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Highlights
- QMines to acquire Mount Mackenzie Gold Project for A$2.485 million
- Strengthens footprint in Queensland’s gold and copper-rich regions
- Drilling success continues at Mt Chalmers and Develin Creek
QMines Ltd (ASX:QML) is set to expand its Queensland operations with the acquisition of the Mount Mackenzie Gold Project through the purchase of Mount Mackenzie Mines Pty Ltd. The deal, valued at approximately A$2.485 million, comprises A$1 million in cash and the issue of 33 million QMines shares priced at A$0.045 each, equating to A$1.485 million in equity.
The acquisition remains subject to conditions including due diligence, shareholder and regulatory approvals, and debt forgiveness. Once finalised, this move will further strengthen QMines' position in Queensland’s mineral-rich terrain, adding another advanced-stage gold asset to its expanding portfolio.
Mount Mackenzie is being acquired from Resources & Energy Group Limited (ASX:REZ), which is refocusing its efforts on the East Menzies Gold Project in Western Australia. By divesting Mount Mackenzie, REZ intends to unlock capital for development of its core projects, while still maintaining exposure to the gold sector through its remaining assets.
For QMines, the addition of Mount Mackenzie aligns with its broader strategy of consolidating high-quality exploration and development projects in Queensland. It complements the company’s flagship Mount Chalmers copper-gold project and positions QMines to scale its growth in one of Australia’s most prospective mining jurisdictions.
Further reinforcing its expansion strategy, QMines recently completed a diamond drilling program at Mount Chalmers. The results confirmed the high-grade nature and consistency of mineralisation at the site, supporting its robust resource profile. The diamond rig has since been relocated to the nearby Develin Creek project to follow up on prior exploration success.
Develin Creek continues to emerge as a significant asset, with past drilling delivering standout intersections such as 114 metres at 1.64% copper, 0.86% zinc, 0.3 g/t gold, and 13 g/t silver. A recent resource upgrade has brought the total to 4.2 million tonnes at 1.07% copper, 1.16% zinc, 0.15 g/t gold, and 6.0 g/t silver, with a 42% increase in Indicated resources now comprising 70% of the estimate.
With strategic acquisitions, continued drilling success, and growing resources, QMines is deepening its presence across key gold and copper regions in Queensland, positioning itself as a major player in Australia’s resource development landscape.
