- QMines executes its growth strategy of acquiring further 50acres of freehold land situated adjacent to Mt Chalmers mine.
- The acquisition allows QML to carry out unrestricted exploration and drilling.
- The share prices of QML went up over 4% on the ASX post announcement.
The ASX-listed mineral exploration company QMines Limited (ASX:QML) announced that it had executed a conditional contract to acquire an additional 50 acres of freehold land adjacent to its flagship Mt Chalmers mine. As a result, QMines has shared that its landholding currently consists of 219 acres across four freehold rural properties.
Benefits of the acquisition:
QML has shared that the acquisition would provide unlimited exploration and drilling operations right and is a strategic purchase. Additionally, the acquisition increases the Company's total landholding to 219 acres positioning Mt Chalmers for future development potential.
- QML's ongoing drilling results from the planned +30,000m drilling program with two rigs are currently in process.
- The downhole EM on several holes have already been drilled, with results to be released upon completion.
- QML would expand soil sampling using Niton Portable PAS XRF, delivering real-time soil geochemical data for future drilling activities.
- As planned by QML, its 1,800-line-km Heli-EM survey is expected to begin in H1-2022, which will help the Company to identify further drill targets.
QML has planned to release the resource upgrade in Q4-2021.
QMines Limited is a Queensland-based exploration company. The Company mainly deals with exploration activities of copper and gold. The Company operates intending to become Australia's first zero-carbon copper and gold developer.
Meanwhile, on the ASX, the QML stock has closed 4.166% higher at AU$0.375 per share today.
The Freehold land acquisition constitutes part of QML's development strategy. The acquisition brings significant changes to the Company giving it unrestricted drilling rights, thus generating robust revenue in the coming days.