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Highlights
- QMines initiates a 10,000m drilling program at Scorpion and Window deposits in Queensland, following successful maiden drill results.
- A simultaneous RC and diamond drilling approach aims to enhance resources at Sulphide City and the Mt Chalmers project.
- A resource update and a pre-feasibility study (PFS) are anticipated in 2025, with QMines positioned to benefit from rising copper prices.
QMines Limited (ASX:QML) is embarking on a significant drilling campaign with the commencement of a comprehensive 10,000-meter program targeting the Scorpion and Window deposits in Queensland. This campaign aims to build on the success of the initial 5,000-meter drill program completed in December 2024, which yielded promising high-grade copper intercepts, including a notable 114m at 1.64% copper, supplemented by zinc, gold, and silver credits.
Alongside the diamond drilling efforts, an additional 8,000-meter RC program is planned to expand and improve the resource base at the Sulphide City deposit, with both RC and diamond rigs expected to operate simultaneously. The RC rig is scheduled to commence operations in April 2025, with ongoing delivery of drilling results anticipated.
Since acquiring the Develin Creek site, it has emerged as a promising satellite opportunity for the Mt Chalmers project near Rockhampton. This represents one of few high-grade copper development opportunities in Australia as copper prices rise back toward historic highs. With prices now exceeding US$9,000 per ton, QMines has accumulated a substantial resource inventory across Mt Chalmers and Develin Creek, amounting to a combined 15.1 Mt at 1.3% copper equivalent (CuEq) for 195,800 tons of copper equivalent metal.
The recent drilling at Develin Creek confirmed the accuracy and continuity of historical drilling results, affirming high-grade massive sulphide mineralization at the Scorpion deposit. Additionally, infill and step-out drilling at the Window deposit continue to yield consistent and encouraging results. With few sustainable copper mining operations accessible to ASX investors in Australia, QML's assets are increasingly valuable, presenting lower capital costs compared to larger, lower-grade porphyry deposits.
The forthcoming resource updates are expected to substantially reinforce QMines' positioning in the market. Additional resource estimates and an updated pre-feasibility study (PFS) are projected for release in the latter half of 2025. These efforts are anticipated to grow the operational blueprint for the Mt Chalmers mine.
According to QML Executive Chairman Andrew Sparke, the acquisition of $6 million in capital has strategically positioned QMines to pursue ongoing exploration and development initiatives, enhancing its resource base, and advancing its pre-feasibility study for potential expansions of Develin Creek's deposits.
As copper prices continue their upward trajectory, QMines is set to leverage its strategically positioned projects at Mt Chalmers and Develin Creek, promising prospects for growth amid a tightening supply landscape.
