to progress into Phase 2 mine planning studies. The mineralisation remains open along strike and at depth, presenting clear targets for further exploration and potential resource growth.

QMines is advancing optimisation studies, including underground mine planning and metallurgical programs, to refine development scenarios. The company intends to integrate Develin Creek into the Mt Chalmers hub, potentially increasing throughput or extending mine life. Forward work will focus on targeted extension drilling, geotechnical assessments, and metallurgical sampling to underpin detailed feasibility studies.

While no Ore Reserves have yet been reported, the upgraded resource classification and ongoing studies position Develin Creek as a key future production source. The project’s predominance of fresh sulphide material (approximately 91%) is favourable for processing, with oxide material comprising a smaller, lower-grade portion of the resource.

Environmental and Regulatory Outlook

Environmental baseline studies and permitting remain at early stages, with the assumption that standard regulatory approvals can be obtained. QMines acknowledges that further work is required to assess potential environmental impacts and to support future development applications.