Join our daily newsletter At The Bell to receive exclusive market insights
- QMines (QML) was up as much as 26.8 per cent today after intersecting up to 55g/t silver from its drilling program at the Mt Chalmers Copper Project in Queensland
- Following its $11.5 million initial public offering, the company undertook a maiden diamond drilling program at Mt Chalmers to validate historical data
- All up, 11 holes were drilled with samples sent to ALS Laboratories in Brisbane for assay
- Overall up to 13.4 per cent copper, 6.11g/t gold and 55g/t silver was intersected
- QMines has now begun a 3000-metre reverse circulation drilling program to further validate historical data as well as expand and upgrade the current resource
- Shares in QMines are up 14.6 per cent and are trading at 47 cents
QMines (QML) was up as much as 26.8 per cent today after intersecting up to 55g/t silver from its maiden drilling program at the Mt Chalmers Copper Project.
The Mt Chalmers Project lies 17 kilometres northeast of Rockhampton in Queensland and it has not been drilled since 1995.
Following its recent $11.5 million initial public offering (IPO), QMines undertook a maiden diamond drilling program to validate historical data.
All up, 11 diamond holes, for 1587 metres, were drilled at Mt Chalmers with samples sent to ALS Laboratories in Brisbane for assay.
Seven samples have been sent while the remaining three are currently being cut for dispatch with results to be announced in due course.
Best results include 10.8 metres at 2.08 per cent copper, 2.97g/t gold and 55g/t silver from 54.2 metres; and 0.75 metres at 13.4 per cent copper, 6.11g/t gold and 31g/t silver from 132.6 metres.
QMines has now begun a 3000-metre reverse circulation (RC) drilling program at Mt Chalmers to further validate historical data as well as expand and upgrade the current resource.
Planetary Geophysics has also been engaged to manage and deliver an 1800 line kilometre airborne survey to define potential drill targets.
“Some outstanding results from our maiden diamond drilling program clearly validate the company’s view that Mt Chalmers has significant development potential,” Chairman Andrew Sparke said.
“The company’s maiden RC drilling program has also now commenced and we expect to continue delivering results that will lead to a resource update in the near future,” he added.
Shares in QMines are up a healthy 14.6 per cent and are trading at 47 cents at 11:59 am AEST.
