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QMines in trading halt ahead of exploration results

The prevailing copper price due to global concerns over forward demand, driven by green stimulus and greater take-up of electric vehicles, is set to create a persistent supply deficit, which bodes well for its Queensland project.

QMines Ltd -
The company is focused on aggressive exploration in the near term as it aims to expand the project’s resource

QMines Ltd (ASX:QML) (FRA:81V) is in trading halt ahead of receiving exploration results. 

The halt will remain in place until the beginning of trade on Wednesday, July 14 or when an announcement is made to market, whichever occurs the earliest. 

Well-placed to pursue development of Mt Chalmers

QML is well placed to benefit from the expected uptick in copper demand over the next decade, driven by electric vehicle makers and green environmental policies – particularly in Europe.

The newly-listed company, which aims to be Queensland’s next copper and gold developer, has an extensive drilling program planned at the Mt Chalmers Copper Project, funded by its recent IPO which raised $11.5 million.

Its exploration goal is to establish a strong copper development story over the next 18-24 months and to demonstrate that there is more copper and gold mineralisation underneath and around the historical high-grade mine.

And QMines looks on track to achieve this, with its maiden diamond drilling results from seven out of 11 diamond holes returning grades of up to 13.4% copper and 6.11 g/t gold and a 3,000-metre reverse circulation (RC) drilling campaign now underway at the project.

Quick facts: QMines Ltd

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