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Highlights
- Strong drilling program boosts Develin Creek mineral resources
- Acquisition of Mount Mackenzie adds scale to gold-silver portfolio
- Capital raised to support exploration and project advancement
QMines Ltd (ASX:QML), operating in the resources sector, reported key developments during the March quarter with significant progress across its copper and gold assets. Listed on the Australian Securities Exchange and contributing to indexes such as the All Ordinaries and ASX Small Ordinaries, the company advanced its copper-gold growth strategy while enhancing its standing within the broader asx dividends environment.
Exploration Results Strengthen Develin Creek Project
During the period, QMines completed an extensive reverse circulation drilling campaign at its Develin Creek project. The program focused on the Scorpion and Window prospects, where multiple mineralised intersections supported the continuity of shallow massive sulphide zones. The geological interpretation from these results facilitated a substantial upgrade to the mineral resource estimate, positioning Develin Creek as a key component in the company's copper portfolio.
Drilling outputs from both prospects confirmed consistent copper and zinc grades along with associated gold and silver. These results enabled resource modelling updates that significantly increased the resource tonnage, with a substantial portion now classified in higher-confidence categories.
Expanded Resource Base through Updated Estimates
Following the drilling success, QMines reported a revised mineral resource estimate at Develin Creek, which showed a noticeable increase in total tonnage and grade distribution. The updated resource incorporates material from both the Scorpion and Window zones, with the majority now classified in the indicated category.
In combination with the existing Mt Chalmers deposit, the company's total copper-gold inventory has grown substantially. This supports QMines’ strategy of building a multi-asset resource base through both organic and acquisition-led expansion.
Ongoing Metallurgical Work at Mt Chalmers
At the Mt Chalmers project, the company conducted two diamond drillholes as part of ongoing metallurgical testing. These holes targeted specific sulphide zones to support enhanced metal recovery strategies for an updated Pre-Feasibility Study. The collected samples are expected to be used in process optimisation work scheduled for later in the year, further advancing project development planning.
Mount Mackenzie Acquisition Expands Gold-Silver Footprint
QMines executed a binding term sheet to acquire the Mount Mackenzie gold-silver project from Resources and Energy Group Ltd (ASX:REZ). This asset includes a historical resource of both gold and silver, adding a new dimension to the company’s commodity mix.
The Mount Mackenzie acquisition provides further scope for resource development, with future plans to assess treatment pathways at Mt Chalmers and evaluate extensions to the current resource base through additional exploration activities.
Corporate Activity and Financial Position
On the financial front, QMines completed a placement during February to fund further exploration and resource development. The capital raising was completed through an issue of new shares at a fixed price. The proceeds were directed toward the next phase of drilling at Develin Creek and preliminary assessments at the newly acquired Mount Mackenzie project.
As of the end of the quarter, the company reported a strengthened cash balance with no outstanding finance facilities. These funds support upcoming project work across exploration and feasibility stages.
Summary of Project Locations and Infrastructure
QMines’ project portfolio now spans the Develin Creek and Mt Chalmers copper-gold sites, alongside the recently acquired Mount Mackenzie gold-silver project. Each site is supported by existing infrastructure and logistical access, providing operational advantages for continued development. The consolidation of these projects underscores the company’s position within the evolving resources segment of the ASX, while aligning with broader trends in asx dividends and commodity-focused equities.
