QMines Limited (ASX:QML) Hits Further High-Grade Copper at Develin Creek

28 September 2024

Price Sensitive Announcement $

Develin Creek drilling continues with 36 drill holes for 4,227m now complete;
Significant intersections from recent drilling at the Scorpion deposit include:

• 26m @ 1.38% Cu, 0.29g/t Au, 11g/t Ag and 1.99% Zn from 72m
  (DCRC018);
• 23m @ 1.57% Cu, 0.42g/t Au, 20g/t Ag and 2.77% Zn from 107m
  (DCRC022);
• 14m @ 2.12% Cu, 0.60g/t Au and 19.3g/t Ag from 54m (DCRC027);
• 10m @ 2.49% Cu, 0.47g/t Au, 18g/t Ag and 0.92% Zn from 83m
  (DCRC024); and
• 61m @ 0.75% Cu from 49m including 5m @ 2.33% Cu from 50m
  (DCRC0016).

  These results complement the existing QMines drilling at Scorpion of:

• 31m @ 2.35% Cu, 0.37g/t Au, 20g/t Ag, and 2.37% Zn from 104m
  (DCRC001); and
• 17m @ 2.88% Cu, 0.61g/t Au, 21g/t Ag and 2.06% Zn from 106m
  (DCRC002).
  Results confirm Scorpion to be a shallow, high-grade copper and zinc deposit with potential to grow the mine life at Mt Chalmers.

Overview:

QMines Limited announced further results of its maiden drilling program at its Develin Creek project located approximately 90km northwest of Rockhampton in Queensland (Figure 1).

In August 2023, QMines announced the acquisition of the remaining 49% of the Develin Creek project(1). More recently, the Company completed metallurgical testwork on the mineralisation at the Develin Creek deposit which showed excellent recoveries for copper and gold.2 Results for the first two QMines drillholes were reported in September 20243 followed by notice of 100% project ownership(4).

Develin Creek Project

The Develin Creek project comprises several Volcanic Hosted Massive Sulphide (VHMS) copper-zinc deposits within the Rookwood Volcanics.

On 28th August 2023, QMines announced that it had signed a term sheet to acquire an initial interest of 51% of the Develin Creek project from Zenith Minerals Limited (Zenith). The Company finalised the purchase of the remaining 49% interest in the project on 30th September 20245

In September 2023, the Company completed a Mineral Resource Estimate (MRE) for the project. Consultant resource geologists HGMC determined a combined resource of 3.2Mt @ 1.05% Cu, 1.22% Zn, 0.17g/t Au
and 5.9g/t Ag with 53% classified as Inferred (Table 1).

Company Notes:

Commenting on the drilling program, QMines Executive Chairman Andrew Sparke said:

“We are very pleased with the current results from the Company’s maiden drilling program at the newly acquired Develin Creek copper project. These results demonstrate that the Scorpion deposit is likely to extend the mine life at the proposed Mt Chalmers copper operation. We look forward to completing the drilling program this year and providing an updated mineral resource estimate shortly thereafter.”

Full ASX Announcement: https://wcsecure.weblink.com.au/pdf/QML/02887087.pdf