Uncertain Gold Grades at Mount Mackenzie as Visible Gold Emerges

Visible Gold Discovery at Vein 355

QMines Limited (ASX: QML) has announced a significant exploration milestone with the observation of visible gold in diamond core from hole MMDD010 at the Vein 355 prospect within its Mount Mackenzie project in Central Queensland. The visible gold was found between 11 and 12 metres depth, hosted within a vuggy, strongly oxidised volcanic breccia featuring silica veinlets and oxidised sulphide relics. This geological setting aligns with a high permeability breccia conduit typical of a high sulphidation epithermal system.

Importantly, this is the first time visible gold has been recorded in this area by QMines, highlighting the value of their current diamond drilling program in refining the understanding of mineralisation styles and controls beneath the historic drill envelope.

Geological Context and Exploration Strategy

The Mount Mackenzie project sits within a Late Carboniferous magmatic and hydrothermal belt, characterised by complex volcanic stratigraphy and intrusive activity that has created pathways for mineralising fluids. The observed mineralisation at Vein 355 is consistent with an epithermal vein breccia system, where multiple pulses of brecciation and sulphidation have created structurally controlled zones of gold and silver mineralisation.

QMines’ exploration manager, Tom Bartschi, emphasised that the visible gold occurrence confirms fluid access to a permeable breccia horizon. However, given the shallow depth and oxidised nature of the interval, there is a possibility that the gold may be partly redistributed near surface through supergene processes, a factor that will be clarified once assay results and mineralogical studies are completed.

Current Drilling and Next Steps

To date, nine holes have been completed at Vein 355, with all samples sent to ALS Townsville on a rush basis. Assay results are eagerly awaited to quantify gold grades, assess variability, and understand the nugget effect often associated with coarse visible gold. Adjacent intervals showing similar breccia textures but variable oxidation and fracturing are also being prioritised for rapid assay turnaround.

Follow-up drilling is planned with eight additional holes designed to test the strike continuity and geometry of the mineralised corridor. These holes will be oriented to intersect the dominant structural trends, helping to distinguish whether the mineralisation occurs as discrete veins, breccia pipes, or broader corridors. Detailed geological logging and structural interpretation will accompany these efforts to refine the exploration model.

Balancing Optimism with Caution

While the visible gold observation is encouraging, QMines is careful to remind investors and analysts that visual estimates are qualitative and not a substitute for laboratory assays. The company acknowledges the potential for strong grade variability and nugget effects, which can complicate early interpretations. The true economic significance of the discovery will depend on assay results and subsequent integration with geological and structural data.

QMines’ approach reflects a methodical progression from historical data validation through modern diamond drilling techniques, aiming to build a robust geological model that supports future resource estimation and development decisions.