High-Grade Gold Drilling at QMines Ltd Targets Mt Mackenzie Expansion

QMines Launches High-Grade Gold Drilling at Mt Mackenzie QMines Limited (ASX:QML) has announced the commencement of a promising high-grade gold drilling at QMines Ltd program at its Mt Mackenzie project in Queensland, targeting significant resource expansion opportunities. Spectacular Historic Gold Grades Set Stage for Resource Growth The Mt Mackenzie gold and silver project, located approximately 140km northwest of Rockhampton, has demonstrated exceptional potential with previous drilling returning outstanding high-grade gold and silver results. Historical intersections include 8m @ 69.41 g/t Au from just 6 meters depth, 26m @ 12.78 g/t Au, and consistent broad zones such as 100m @ 2.86 g/t Au. QMines' Executive Chairman, Andrew Sparke, highlighted the significance of the upcoming drilling program: "Mt Mackenzie represents one of the most exciting high-grade gold and silver drilling programs I have seen in a very long time. The deposit has grade, it has width and remains completely open both down plunge and along strike." The company has mobilised two drilling rigs to commence an initial 36-hole, 5,000-meter drilling program designed to test multiple strike and depth extensions of high-grade gold mineralisation identified in previous exploration work. Strategic Addition to QMines' Growing Resource Portfolio Since acquiring 100% of Mt Mackenzie in July 2025, QMines has moved quickly to advance the project, delivering a JORC 2012 Mineral Resource Estimate comprising 3.3 Mt @ 1.4g/t Au and 8.4g/t Ag for 151,000oz Au and 902,000oz Ag. The company has already completed open pit optimisation and scoping-level production target studies, confirming the project's economic potential. Mt Mackenzie is expected to improve the proposed life of mine at QMines' flagship Mount Chalmers copper and gold project by adding significant gold and silver to the global resource base. High-Sulphidation Epithermal System with Multiple Growth Targets The Mt Mackenzie project hosts a high-sulphidation epithermal gold-silver mineral system characterised by shallow, high-grade gold drilling at QMines Ltd mineralisation. Previous exploration has identified two main zones called North Knoll and Southwest Slopes, both of which demonstrate gold, silver, and minor sulphide mineralisation that remains open at depth and along strike. The company's review of the drillhole database, geological modelling, and geophysical data suggests mineralisation extends at depth and along strike, highlighting strong potential to expand the known deposit and increase the current resource. Multiple shallow historic drillholes ended in mineralisation, further demonstrating the upside potential. "Every hole we put into the ground has the potential to grow the resource base, extend mineralisation and generate the kind of results that capture the market's attention," noted Andrew Sparke. Understanding Epithermal Gold Deposits Epithermal gold deposits like Mt Mackenzie form in volcanic environments where hydrothermal fluids deposit minerals at relatively shallow depths and low to moderate temperatures. The term "epithermal" refers to mineral deposits that form within approximately 1-2 kilometres of the Earth's surface at temperatures ranging from about 50°C to 300°C. In high-sulphidation epithermal systems specifically, acidic hydrothermal fluids interact with host rocks, creating distinctive alteration patterns and typically producing higher-grade gold zones. These systems are often associated with volcanic arcs and are characterised by minerals such as enargite, covellite, and alunite. At Mt Mackenzie, the deposit lies within the Connors-Auburn Province, a gold and silver-rich volcanic arc in eastern Queensland. The regional magmatic history includes mid-Carboniferous to Early Permian intrusive and extrusive rocks, with a transition from an arc-related setting to crustal extension around 305 million years ago. This created fault networks that channelled metal-rich hydrothermal fluids to shallower levels. The local geology consists of volcanic and minor sedimentary rocks intruded by granitoids. The mineralisation has been dated to the Late Carboniferous period, placing it in the most productive epoch of gold mineralisation in Northeast Queensland. These deposits are particularly valuable because they can host very high-grade gold zones relatively near surface, making them potentially economical to mine at lower production costs. The presence of significant silver credits at Mt Mackenzie further enhances the project's economic potential. Part of a Growing Multi-Asset Strategy Mt Mackenzie is one component of QMines' multi-asset strategy in Queensland. The company's flagship Mt Chalmers project currently hosts a Proved and Probable Ore Reserve of 9.6Mt @ 0.65% Cu, 0.48g/t Au, 0.27% Zn and 5.2g/t Ag, while the combined Mineral Resource across the company's projects now totals approximately 19.5Mt containing various combinations of copper, gold, zinc, and silver. The Mt Mackenzie drilling program represents a significant opportunity to add high-grade gold drilling at QMines Ltd resources to QMines' growing portfolio, potentially enhancing the overall project economics and extending future mining operations. Investment Implications: Watch This Space With two drilling rigs mobilising to site and an aggressive exploration program about to commence, investors should closely monitor QMines' drilling results over the coming months. The exceptional grades previously encountered, combined with the significant strike and depth extension potential, make this a particularly compelling drilling program that could significantly enhance QMines' overall resource inventory. The project's strategic location in Queensland's established mining region, with proximity to existing infrastructure and QMines' other assets, positions it as a potential near-term development opportunity that could complement the company's broader production strategy. Historical drilling at Mt Mackenzie has already delivered substantial results that suggest strong potential for resource growth: Notable High-Grade Gold Results Notable Broad Gold Intersections 8m @ 69.41 g/t Au from 6m 100m @ 2.86 g/t Au from 20m 26m @ 12.78 g/t Au from 19m 88m @ 2.70 g/t Au from 32m 12m @ 13.51 g/t Au from 34m 143m @ 1.29 g/t Au from 16m 27m @ 6.48 g/t Au from 4m 88m @ 2.03 g/t Au from 12m 12m @ 14.93 g/t Au from 0m 106m @ 1.69 g/t Au from 14m The presence of both high-grade zones and broad, consistent mineralisation suggests the potential for economical extraction methods, with the opportunity to define both high-grade underground targets and broad open-pit resources. As drilling progresses, the company will likely provide updates on results, which could serve as significant catalysts for the stock if they confirm extensions to the known mineralisation or identify new high-grade zones within the project area. Want to Tap Into Queensland's Next Gold Opportunity? With two drilling rigs now active at Mt Mackenzie targeting spectacular historic gold grades up to 69.41 g/t Au, QMines Limited (ASX:QML) presents a compelling investment opportunity in the gold sector. To discover how this high-grade epithermal gold project could significantly enhance QMines' growing multi-asset portfolio and learn more about their resource expansion strategy, visit QMines' website for comprehensive investor information.