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Highlights
- 10,000-metre drilling campaign launched
- Key focus on Develin Creek and Mt Chalmers projects
- $6 million capital raise bolsters exploration
QMines Ltd (ASX:QMN) has initiated a significant 10,000-metre drilling program across its Develin Creek and Mt Chalmers copper projects in Queensland. This new exploration campaign follows a successful capital raise of $6 million, providing strong financial backing for the extensive drilling activities ahead.
The dual-rig operation will see a combination of 2,000 metres of diamond drilling alongside 8,000 metres of reverse circulation (RC) drilling. The primary objective is to extend high-grade copper deposits and reinforce confidence in the resource potential across key targets. Building on the success of a prior 5,000-metre drilling campaign completed in December 2024, the current initiative is poised to further delineate the deposits and offer fresh insights into the region's exploration prospects.
At the Develin Creek project, the drilling efforts are strategically focused on the Scorpion and Window deposits, both of which remain open for expansion. Additional RC drilling will target the Sulphide City deposit with the goal of refining and expanding the current mineral resource. Present estimates at Develin Creek indicate a resource of 3.2 million tonnes with grades of 1.05% copper, 1.22% zinc, 0.17 g/t gold, and 5.9 g/t silver. Positive outcomes from these efforts could play a crucial role in further advancing the project.
Simultaneously, diamond drilling operations have commenced at the Mt Chalmers project. This site, which has seen five resource updates and a comprehensive pre-feasibility study, currently holds an ore reserve of 9.6 million tonnes grading 0.65% copper, along with notable quantities of gold, zinc, silver, and sulphur in accordance with JORC 2012 standards. An updated pre-feasibility study is scheduled for the second half of 2025, which is expected to integrate the latest drilling results and potentially reshape future development plans.
The recent capital raise, secured through a well-supported two-tranche placement, has not only provided the necessary funds for this extensive exploration campaign but also underscored market confidence in QMines' strategy. The financial support is set to drive accelerated exploration and development activities at the centrally located projects, which lie within 90 kilometres of Rockhampton.
As the RC drilling rig is set to begin operations in April 2025 and results emerge progressively, the outcomes of this comprehensive campaign are anticipated to deliver vital data on resource extension and growth potential, marking a new phase in the company’s exploration journey in Queensland.
