QMines Ltd (ASX:QML) (ASX:QML) (FRA:81V) has been up as much as 62% after the maiden diamond drilling program at Mt Chalmers Copper Project in central Queensland returned grades of up to 13.4% copper and 6.11 g/t gold.
Mt Chalmers has not been drilled since 1995 and the maiden diamond drilling program was designed to validate historical drilling data compiled and digitised by the company over the previous six months since acquiring the project.
Results from the seven diamond holes received (out of 11 holes for 1,587 metres completed) have validated historical results and returned strong copper and gold grades with silver to boot.
Shares of the recently listed company have been as much as 62% higher intra-day to A$0.665 on volume of more than 9.1 million.
Apart from 0.75 metres at 13.4% copper, 6.11 g/t gold and 31 g/t silver from 132.6 metres downhole from drill hole MCDD007, other notable intersections include:
- 10.8 metres at 2.08% copper, 2.97 g/t gold and 55 g/t silver from 54.2 metres;
- 10.6 metres at 2.06% copper, 0.43 g/t gold and 3 g/t silver from 133.8 metres;
- 38.05 metres at 1.55% copper, 1.05 g/t gold and 3 g/t silver from 132.6 metres;
- 9.5 metres at 1.91% copper, 1.02 g/t gold and 5 g/t silver within a broader intersection of 40.3 metres at 0.81% copper, 0.41 g/t gold and 2 g/t silver from 48.3 metres; and
- 6 metres at 3.55% copper, 1.03 g/t gold and 5 g/t silver from 141.8 metres to EOH.
Results from the remaining three holes are pending.
“Significant development potential”
QMines chairman Andrew Sparke said: “Some outstanding results from our maiden diamond drilling program clearly validate the company’s view that Mt Chalmers has significant development potential.
“Mt Chalmers has been dormant for over 25 years with QMines being the first company to drill a hole since 1995.
“Our technical team has delivered this diamond program in a very quick timeframe.
“The company’s maiden RC drilling program has also now commenced and we expect to continue delivering results that will lead to a resource update in the near future.”
Location of the Mt Chalmers Copper Project, granted tenure, geology and related infrastructure.
Exploration drilling has now commenced with a 3,000-metre reverse circulation (RC) program being undertaken in and around the Mt Chalmers Project.
RC drilling will be ongoing for several weeks with all drilling designed to further validate historical drill hole data and as infill drilling to be used to expand and upgrade the current resource.
The company has engaged Planetary Geophysics to manage and deliver an extensive 1,800 line kilometre REP-TEM airborne EM survey over the Mt Chalmers area.
This survey is scheduled to commence in Q3 of 2021 and will be used in conjunction with all current data sets to define future potential VHMS drill targets.
In addition, soil testing will continue and be expanded over much larger areas with extensive soil grids utilising Niton portable handheld PAS XRF which delivers real-time base metal suite analysis.