QMines Accelerates Copper and Gold Exploration with $6 Million Funding Boost

Highlights 

• QMines (ASX:QML) secures $6 million to advance copper and gold projects. 
• Strong investor demand reflects confidence in the company’s growth strategy. 
• Major drilling program set to commence at Develin Creek Project. 

QMines (ASX:QML) is gearing up to accelerate exploration and development at its copper and gold projects in central Queensland following a successful $6 million capital raise. The funding was secured through a well-supported two-tranche placement, drawing significant interest from both new and existing investors. 

The proceeds will be utilized to advance exploration activities at the Mt Chalmers and Develin Creek projects, both located within 90 kilometers of Rockhampton. These projects hold significant potential for expanding copper and gold resources, aligning with the company’s growth strategy. 

Investor Confidence Strengthens as Placement Gains Momentum 

The placement will see QMines issue up to 133,333,336 fully paid ordinary shares at an issue price of $0.045 per share. The first tranche will include 85,197,743 shares issued under the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. The second tranche, consisting of 48,135,594 shares, remains subject to shareholder approval. 

Executive Chairman Andrew Sparke expressed appreciation for the strong investor demand, emphasizing the confidence in QMines' assets and its aggressive approach to resource development. He highlighted the potential of the Mt Chalmers and Develin Creek projects and the company’s commitment to unlocking commercial value from these assets. 

Develin Creek Drilling Program Set to Commence 

A major drilling program is on the horizon at the Develin Creek Project, where QMines has identified three high-grade copper-zinc deposits. The goal is to expand the scale of a potential mining operation at Mt Chalmers by increasing the overall resource base. 

Currently, the Mt Chalmers and Develin Creek projects have a measured, indicated, and inferred JORC 2012-compliant resource of 15.1 million tonnes at 1.3% copper equivalent, totaling 195,800 tonnes of copper equivalent metal. 

With strong financial backing and a clear development roadmap, QMines is well-positioned to capitalize on its resource potential and advance towards the next phase of project growth. The upcoming exploration activities could significantly enhance the company’s resource estimates, paving the way for future development opportunities in the copper and gold sector.