The QMines Ltd [ASX:QML] released some results today for their drilling program at their Mount Chalmers Project. Located in Queensland, 17km northeast of Rockhampton, Mount Chalmers is the company’s flagship project.
QMines drilling program yields ‘very exciting’ results
So far, QMines has conducted 35 holes for 3,498m comprising 14 diamond holes for 1.587m, seven reverse circulation (RC) holes for 602 m, and another 14 RC pre-collars for 1,309m.
The company said the drilling programs have been designed to expand the project’s resource model with a number of holes drilled on the west, south, and eastern sides of the pits outside the current resource wireframes.
QMines has drilled several holes in areas that hadn’t been tested before on the western side of the main pit and north of the west load.
A number of the drill holes outside the current resource intersected wide and high-grade copper, gold, and zinc mineralisation.
Some of the results from multiple drill holes include: 41.51 grams per tonne of gold and 7.16% copper, 17.4 grams of gold and 5.13% copper, 2.45 g/t gold and 5.13% copper, 2.45 g/t gold and 11.65% copper and 7.2g/t gold, 224 g/t silver, 6.18% lead and 33.9% zinc.
QMines Executive Chairman Andrew Sparke said:
‘The results from the current drilling program are very exciting. They demonstrate that this deposit has strong grade and width and is growing rapidly which bodes well for shareholder value. The current drilling program continues to intersect new mineralisation outside the current resource. Mineralisation remains open in all directions which gives us confidence that this deposit will continue to grow. With two drill rigs onsite, multiple assays in the labs and a resource update expected shortly, we expect this quarter to be a very exciting period for our shareholders.’
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What’s next for the QML Share Price?
QMines said that these results confirm ‘significant resource growth potential’. The company is planning to deliver a resource upgrade in the Q4 2021. QMines continues to drill with two rigs on site and is waiting for more results.
Shares hit a high of 48 cents in early trade, but at time of writing, they’ve come down slightly and are trading at 39.5 cents. Still, they are up over 5% from yesterday’s close.
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Best,
Selva Freigedo
Editor, The Daily Reckoning
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