QMines Intersects High-Grade Copper Gold at Mt Chalmers Exceeding Resource Model

High-Grade Copper-Gold Intercepts Surpass Resource Expectations

QMines Limited (ASX:QML) has unveiled impressive assay results from two diamond drill holes at its Mt Chalmers copper-gold project in Central Queensland. Hole 26MCRD002 delivered a 35-metre intercept averaging 2.88% copper and 0.75 grams per tonne gold, including a higher-grade 31-metre core at 3.22% copper and 0.83 grams per tonne gold. These grades notably exceed those predicted by the current Mineral Resource block model, highlighting the deposit’s locally elevated tenor.

Drilling Program Bolsters Definitive Feasibility Study

The drilling is part of QMines’ ongoing metallurgical and geotechnical program feeding the Definitive Feasibility Study (DFS) for Mt Chalmers. With continuous operations since March 2026, the company has completed 24 holes totalling nearly 2,900 metres, submitting over 1,200 samples for assay. The second hole, 26MCDD007, returned multiple mineralised intervals including 16 metres at 1.17% copper and 1.58 grams per tonne gold, confirming the modelled stringer system’s continuity.

Metallurgical Testwork Underway to De-Risk Processing

Quarter-core samples from the high-grade intervals are now at ALS Burnie for comminution and flotation testing, critical steps to refine recovery estimates and concentrate quality for the DFS financial model. QMines Exploration Manager Tom Bartschi emphasised the significance of the results, noting that individual assays reached up to 10.45% copper and 9.52 grams per tonne gold, underscoring the mineralised system’s high-grade nature. He also pointed out that visual logging might understate copper sulphide abundance, a factor the ongoing mineralogical work aims to clarify.

Strategic Drilling to Expand Resource Base

While the recent holes targeted within existing resource boundaries, they provide valuable data to update the Mineral Resource and support metallurgical studies. The company plans to begin drilling at the Woods Shaft deposit shortly, a satellite resource located just 800 metres southwest of the historic open pit. Moreover, QMines is conducting barge drilling beneath the flooded historic Mt Chalmers pits, aiming to test mineralisation below current Resource and Reserve limits, potentially extending the deposit at depth.

Ongoing Campaign and Upcoming Catalysts

The multi-rig 10,000-metre drilling campaign continues unabated, with assays pending from seven additional holes. These results will further inform resource updates and metallurgical parameters, key inputs for the DFS. QMines is advancing multiple workstreams in parallel, including mine optimisation, environmental approvals, infrastructure, and process plant design, maintaining momentum towards sustainable copper production.