QMines Confirms Broad High-Grade Copper and Gold at Mt Chalmers

Broad High-Grade Copper Intersection at Depth

QMines Limited (ASX:QML) has reported a standout 32-metre intercept averaging 1.99% copper and 0.39 grams per tonne gold from 138 metres downhole at its Mt Chalmers Copper and Gold Project in Queensland. Drill hole 26MCRD006 also delivered a high-grade core of 7 metres at 4.18% copper, including a remarkable 1-metre section grading 11.3% copper. Gold grades notably increase towards the base of this interval, with 7 metres at 2.14% copper and 1.00 g/t gold, including 1 metre at 5.63 g/t gold.

This broad copper zone is one of the widest continuous intersections recorded in the current 10,000-metre drilling campaign, highlighting a copper-dominant stringer and semi-massive sulphide system beneath historic workings. Lead and zinc are minimal here, confirming the copper-rich nature of this deeper mineralisation.

Shallow Polymetallic Lens Yields High Gold and Silver Grades

In contrast, drill hole 26MCDD008 encountered a distinct shallow polymetallic massive sulphide lens from just 56 metres depth. This interval returned 25 metres at 2.08 g/t gold, 92 g/t silver, 2.56% zinc, and 0.19% copper, including a 7-metre core grading 5.79 g/t gold, 147 g/t silver, and 5.16% zinc. Individual one-metre samples peaked at 12.6 g/t gold, 260 g/t silver, and 10.75% zinc, marking the highest precious metal grades recorded in the current program.

Mineralisation remains open along strike and at depth, with ongoing drilling aimed at testing the broader Mt Chalmers Volcanic Hosted Massive Sulphide (VHMS) system. Analytical interference due to high barite content has caused some underestimation of silver, lead, and zinc grades between 68 and 76 metres, with re-assays underway to refine these figures.

Advancing Geological Understanding and DFS Support

QMines’ Exploration Manager, Tom Bartschi, emphasised that these results are sharpening the geological picture of Mt Chalmers, demonstrating both the copper-rich feeder zones at depth and the precious-metal-rich polymetallic lenses closer to surface. He noted that the drilling campaign is intersecting key parts of the VHMS system, supporting metallurgical and geotechnical studies feeding into the Definitive Feasibility Study (DFS).

The drilling program continues unabated, with 10 holes currently at the laboratory awaiting assay results, providing a strong pipeline of near-term updates. These assays will be integrated with ongoing metallurgical testwork and resource modelling to inform the DFS and mining plans.

Resource and Reserve Context

Mt Chalmers hosts proven and probable ore reserves totalling 9.6 million tonnes at 0.65% copper and 0.48 g/t gold, with a combined mineral resource of approximately 11.3 million tonnes grading 0.75% copper and 0.42 g/t gold. Alongside the Develin Creek and Mt Mackenzie projects, QMines controls a combined resource base of about 22 million tonnes.

The current drilling results build on recent resource upgrades and support the company’s objective to transition towards sustainable copper production from these Queensland assets.