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Highlights:
- QMines (ASX:QML) raises $6 million through a two-tranche placement, attracting strong shareholder interest.
- Capital will be used to advance the Develin Creek and Mt Chalmers copper projects in Queensland.
- A new drilling campaign is set to expand and enhance the company’s resource base.
QMines (ASX:QML) has successfully secured $6 million through a well-received two-tranche placement, reinforcing its position in the Australian copper exploration sector. The first tranche, consisting of over 133.33 million fully paid shares at $0.045 per share, was completed under the company’s existing placement capacity, while the second tranche remains subject to shareholder approval. The strong response from investors underscores the growing confidence in QMines' projects, particularly its ongoing development at Develin Creek and Mt Chalmers.
Expanding the Develin Creek and Mt Chalmers Copper Projects
The capital raised will accelerate exploration and development at two key copper projects in Queensland. The Develin Creek project, located near Rockhampton, holds strategic importance for QMines, given its significant mineralisation and expansion potential. Meanwhile, the Mt Chalmers project boasts a rich mining history, with historical production of approximately 1.2 million tonnes at 3.6g/t gold, 2.0% copper, and 19g/t silver. The project’s growing resource base and an optimistic preliminary feasibility study suggest strong economic potential. Recent exploration efforts have highlighted promising extensions to known mineralisation, reinforcing the project's long-term viability.
Upcoming Drilling Program to Expand Resource Potential
Following the capital raise, QMines is preparing for an extensive drilling campaign aimed at further defining and expanding its resource base. A diamond drill rig will be deployed for both infill and extensional drilling at Develin Creek, with the goal of refining existing resource estimates and identifying new high-grade mineralised zones. The drilling program is expected to enhance the overall understanding of the geological structure and improve future development strategies.
The strategic direction of QMines remains focused on unlocking further value in its copper assets. The placement funds provide the financial flexibility needed to progress exploration activities efficiently. The company’s ability to attract strong investor interest highlights the market's confidence in its development strategy and the broader demand for copper as a critical resource in the global transition to renewable energy technologies.
