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Highlights
- QMines Ltd announces promising results from its initial drilling program at the Develin Creek project in Queensland.
- The project shows high-grade copper and zinc deposits, with significant potential to extend mine life at Mt Chalmers.
- The company is progressing with its drilling program and aims to update its mineral resource estimate soon.
QMines Ltd (ASX:QML) has unveiled initial results from its inaugural drilling program at the Develin Creek project, located northwest of Rockhampton, Queensland. Early findings from the first two drillholes at the Scorpion Prospect indicate a shallow and high-grade copper and zinc deposit, showcasing the potential to extend the mine life at Mt Chalmers.
The results are particularly encouraging, featuring impressive copper, gold, silver, and zinc values. Notably, sulphur values were included for potential marketing as a pyrite concentrate. The standout results include:
- 31 metres at 2.35% copper, 0.37g/t gold, 20g/t silver, 2.37% zinc, and 19% sulphur from 104 metres depth.
- 17 metres at 2.88% copper, 0.61g/t gold, 21g/t silver, 2.06% zinc, and 24% sulphur from 106 metres depth.
Currently, drilling activities are progressing well, with a total of 14 holes completed, amounting to 1,700 metres of drilling.
Metallurgical Test Results
In addition to drilling results, QMines recently concluded metallurgical testwork on the mineralisation at the Develin Creek deposit, revealing excellent recovery rates for both copper and gold, alongside lower recovery rates for zinc. These findings have bolstered the company's optimism regarding the project's potential.
Andrew Sparke, chair of QMines, expressed satisfaction with the initial drilling results, noting the significance of the positive metallurgical testwork results and the imminent acquisition of the remaining interest in the project. He highlighted anticipation for the completion of the drilling program within this year, alongside an updated mineral resource estimate to follow soon after.
Project Overview
The Develin Creek Project encompasses multiple volcanic hosted massive sulphide (VHMS) copper-zinc deposits situated within the Rookwood Volcanics. In August 2023, QMines signed a term sheet to acquire an initial 51% interest in the project from Zenith Minerals (ASX:ZNC), retaining the option to acquire the remaining 49% within a year.
The company is now set to complete the purchase of the remaining interest by the end of the month. In September 2023, QMines announced a mineral resource estimate (MRE) for the project, revealing a combined resource of 3.2 million tonnes at 1.05% copper, 1.22% zinc, 0.17g/t gold, and 5.9g/t silver, with 53% classified as inferred.
The early drilling results at QMines Ltd’s Develin Creek project signify a positive outlook for the company's future. With strong initial findings and successful metallurgical testwork, along with plans for further drilling and resource estimation, QMines is well-positioned to enhance its standing in the copper and zinc market.
