QMines Ltd (ASX:QML) Drilling Expands High-Grade Gold Zone at Mount Mackenzie

28 April 2024

Price Sensitive Announcement $

Highlights:

• Broad and shallow zones of high-grade gold and silver mineralisation returned in the latest drill results from Mount Mackenzie;
• Significant intercepts from the current results include:
  o 14m @ 3.04g/t Au and 7.2g/t Ag from 21m (MMDD011); including
  ▪ 3m @ 7.26g/t Au and 7.5g/t Ag from 29m.
  
  o 6m @ 3.85g/t Au and 5.7g/t Ag from 24m (MMRC035); including
  ▪ 1m @ 19.85g/t Au and 11g/t Ag from 24m.
  
  o 7m @ 1.23g/t Au and 6.7g/t Ag from 62m; within
  ▪ 24m @ 0.63g/t Au and 4.3g/t Ag from 24m (MMRC018).
• Results continue to support a broader structurally controlled epithermal system with the North Knoll and Vein 355 deposits remaining open along strike and at depth; and
• Initial drilling program now complete with a significant number of samples in the labs and awaiting results.

Overview:

QMines Limited (QMines or Company)(ASX:QML) is pleased to report the latest assay results from drilling completed at the Mount Mackenzie gold and silver project located near Rockhampton in Central Queensland.

The results reported in this announcement include diamond drill hole MMDD011 at the North Knoll corridor, additional Reverse Circulation (RC) step out holes MMRC047 and MMRC048 at Vein 355, together with previously pending RC and diamond tail results from MMRC018 to MMRC023, MMRC035, MMRC036 and MMRD017.

The current drill program is confirming the Company’s belief that the Mount Mackenzie system is a broader mineralised epithermal field rather than a single zone target. At North Knoll, MMDD011 has confirmed a coherent high-grade gold position within the broader mineralised corridor defined by recent drilling. At Vein 355, drilling continues to confirm shallow high-grade gold mineralisation near the recently reported MMDD010 intercept (16m @ 19.35g/t Au), while step out results indicate that the mineralised corridor is persistent and continuous and hosts higher-grade zones of mineralisation

Company Notes:

Exploration Manager, Tom Bartschi, commented:

“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.

“The next phase of work will focus on refining geometry, continuity and shoot controls at both North Knoll and Vein 355, while incorporating the remaining pending assays and updated structural interpretation into our targeting.”

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