QMines Limited (ASX: QML) — Final Assay Results Complete Mount Mackenzie Drilling Program
22 June 2026
Price Sensitive Announcement $
Highlights:
- Final assays from the 73-hole, 9,798m drill campaign at Mount Mackenzie have now been received, confirming and extending the North Knoll mineralised system and further constraining the geometry of the high-grade Vein 355 shoot
- Previously reported program highlights include 16m @ 19.35g/t Au from 8m including 1m @ 108g/t Au from 11m at Vein 355 (MMDD010), and 6m @ 10.47g/t Au from 118m at North Knoll (MMDD009)
- Final results confirm North Knoll as the principal gold position drilled to date, with mineralisation defined over approximately 350m of strike and remaining open at depth
- Deeper diamond drilling at North Knoll West confirms mineralisation continues below the shallow RC drill envelope, with standout intercepts including 24m @ 1.19g/t Au and 13.3g/t Ag from 71m (MMRD060) and 7m @ 1.89g/t Au and 34.6g/t Ag from 55m (MMRD059)
- Southern Extension drilling continues to demonstrate structurally controlled mineralisation linking North Knoll and Vein 355, including 9m @ 1.17g/t Au and 14.1g/t Ag from 130m (MMRC024)
- The Company has commenced Mineral Resource estimation work for Mount Mackenzie, focused initially on the North Knoll Core area
- Final planning for a large drilling campaign at the Woods Shaft gold and copper deposit at the Mt Chalmers project is underway, with an announcement expected shortly
Overview:
QMines has reported the final assay results from its 2025–2026 drilling program at the Mount Mackenzie gold and silver project near Rockhampton in Central Queensland, completing all outstanding assays and bringing the full campaign to 73 holes for 9,798m across the North Knoll Core, North Knoll West, Southern Extension, Vein 355 and Mt Mackenzie South target areas.
The final batch, comprising deeper diamond tail holes at North Knoll West, Southern Extension RC holes, and infill and step-out drilling at Vein 355, has materially advanced the Company’s understanding of the system. At North Knoll West, hole MMRD060 returned a broad 24m @ 1.19g/t Au and 13.3g/t Ag from 71m, while MMRD059 delivered 7m @ 1.89g/t Au and 34.6g/t Ag from 55m with individual silver assays up to 67.6g/t — confirming mineralisation persists well below the shallow historic RC drill envelope and progressively deepens westward along the drilled fence, consistent with a south-southwest dipping structural control.
At Vein 355, infill and step-out drilling has shown that the bonanza-grade position discovered earlier in the program — headlined by 16m @ 19.35g/t Au including 1m @ 108g/t Au — is spatially restricted, more likely representing a narrow, structurally focused shoot within a steeply dipping vein-breccia corridor rather than a laterally extensive zone. Further oriented diamond drilling is planned to resolve the shoot’s geometry and test potential down-dip extensions.
A program-wide geological and statistical review of the complete ~8,700-sample dataset has identified alteration as the primary control on gold grade, with structure acting as an important secondary control and depth a relevant but non-limiting variable. The data supports interpretation of Mount Mackenzie as a vertically extensive high-sulphidation epithermal system, with a coherent Au-Ag-Sb-Pb-Cu-Te-As pathfinder signature and zinc depletion providing a useful vector toward the productive core. At North Knoll West, elevated tellurium, copper and anhydrite stockwork veining point to a more proximal part of the hydrothermal system, raising the prospect of deeper copper-gold porphyry potential.
With the full dataset now statistically reviewed and QAQC-supported, QMines has commenced Mineral Resource estimation work, with North Knoll Core representing the most mature area based on grade, geological continuity and drill spacing.
Company Notes:
QMines Exploration Manager, Tom Bartschi, commented: “The completion of this program provides a substantial drilling, assay and logging dataset for Mount Mackenzie. The final results from the deeper western diamond holes are important because MMRD059 and MMRD060 test the North Knoll system below much of the previous shallow RC drilling. These holes provide additional evidence that mineralisation extends to depth, with observed grade, width and continuity supporting the current geological interpretation of the system. The program wide review has integrated the drilling, assay, lithological, alteration and geochemical datasets to better understand the controls on gold mineralisation. The review indicates that alteration is the primary control on mineralisation, with structure acting as an important secondary control. Depth is also a relevant variable, although the available data do not support a simple depth limited model. When considered together with the pathfinder geochemistry, these relationships support a coherent geological framework for ongoing drill targeting. The dataset is now being advanced through Mineral Resource estimation, with the North Knoll Core representing the most mature area based on grade, geological continuity and drill spacing. North Knoll West remains an important follow-up target, with the recent diamond drilling confirming mineralisation below the shallow RC envelope and providing a deeper vector for future drilling.”
About QMines Limited (ASX: QML):
QMines is an ASX-listed gold, copper and silver exploration company advancing its Mount Mackenzie and Mt Chalmers projects near Rockhampton in Central Queensland. Mount Mackenzie has emerged as a high-sulphidation epithermal gold-silver system, with the recently completed 73-hole, 9,798m drilling program confirming a coherent mineralised corridor at North Knoll Core and a high-grade structurally focused shoot at Vein 355. The Company is now progressing Mineral Resource estimation work at Mount Mackenzie alongside finalising plans for a major drilling campaign at the Woods Shaft deposit at its nearby Mt Chalmers project.
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