Qmines Ltd
QMines Drills Into a Bigger Picture at Mount Mackenzie, Confirming Multi-Zone High-Grade Gold System
QMines Limited (ASX: QML) has released new assay results from its ongoing drill programme at the Mount Mackenzie gold and silver project near Rockhampton in Central Queensland. The QMines Mount Mackenzie high grade gold drill results are doing more than ticking boxes — they are reshaping the scale of what the company believes it has on its hands.
The latest intercepts confirm high-grade gold mineralisation across multiple structural positions, with the North Knoll corridor and the Vein 355 deposit both delivering results that point to a broader, structurally controlled epithermal field rather than a single isolated target.
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The Headline Numbers: Strong Gold Across Multiple Zones
The standout results from this announcement span two distinct mineralised positions within the broader Mount Mackenzie system.
Key Intercepts – This Announcement
| Hole ID | From (m) | To (m) | Width (m) | Au (g/t) | Peak Au (g/t) | Ag (g/t) | Prospect |
|---|---|---|---|---|---|---|---|
| MMRC035 | 24 | 30 | 6 | 3.85 | 19.85 | 5.7 | Vein 355 |
| MMRC035 (incl.) | 24 | 25 | 1 | 19.85 | 19.85 | 11.0 | Vein 355 |
| MMRC048 | 70 | 71 | 1 | 5.98 | 5.98 | 0.6 | Vein 355 |
| MMDD011 | 21 | 35 | 14 | 3.04 | 11.6 | 7.2 | North Knoll |
| MMDD011 (incl.) | 29 | 32 | 3 | 7.26 | 11.6 | 7.5 | North Knoll |
| MMRC018 | 57 | 71 | 14 | 0.87 | 3.42 | 5.0 | North Knoll |
| MMRC018 (incl.) | 62 | 69 | 7 | 1.23 | – | 6.7 | North Knoll |
| MMRC019 | 90 | 96 | 6 | 1.07 | 1.98 | 8.1 | North Knoll |
| MMRC020 | 110 | 116 | 6 | 1.02 | 2.17 | 10.2 | North Knoll |
All widths reported as downhole lengths. True widths are not yet determined.
These results build on previously reported intercepts at Vein 355, including MMDD010's exceptional 16m @ 19.35g/t Au from 8m, which remains one of the most compelling shallow gold hits in QMines' drilling history at this project.
What MMDD011 Tells Investors About North Knoll
Diamond drill hole MMDD011 is arguably the most significant result in this batch from a geological interpretation standpoint.
The 14m @ 3.04g/t Au and 7.2g/t Ag from 21m, including a 3m @ 7.26g/t Au hit from 29m, confirms that high-grade gold is not confined to Vein 355. It demonstrates that the North Knoll corridor — a zone covering approximately 250–350 metres of strike — is capable of hosting genuine, continuous grade rather than isolated spikes.
Importantly, MMDD011 sits between the shallow RC mineralisation already defined at North Knoll and the deeper MMDD009 result of 6m @ 10.47g/t Au from 118m reported previously. The new hole provides a structural and geological bridge between these two depth levels, reinforcing the interpretation of a vertically extensive hydrothermal system.
Additional narrower intervals returned in the same hole — at 38m, 64m, and 147m depth — indicate stacked mineralised positions within the alteration column, consistent with repeated fluid pulses along the same structural corridor.
"MMDD011 is an important result because it confirms a coherent high-grade gold position within the broader North Knoll corridor and demonstrates that meaningful grade persists beyond the shallow RC mineralisation already outlined at the main prospect. Together with the latest Vein 355 results, the current drilling continues to show that Mount Mackenzie is not a single zone system, but a broader structurally controlled epithermal field with multiple mineralised positions."
— Tom Bartschi, Exploration Manager, QMines Limited
North Knoll Corridor: Coherent Over 250 Metres of Strike
RC holes MMRC018 through MMRC023 and diamond tail MMRD017 have collectively outlined a coherent mineralised corridor across the main North Knoll prospect. The results show a clear pattern of progressively deepening mineralisation from east to west, which is consistent with structures dipping to the south-southwest.
North Knoll Corridor – Significant RC and Diamond Tail Results
| Hole ID | Significant Intercept | Au (g/t) | Ag (g/t) | Depth (m) |
|---|---|---|---|---|
| MMRD017 | 3m from 38m | 1.56 | 2.8 | ~38m |
| MMRD017 | 2m from 42m | 1.27 | 7.9 | ~42m |
| MMRC018 | 14m from 57m | 0.87 | 5.0 | ~57m |
| MMRC019 | 6m from 90m | 1.07 | 8.1 | ~90m |
| MMRC020 | 6m from 110m | 1.02 | 10.2 | ~110m |
The consistent deepening from approximately 57m in MMRC018 to 110m in MMRC020 over the drill fence is a textbook structural dip indicator and will directly guide the geometry and orientation of the next phase of drilling.
Understanding the Geology: What Is a High-Sulphidation Epithermal System?
For investors less familiar with the geological terminology in this announcement, a brief explanation of the deposit type is helpful for understanding what QMines may be sitting on.
High-Sulphidation Epithermal System — A Plain-Language Explanation
A high-sulphidation epithermal system is a type of gold and silver deposit formed by hot, acidic fluids rising from a magmatic source deep in the earth. As these fluids travel upward through cracks and fractures in volcanic rocks, they alter the surrounding rock chemistry and deposit gold, silver, and associated metals.
The term "high-sulphidation" refers to the chemical state of the sulphur in the mineralising fluids, which produces distinctive minerals like enargite (a copper arsenic sulphide), alunite, and vuggy silica — all of which QMines has confirmed at Mount Mackenzie.
Why does this matter for investors? Because high-sulphidation systems are known to produce:
- Bonanza-grade gold in focused structural traps (as seen at Vein 355)
- Broader mineralised envelopes around the high-grade cores (as seen at North Knoll)
- Potential depth extensions into porphyry-style copper-gold mineralisation beneath the epithermal lithocap
The presence of enargite-bearing massive sulphide intervals, anhydrite stockwork veining in deeper holes, and pathfinder element enrichment (tellurium, antimony, arsenic, copper) all point to Mount Mackenzie sitting in the upper levels of a vertically extensive magmatic hydrothermal system — with the deeper root zone remaining largely untested.
Glossary of Key Terms
| Term | Definition |
|---|---|
| Lithocap | The broad zone of altered and mineralised rock at the top of a high-sulphidation system |
| Vuggy silica | Highly porous silicified rock formed by intense acid leaching — a hallmark of high-sulphidation systems |
| Enargite | A copper arsenic sulphide mineral indicative of high-sulphidation conditions close to the fluid source |
| Epithermal | Gold-silver deposits formed at shallow crustal depths from hydrothermal fluids |
| Pathfinder elements | Trace elements (e.g., Te, Sb, As) used to vector toward higher-grade zones |
| Strike | The horizontal length extent of a mineralised zone |
| Downhole length | The measured length of an intercept along the drill hole; true width may differ |
Vein 355: Bonanza Grades, Open at Depth
Vein 355 continues to be the project's most visually striking mineralised position. MMRC035 returned 6m @ 3.85g/t Au from 24m, including a peak assay of 19.85g/t Au, sitting proximal to the previously reported MMDD010 result of 16m @ 19.35g/t Au from 8m.
Step-out hole MMRC048 returned 1m @ 5.98g/t Au from 70m at the base of the hole, which the company interprets as a potential indication that the mineralised corridor extends at depth to the south. The geometry and plunge of the higher-grade component remain under investigation due to intense oxidation and alteration in the upper part of MMDD010.
QMines has identified several possible structural controls — including a steep structure, a sub-stratabound replacement horizon, or a hydrothermal breccia body — and notes that oriented diamond drilling will be required to resolve the architecture.
The geochemical character of Vein 355 is dominated by gold and silver, with comparatively weaker copper, arsenic, and antimony compared with deeper enargite-bearing zones. This suggests Vein 355 may represent a higher-level, gold and silver-rich trap within the lithocap — potentially reflecting localised boiling, cooling, or fluid mixing at a favourable structural or lithological trap site.
The Bigger Picture: A Multi-Deposit Company With Scale
Mount Mackenzie does not sit in isolation. QMines owns 100% of three projects within 90km of Rockhampton in Central Queensland, all at advancing stages.
QMines – Combined Project Resource Summary
| Project | Total Resource | Key Commodities | Status |
|---|---|---|---|
| Mt Chalmers | 11.3 Mt @ 0.75% Cu, 0.42g/t Au | Copper, Gold, Silver, Zinc | Ore Reserve: 9.6 Mt @ 0.65% Cu |
| Develin Creek | 4.70 Mt @ 0.94% Cu, 1.01% Zn | Copper, Zinc, Gold, Silver | Resource; not in current mine plan |
| Mt Mackenzie | 3.4 Mt @ 1.40g/t Au, 8.4g/t Ag | Gold, Silver | Resource; active drilling underway |
| Combined | ~20 Mt | Cu, Au, Ag, Zn | Reserves + Resources |
Mt Chalmers is a high-grade historic mine that produced 1.2 Mt @ 2.0% Cu, 3.6g/t Au, and 19g/t Ag between 1898 and 1982, underpinning QMines' understanding of the district's metallogenic potential. A Pre-Feasibility Study announced in April 2024 supported a viable copper and gold mine at Mt Chalmers.
The Mt Mackenzie resource currently stands at 3.4 Mt @ 1.40g/t Au — a figure that predates the discovery of the high-grade gold positions now being confirmed by the QMines Mount Mackenzie high grade gold drill results. The current drill programme has the potential to materially influence that resource estimate in future updates.
What Comes Next: Catalysts on the Horizon
The initial drilling programme at Mount Mackenzie is now complete, with a significant number of samples still in the laboratory awaiting assay results. The announcement confirms that results from more than 20 holes remain pending, representing a substantial forthcoming news flow.
Upcoming Catalysts and Planned Work
- Pending assay results from more than 20 drilled holes across both North Knoll and Vein 355 corridors — these results will progressively be released as they are received from the laboratory
- Geometry and continuity refinement at North Knoll — focused on resolving the structural dip, strike continuity, and shoot controls to guide the next drill programme
- Vein 355 follow-up drilling — oriented diamond drilling planned to resolve the controlling architecture and test down-dip and along-strike extensions of the high-grade shoot
- Updated structural interpretation — incorporating all pending assays and multi-element geochemistry into a revised geological model
- Deeper diamond drilling — a key next step identified by management to test the transition zone beneath the current drill limit and assess potential porphyry-style copper-gold mineralisation at depth
- Continued resource evaluation — as the mineralised envelope at Mount Mackenzie is better defined, a future resource update remains a logical milestone
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Why Investors Should Be Watching QMines
QMines is presenting a compelling and evolving investment case built on three pillars: a permitted, Ore Reserve-backed copper-gold development project in Mt Chalmers, an expanding zinc-copper resource at Develin Creek, and a high-grade gold and silver discovery at Mount Mackenzie that is progressively revealing system-scale potential.
The QMines Mount Mackenzie high grade gold drill results reported here are material for several reasons:
- High-grade gold confirmed at multiple structural levels — MMDD011 bridges shallow and deep mineralisation at North Knoll, while Vein 355 continues to deliver bonanza-grade intercepts
- System scale is growing — the evidence for a broader epithermal field, rather than isolated veins, meaningfully increases the potential discovery footprint
- Significant pending news flow — with more than 20 holes awaiting assay results, the near-term catalyst pipeline is well populated
- Untested depth potential — the enargite assemblage, anhydrite veining, and pathfinder geochemistry collectively suggest the current drilling has only tested the upper levels of a potentially much larger system; the deeper root zone remains open
- Infrastructure proximity — the project is located near Rockhampton in Central Queensland, a region with established infrastructure supporting future development pathways
- 100% ownership across all three projects — QMines retains full exposure to the upside across its entire portfolio
Key Takeaway:
QMines has demonstrated that Mount Mackenzie is not a single-zone target but a structurally controlled epithermal field hosting multiple high-grade gold and silver positions. With North Knoll and Vein 355 both open along strike and at depth, more than 20 holes pending assay, and a deeper drill target with porphyry-system implications on the agenda, investors are looking at a company with meaningful near-term news flow and growing discovery potential across a multi-project Queensland portfolio.
Want to Know More About QMines' Expanding Gold Discovery at Mount Mackenzie?
With high-grade gold confirmed across multiple structural zones, more than 20 holes still awaiting assay results, and a deeper drill target with porphyry-system implications on the horizon, QMines (ASX: QML) is shaping up as one of Queensland's most compelling multi-project investment stories. To learn more about the company, its projects, and the full scale of the opportunity on offer, visit qmines.com.au.
