Queensland Mining Corporation Limited

Queensland Mining Corporation boosts Mt McCabe Copper Resource by 55% to 2.6Mt


Queensland Mining Corporation (ASX:QMN) has upgraded the resource at its fully owned Mt McCabe Project located south of Cloncurry in North West Queensland, which is part of a suite of copper, gold and cobalt deposits acquired by QMC from the administrators of Matrix Metals (ASX: MRX).

In addition, the company has announced a maiden cobalt JORC Compliant Resource adding significant value to the Project (1.55Million lbs).

The JORC compliant resource 2.6 Mt @ 1.05 % Cu and 270 ppm Co, of which 1 Mt @ 1.21% Cu & 400ppm Co is in the measured category (0.5% Cu Cut-off).

The upgrade represents a 55% increase in tonnage compared to the previous Matrix Metals resource estimate of 1.7Mt @ 1.24 % Cu (0.5% Cu Cut-off). There is also a 30% increase in contained copper metal (6,200t Cu).

Additional drilling and metallurgical test work should add to the resource as the estimate was only undertaken above the 150RL and covers just theoxidised and transitional material that may be amenable to heap leaching. 700,000 tonnes of “primary” material is not included in this estimate.

As with the recently updated Greenmount, Kuridala and Stuart resource estimates, Golder Associates were commissioned by QMC to undertake a review of the project and produce an updated copper and cobalt resource estimate.

Howard Renshaw, managing director, said “this resource upgrade for the Mt McCabe Project is extremely encouraging and again proves that the acquisition of the White Range Project from the liquidators of Matrix Metals was exceptionally well timed."

"It is also very promising that the Mt McCabe resource offers the potential for extensions at depth and preliminary pit designs will be undertaken to help target the follow up drilling in this area to increase the JORC resource."

Some additional primary mineralisation was also modeled, but was not considered to be part of the resource estimate as it was primary in nature and at depth.

Golder Associates are also currently undertaking a review of the data at the Vulcan Project and a revised resource will also be produced in the forthcoming weeks.

The company said this is in line with a full review of the White Range Project, as part of the updating of the Matrix’s 2005 Bankable Feasibility Study.

One company that has an advanced copper project in the district is Exco Resources' (ASX: EXS) Cloncurry Copper Project.

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