Qmines Ltd
- ASX Code: QML
- Market Cap: $48,635,463
QMines Delivers Best Copper Result Yet at Mt Chalmers, With Seven More Assays to Come
QMines (ASX:QML) has reported its strongest drilling result to date at the 100%-owned Mt Chalmers Copper and Gold Project in Central Queensland, headlined by an intersection of 35m at 2.88% copper, 0.75 g/t gold and 3.3 g/t silver from 107m, including a higher-grade zone of 31m at 3.22% copper and 0.83 g/t gold from 110m. The QMines Ltd Mt Chalmers copper drill results have attracted considerable attention, as copper grades in the primary hole exceeded those predicted by the current Mineral Resource block model for that specific area, raising the possibility of a resource upgrade as the company progresses its Definitive Feasibility Study (DFS).
The result is notable for the context in which it was drilled. Rather than being an exploration hole aimed at extending the deposit's boundaries, this was a metallurgical and geotechnical hole designed to supply core samples for processing testwork, drilled directly into already-modelled mineralisation. Returning grades higher than the block model in an area where grades are considered well understood is, according to the company, a meaningful technical signal.
With assays still pending from seven further completed holes, and a 10,000m multi-rig drilling campaign continuing since March 2026, further news flow from Mt Chalmers is expected in the coming weeks.
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What Was Drilled and What Came Back
Two diamond drill holes, 26MCRD002 and 26MCDD007, returned results in this announcement. The holes were collared approximately 300m apart within the Mt Chalmers deposit.
Hole 26MCRD002: The Standout Intersection
Drilled to 211.5m as a reverse circulation pre-collar with an HQ3 diamond tail, at an azimuth of 240 degrees and dip of -75 degrees, this hole delivered the best result of the program to date.
| Interval | From (m) | To (m) | Length (m) | Cu (%) | Au (g/t) | Ag (g/t) |
|---|---|---|---|---|---|---|
| Main zone | 107 | 142 | 35 | 2.88 | 0.75 | 3.3 |
| High-grade core | 110 | 141 | 31 | 3.22 | 0.83 | 3.6 |
| Lower zone | 146 | 150 | 4 | 0.89 | 0.21 | 2.2 |
Individual sample assays within the hole reached as high as 10.45% copper and 7.02 g/t gold, according to the company, reflecting the locally high-grade nature of the mineralised system.
The copper tenor in the intercept was reported to be higher than the logged sulphide abundance would suggest, indicating that visual logging may understate the proportion of copper-bearing sulphides relative to pyrite in this zone. Rare bornite, a high-copper sulphide mineral, was also logged in the hole.
Hole 26MCDD007: Broad Copper-Gold Mineralisation to the South-West
Drilled to 132.4m using PQ3 and HQ3 core, collared approximately 300m to the south-west of 26MCRD002, this hole intersected two separate mineralised zones consistent with the modelled stringer system.
| Interval | From (m) | To (m) | Length (m) | Cu (%) | Au (g/t) | Ag (g/t) |
|---|---|---|---|---|---|---|
| Upper zone | 66 | 82 | 16 | 1.17 | 1.58 | 2.5 |
| High-grade spike | 80 | 82 | 2 | 4.22 | 5.38 | 7.4 |
| Lower zone | 89 | 110 | 21 | 0.84 | 0.83 | 2.1 |
| Higher-grade core | 93 | 98 | 5 | 1.52 | 1.09 | 2.5 |
The highest individual sample grades in this hole reached 5.12% copper and 9.52 g/t gold, again demonstrating the potential for very high localised grades within the system.
Why Beating the Block Model Matters
"We deliberately drilled into an existing Resource position, but the copper grade returned in 26MCRD002 is higher than that represented locally in the current block model. That makes the result useful on two fronts. The new drilling provides additional information for the Mineral Resource update, while the same mineralised core is already at ALS Burnie undergoing comminution and flotation work required for the DFS."
— Tom Bartschi, Exploration Manager, QMines
A block model is the geological and grade framework underpinning a Mineral Resource estimate, essentially a three-dimensional representation used to estimate how much ore is present and at what grade. When drilling results exceed the block model's predictions for a given area, it can carry two important implications, according to the company's commentary.
First, the resource estimate for that part of the deposit may prove conservative, meaning an updated estimate incorporating the new data could reflect higher grades or tonnage. Second, the DFS financial model may currently be working with understated input grades, which could mean processing recoveries and revenue projections improve once the new information is incorporated. Furthermore, QMines has indicated that the new drilling will inform the Mineral Resource update as part of the ongoing DFS process.
Understanding the Deposit: VHMS Mineralisation Explained
What Is a VHMS Deposit?
Mt Chalmers is classified as a Volcanic-Hosted Massive Sulphide (VHMS) deposit, a deposit type responsible for major copper, zinc, gold and silver discoveries across Australia and internationally.
VHMS deposits form on ancient seafloors where hot, metal-rich fluids vented through volcanic rocks. As these fluids cooled, metals precipitated and accumulated in layered, often high-grade concentrations. The deposit type typically features two distinct zones: an upper massive sulphide horizon where metals are most concentrated, and a lower stringer and stockwork zone — a network of metal-bearing veins that fed the upper zone. Both holes reported in this announcement intersected mineralisation within this lower stringer zone.
Why Does This Matter for Investors?
VHMS deposits are recognised for their high grades and relatively compact footprints, characteristics that can support lower mining costs and strong metallurgical recoveries. The high-grade stringer zone intersected at Mt Chalmers, carrying chalcopyrite, rare bornite and pyrite, is consistent with the feeder system beneath the massive sulphide horizon — an area of direct relevance to a project at the DFS stage.
| Term | Meaning |
|---|---|
| VHMS | Volcanic-Hosted Massive Sulphide, a seafloor-formed deposit type known for high-grade copper, zinc, gold and silver |
| Chalcopyrite | The primary copper-bearing sulphide mineral and the most common ore of copper |
| Bornite | A high-copper sulphide mineral (greater than 60% Cu), whose presence can indicate very high-grade zones |
| Stringer zone | A network of metal-bearing veins beneath the main ore body, considered the deposit's feeder system |
| Block model | A 3D mathematical model dividing a deposit into blocks, each assigned estimated grades and tonnage |
| DFS | Definitive Feasibility Study, a comprehensive engineering and economic assessment required before a final investment decision |
| Comminution | The process of grinding ore to release minerals for flotation |
| Flotation | A processing method separating valuable sulphide minerals from waste rock using water and reagents |
| g/t | Grams per tonne, the standard unit for gold and silver grade |
The Broader Mt Chalmers Picture
These results sit within a larger project context. Mt Chalmers holds a defined Ore Reserve of 9.6Mt and a Mineral Resource of 11.3Mt, supported by a Pre-Feasibility Study completed in April 2024. The project is 100% owned by QMines and located approximately 25km north-east of Rockhampton, Queensland, a region with established mining infrastructure.
Mt Chalmers Ore Reserve
| Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) |
|---|---|---|---|---|---|
| Proved | 5.1 | 0.72 | 0.58 | 0.25 | 4.70 |
| Probable | 4.5 | 0.57 | 0.37 | 0.29 | 5.50 |
| Total | 9.6 | 0.65 | 0.48 | 0.27 | 5.20 |
Mt Chalmers Mineral Resource
| Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) |
|---|---|---|---|---|---|
| Measured | 4.2 | 0.89 | 0.69 | 0.23 | 4.97 |
| Indicated | 5.8 | 0.69 | 0.28 | 0.19 | 3.99 |
| Inferred | 1.3 | 0.60 | 0.19 | 0.27 | 5.41 |
| Total | 11.3 | 0.75 | 0.42 | 0.23 | 4.60 |
The new intersection at 3.22% copper is more than four times the average reserve grade of 0.65% copper, underlining the local grade concentration within the stringer system and the potential upside if similar grades are reflected more broadly in the pending resource update.
Beyond Mt Chalmers, QMines holds additional resources at Develin Creek (4.70Mt at 0.94% Cu), Woods Shaft (0.54Mt at 0.50% Cu) and Mt Mackenzie (5.22Mt at 1.01 g/t Au), giving the company a combined resource inventory of approximately 22Mt across its Queensland portfolio.
A Busy Drilling Program With More Results Ahead
QMines has maintained continuous drilling operations at Mt Chalmers since March 2026. The program has now completed 24 holes totalling 2,890m, including 18 diamond and RC pre-collar holes totalling 2,351m. More than 1,200 samples have been submitted to ALS Laboratories, building a pipeline of upcoming assay results.
This announcement covers two of those holes. In addition, seven more have been completed and are awaiting validated assay results, meaning further announcements are anticipated in coming weeks.
| Activity | Status / Expected Timing |
|---|---|
| Comminution and flotation testwork at ALS Burnie | Underway; results expected in coming weeks |
| Assays from seven further completed metallurgical holes | To be reported as received and validated |
| Updated metallurgical inputs to DFS financial model | Following receipt of flotation testwork results |
| Woods Shaft deposit drilling | Expected to commence shortly (800m south-west of the open pit) |
| Barge drilling results from beneath historic open pits | First modern diamond drill results from this position pending |
| Ongoing DFS workstreams | Resource and reserve definition, mine design, environmental approvals, plant design continuing |
One aspect of the program deserving particular attention is the barge-based drilling being conducted from within the flooded historic open pits — a technically novel approach. According to the company, this is expected to deliver the first modern diamond drilling results from directly beneath the existing open pits, testing mineralisation below the current Resource and Reserve and offering potential to demonstrate depth extensions to the deposit.
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The Investment Case
QMines is positioned beyond the early exploration stage, holding a defined Ore Reserve, a completed Pre-Feasibility Study, and a DFS campaign spanning multiple simultaneous workstreams. The current drilling program has been structured to use metallurgical holes for a dual purpose — generating DFS inputs while simultaneously testing the accuracy of the resource block model.
The fact that the QMines Ltd Mt Chalmers copper drill results exceeded block model grades adds a layer of optionality to an already defined asset. Mt Chalmers carries a history of high-grade production, with 1.2Mt at 2.0% Cu, 3.6 g/t Au and 19 g/t Ag produced between 1898 and 1982. The current DFS is directed towards returning the project to production using contemporary methods and technology.
For investors, near-term catalysts remain concrete and time-bound:
- Metallurgical testwork results from ALS Burnie
- A sequence of pending assay announcements from seven completed holes
- Prospective results from beneath the historic open pits
- The anticipated commencement of Woods Shaft drilling
Each of these milestones has the potential to add incremental information to the investment case over the coming weeks and months.
Key Takeaway
The QMines Ltd Mt Chalmers copper drill results represent one of the company's highest-grade copper intersections to date, with outcomes exceeding the current resource block model's estimates for the drilled area. With seven more holes awaiting assay, barge drilling beneath the historic open pits underway, and a Definitive Feasibility Study progressing across all key workstreams, QMines (ASX:QML) consequently presents a combination of near-term news flow and longer-term development considerations within an established copper and gold system.
Want to Know More About QMines and the Mt Chalmers Project?
With its strongest copper intersection to date, seven more assay results pending, and a Definitive Feasibility Study progressing across multiple workstreams, QMines (ASX:QML) is generating a steady pipeline of near-term catalysts at one of Queensland's most established copper and gold systems. For investors looking to understand the full scope of the Mt Chalmers opportunity — including the project's history, resource base, and development pathway — visit the QMines website here.
