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Copper and gold explorer QMines Ltd (ASX:QML) has experienced a notable increase in its share price, rising over 6%, following the announcement of promising metallurgical testing results from its Develin Creek project in Queensland. These results indicate the potential for producing saleable concentrates of copper and pyrite, bolstering investor confidence and highlighting the project's viability.
Detailed Metallurgical Test Results
The metallurgical testing, carried out by Como Engineers, focused on drill core samples from Develin Creek. These samples were collected in 2022 and were meticulously prepared to a size of 3.35 millimeters. The analysis aimed to determine the suitability of the ore for processing using the proposed Mount Chalmers flotation plant. The testwork involved assaying the core for various metals including copper, iron, lead, zinc, and sulfur.
The flotation tests revealed that it is possible to produce concentrates with copper grades exceeding 15% and zinc concentrations above 50%. Additionally, the pyrite concentrate produced was found to have a combined pyrite content of over 85% by weight. These results are significant as they suggest that the Develin Creek project has the potential to generate high-quality concentrates that could be valuable in the market.
Project Overview and Development
The Develin Creek project, situated approximately 90 kilometers northwest of Rockhampton, encompasses several Volcanic Hosted Massive Sulphide (VHMS) copper-zinc deposits within the Rookwood Volcanics region. QMines has been actively advancing the project since August 2023, a period during which the company signed a term sheet to acquire an initial 51% interest from Zenith Minerals. QMines retains the option to acquire the remaining 49% within the subsequent 12 months, reflecting the company's commitment to expanding its stake in the project.
Recent Mineral Resource Estimate
In September, QMines released a new mineral resource estimate for Develin Creek. This estimate revealed a resource of 3.2 million tonnes with grades of 1.05% copper, 1.22% zinc, 0.17 grams per tonne of gold, and 5.9 grams per tonne of silver. Notably, 53% of this resource is categorized as inferred, highlighting the project's substantial potential and providing a basis for further exploration and development efforts.
Future Prospects
With the positive results from metallurgical testing and a newly updated mineral resource estimate, QMines Ltd (ASX:QML) is well-positioned to continue advancing the Develin Creek project. The company's strategic acquisitions and ongoing development work suggest a focused approach to enhancing the project's value and maximizing its potential within the copper and gold sectors.
