QMines Strikes 108g/t Bonanza Gold at Mount Mackenzie Project

QMines Strikes Bonanza Gold at Mount Mackenzie: 108g/t Au Peak Grade Confirms High-Grade System

QMines Limited (ASX:QML) has delivered exceptional drilling results from its Mount Mackenzie Project in Central Queensland, with assays confirming bonanza-grade gold and silver mineralisation at the Vein355 prospect. The QMines Ltd gold discovery at Mount Mackenzie validates the company’s systematic approach to exploring what appears to be a much larger hydrothermal system than previously understood.

Diamond hole MMDD010 has returned spectacular results including 1m @ 108.0g/t Au and 61.9g/t Ag from 11m depth, sitting within a broader 16m @ 19.35g/t Au and 27.8g/t Ag from 8m. Most significantly, the drilling has identified a second bonanza-grade interval of 1m @ 94.30g/t Au and 77.9g/t Ag from 20m depth in rubbly breccia where no visible gold was logged.

Furthermore, this demonstrates that high-grade mineralisation extends well beyond visually obvious zones. The breakthrough extends beyond individual drill results, with reprocessing of historical Induced Polarisation (IP) data revealing five large undrilled near-surface targets across a 1,200m x 750m footprint.

Consequently, Mount Mackenzie represents a much more extensive and organised hydrothermal system than previously recognised. This QMines Ltd gold discovery at Mount Mackenzie has transformed the project’s potential significantly.

Outstanding Drill Results Confirm High-Grade Continuity

MMDD010 has exceeded expectations by confirming that Vein355 hosts a continuous mineralised breccia envelope containing multiple bonanza-grade positions. In addition, the results demonstrate exceptional consistency across the mineralised zone.

Key Intercepts from MMDD010:

The discovery of high-grade mineralisation in rubbly breccia where no visible gold was identified during logging is particularly significant. This suggests visual logging alone underrepresents the tenor of the broader mineralised system.

Moreover, the finding has important implications for resource evaluation and future drilling programs. The QMines Ltd gold discovery at Mount Mackenzie continues to exceed initial expectations with each new result.

Management Insight:

“MMDD010 has confirmed that Vein 355 hosts a genuine high-grade gold and silver bearing breccia interval, not just a narrow visible gold occurrence. The result shows two bonanza grade positions within a continuous 16m mineralised envelope, including a second very high-grade interval from rubbly breccia where no visible gold was confidently logged.”

— Tom Bartschi, Exploration Manager

What Makes High Sulphidation Epithermal Systems Special?

High sulphidation epithermal systems represent some of the world’s richest gold and silver deposits, formed when hot, acidic fluids rise from deep magmatic sources. These fluids deposit precious metals in near-surface volcanic environments, creating distinctive geological signatures.

Key Characteristics of These Systems

These systems are characterised by several distinctive features:

• • Advanced argillic alteration creating distinctive clay minerals

• • Vuggy silica textures from intense acid leaching

• • High-grade gold and silver often associated with copper mineralisation

• • Lithocap architecture with organised alteration zones

Why This Matters for Investors

Mount Mackenzie displays classic hallmarks of this deposit type, including enargite-bearing sulphide assemblages and advanced argillic alteration. The IP reprocessing has now mapped the broader lithocap architecture, providing a geological framework that supports potential for a large, organised precious metal system.

Key Terms:

• • Bonanza Grade: Exceptionally high-grade mineralisation (typically >34g/t Au)

• • Breccia: Fragmented rock cemented by mineralising fluids

• • Lithocap: The upper altered zone of porphyry-epithermal systems

• • IP (Induced Polarisation): Geophysical technique that maps sulphide mineralisation

Game-Changing Geophysical Discovery Reveals System Scale

The reprocessing and 3D inversion of historical IP data represents a technical breakthrough that has fundamentally changed QMines’ understanding of Mount Mackenzie’s potential. However, the most significant aspect is the identification of five distinct undrilled targets within a much larger hydrothermal footprint.

Newly Identified IP Targets:

The identification of two annular lithocap centres is particularly significant, as these represent the classic “bulls-eye” alteration patterns associated with major epithermal systems. Furthermore, the three structural conduit targets suggest multiple fluid pathways that could host high-grade mineralisation similar to Vein355.

Critical Insight: Vein355 is now interpreted not as an isolated occurrence, but as part of a broader Mount Mackenzie lithocap system. This architectural understanding provides a compelling framework for systematic exploration across a much larger area.

Strategic Asset Portfolio Provides Multiple Value Drivers

QMines operates a diversified portfolio of advanced copper and gold projects in Queensland, providing multiple pathways to value creation. In addition, the company’s strategic positioning offers significant advantages in the current market environment.

Current Resource Base:

• • Mount Chalmers: 9.6Mt Ore Reserves @ 0.65% Cu, 0.48g/t Au, 5.2g/t Ag

• • Total Resources: 15.5Mt @ 0.82% Cu, 0.35g/t Au, 0.47% Zn, 5g/t Ag

• • Mount Mackenzie: 3.4Mt @ 1.40g/t Au, 8.4g/t Ag (subject to acquisition completion)

The QMines Ltd gold discovery at Mount Mackenzie adds a high-grade precious metals dimension to QMines’ established copper-gold development pipeline. With Mount Chalmers advancing through feasibility studies and Develin Creek providing additional copper-zinc resources, the company is positioned to leverage multiple development options.

Location Advantages

The projects benefit from several strategic advantages:

• • 90km from Rockhampton providing established infrastructure

• • Historic mining district with proven metallurgy and logistics

• • Queensland mining jurisdiction with established regulatory frameworks

What Are the Next Steps and Value Catalysts?

QMines has outlined a systematic approach to advancing the Mount Mackenzie discovery. For instance, the company has identified several key priorities that will drive value creation in the coming months.

Immediate Priorities

The company will focus on several critical areas:

1. 1. Complete current drilling program with pending assay results
   2. Geological integration of MMDD010 results with broader dataset
   3. Extinction assay testing to better understand coarse gold distribution
   4. Target prioritisation for the five new IP targets

Medium-Term Catalysts

Furthermore, several medium-term activities will advance the project:

• • Step-out drilling at Vein355 to test strike and dip extensions

• • First-pass drilling of high-priority IP targets A, B, and C

• • Mineralogical studies to understand gold deportment and metallurgy

• • Resource estimation if drilling continues to demonstrate continuity

Timeline Expectations:

• • Q2 2025: Complete current drilling and target evaluation

• • Q3 2025: Commence step-out drilling program

• • Q4 2025: Initial resource estimation potential if drilling success continues

Why Should Investors Follow QMines?

The QMines Ltd gold discovery at Mount Mackenzie represents a potential inflection point for QMines, transforming the project from a modest historic resource to a target with genuine large-system potential. Consequently, the combination of bonanza-grade drilling results and systematic geophysical discovery of multiple untested targets creates a compelling exploration story.

Investment Thesis Strengthened

The discovery has significantly enhanced the investment case:

• • Proven high-grade mineralisation with 108g/t Au peak grades

• • System-scale discovery across 1,200m x 750m footprint

• • Multiple value drivers from copper-gold development to precious metals exploration

• • Experienced team with strong track record in Queensland mineral systems

• • Strategic location in established mining district

The technical quality of both the drilling results and geophysical interpretation demonstrates QMines’ systematic approach to exploration. Moreover, with multiple untested targets now identified and a clear understanding of the broader hydrothermal architecture, Mount Mackenzie has evolved from a historic mine into a modern exploration opportunity.

However, the most compelling aspect is the potential for significant upside. With bonanza-grade results already confirmed and five additional targets identified, the QMines Ltd gold discovery at Mount Mackenzie could represent just the beginning of a much larger story.

Key Takeaway:

QMines has positioned itself as a diversified Queensland copper and gold developer with significant exploration upside at Mount Mackenzie. The combination of bonanza-grade drilling results and systematic target generation across a large hydrothermal system creates multiple pathways to value creation. With established resources at Mount Chalmers providing development optionality and Mount Mackenzie offering high-grade exploration potential, investors should monitor QMines as it advances this compelling discovery.

Could QMines Be Your Next High-Grade Gold Discovery Play?

With bonanza-grade results of 108g/t Au already confirmed and five additional high-priority targets identified across Mount Mackenzie’s 1,200m x 750m hydrothermal system, QMines Limited (ASX:QML) is positioning itself as a compelling precious metals exploration story. The systematic discovery of multiple untested targets, combined with the company’s diversified copper-gold development pipeline, creates multiple pathways to value creation for investors seeking exposure to high-grade Queensland mineral systems. Discover how QMines’ technical expertise and strategic asset portfolio could deliver significant returns as the company advances this potentially transformational discovery.