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Highlights
- QMines has acquired 100% ownership of the Develin Creek copper project after a cash payment and share issuance.
- Initial drill results from the Scorpion prospect show promising multi-metal assays, indicating potential for increased mine life.
- Plans are underway to expand resources at Develin Creek and integrate it with the Mt Chalmers project.
QMines Ltd (ASX:QML) has taken a significant step forward by acquiring full ownership of the Develin Creek copper project. Following a comprehensive metallurgical test work program, the company has made an adjusted cash payment of $975,000 to Zenith Minerals and issued 10,261,194 fully paid ordinary shares valued at $687,500. This strategic acquisition enhances QMines’ position in the competitive mining sector.
Promising Drill Results at Scorpion Prospect
The initial results from a maiden drilling program at Develin Creek, now part of QMines' Mt Chalmers project in Queensland, have yielded impressive multi-metal assays from the Scorpion prospect. These early findings indicate that Scorpion is a shallow, high-grade copper and zinc deposit, with the potential to extend the mine life of the flagship Mt Chalmers project.
Highlighted assay results include:
- 31m at 2.35% Cu, 0.37g/t Au, 20g/t Ag, 2.37% Zn, and 19% S from 104m
- 17m at 2.88% Cu, 0.61g/t Au, 21g/t Ag, 2.06% Zn, and 24% S from 106m
These findings underscore the project’s potential for growth and profitability.
Expansion Plans and Resource Integration
QMines aims to enhance the current resource base of Develin Creek, which stands at 3.2 million tonnes at 1.05% copper and 1.22% zinc. The plan involves integrating this resource with the 0.5 million tonnes at 1.0g/t gold and 0.54% copper from the Woods Shaft deposits and the existing Mt Chalmers resource, which boasts 11.3 million tonnes at 0.75% copper, 0.42g/t gold, 0.23% zinc, and 4.6g/t silver.
Moreover, Mt Chalmers includes an ore reserve of 9.6 million tonnes at 0.65% copper, alongside notable gold, zinc, silver, and sulphur concentrations. The project is further supported by additional prospects, including Botos and Warminster, with an exploration target of 3.0 to 4.3 million tonnes.
Andrew Sparke, executive chair of QMines, expressed enthusiasm about the acquisition, stating, “We are very pleased to have completed the acquisition of the strategically important and high-grade Develin Creek copper project.” The acquisition not only strengthens QMines' resource portfolio but also positions the company favorably for future exploration and development opportunities.
