QMines Ltd (ASX:QML) Quartely Activities Report
30 January 2026
Price Sensitive Announcement $
Highlights:
- Commenced maiden multi-rig drilling program at the high-grade Mount Mackenzie gold and silver project.
- Seventeen RC and three diamond holes completed during the quarter for 2,640m of an initial 5,000m drillin program.
- Significant gold and silver intercepts included:
o 11m @ 4.63g/t Au & 59.8g/t Ag from 47m; including
▪ 6m @ 8.11g/t Au & >100g/t Ag from 49m (MMRC004)
o 44m @ 1.00g/t Au & 20.8g/t Ag from 9m; including
▪ 4m @ 2.17g/t Au & 33.3g/t Ag from 46m (MMRC001)
o 13m @ 2.21g/t Au & 17.22g/t Ag from 27m; including
▪ 6m @ 3.47g/t Au & 21.70g/t Ag from 33m (MMRC005)
o 3m @ 1.09g/t Au & 16.6g/t Ag from 121m (MMRC002)
o 5m @ 1.30g/t Au from 54m (MMRC003) - Drilling at Develin Creek was completed during the quarter with the final four RC and two diamond holes completed for a total of 1,139m of an ~8,800m program.
- Assay results continued to highlight multiple zones of high-grade copper, zinc, gold and silver mineralisation with significant intercepts including:
o 34m @ 2.2% CuEq from 137m (DCRC088)
o 7m @ 6.0% CuEq from 69m (DCRC089)
o 9m @ 1.6% CuEq from 97m (DCRC084) - Completion of stongly subscribed $7.5m placement and fully uinderwritten $1.5m SPP providing significant funding for exploration and development.
Overview:
QMines Limited advanced key exploration programs across its Central Queensland portfolio during the quarter, with material progress at both the high-grade Mount Mackenzie Gold and Silver Project and the Develin Creek Copper and Zinc Project.
At Mount Mackenzie, the Company commenced its maiden multi-rig drilling program, completing seventeen RC and three diamond holes for a total of 2,640m of an initial 5,000m program. Assay results received during the period confirmed high-grade gold and silver mineralisation consistent with a high sulphidation epithermal system, with several holes returning broad mineralised intervals and local high-grade zones. This work represents the first systematic drill testing of priority targets at Mount Mackenzie and provides a strong foundation for follow up work in 2026.
At Develin Creek, the 2025 drilling program was completed during the quarter with four RC and two diamond holes drilled for 1,139m of a total ~8,800m drilling program. Drilling continued to define multiple zones of copper, zinc, gold and silver mineralisation with several holes intersecting high-grade massive to semi-massive sulphides. These results strengthen geological continuity within the broader Sulphide City system and support ongoing assessment of resource growth potential.
Combined, the Mount Mackenzie and Develin Creek drilling programs delivered significant advancement of the Company’s multi asset exploration strategy during the period, expanding the volume of drilled metres, returning strong mineralised intercepts, and improving geological confidence across two of QMines’ high priority copper and gold assets.
Mount Mackenzie Project
During the quarter, QMines advanced exploration activities at the high-grade Mount Mackenzie Gold and Silver Project, located approximately 120km northwest of Rockhampton in Queensland. The Company commenced its maiden multi-rig drilling program, completing seventeen RC and three diamond holes for a total of 2,640m drilled.
Assay results received during the period confirmed high-grade gold and silver mineralisation consistent with a high sulphidation epithermal system. Several holes returned broad mineralised intervals with local high-grade zones, including 6m @ 8.11g/t Au & >100g/t Ag from 49m (MMRC004) and 44m @ 1.00g/t Au & 20.8g/t Ag from 9m (MMRC001). This drilling was the first systematic test of multiple priority targets across the project area.
Field preparation and access works were completed early in the quarter, enabling efficient mobilisation of both RC and diamond rigs. Geological logging, sampling and structural data collected throughout the program improved understanding of host lithologies, alteration zonation and mineralisation controls within the main prospect areas.
The drilling completed during the quarter provided the foundation for updated geological interpretation and supported refinement of follow up drill targeting aimed at defining the extent, geometry and grade distribution of the high sulphidation epithermal system at Mount Mackenzie.
Develin Creek Project
During the quarter, QMines advanced resource development drilling at the Develin Creek Copper and Zinc Project, located approximately 90km northwest of Rockhampton. The 2025 drilling program at Develin Creek was completed during the period, with the final four RC and two diamond holes drilled for a total of 1,139m across the Sulphide City area for a total of ~8,800m drilled.
Drilling completed during the quarter continued to return multiple zones of copper, zinc, gold and silver mineralisation consistent with the interpreted Volcanic Massive Sulphide (VMS) system. Significant intercepts reported for the period included:
- 34m @ 2.2% CuEq from 137m (DCRC088)
- 7m @ 6.0% CuEq from 69m (DCRC089)
- 9m @ 1.6% CuEq from 97m (DCRC084
Geological logging, sampling and structural measurements collected throughout the program improved confidence in the continuity and geometry of massive to semi massive sulphide mineralisation at Sulphide City. The results obtained during the period strengthened the understanding of mineralised horizons within the broader stratigraphic package and will inform ongoing geological interpretation.
The completion of drilling during the quarter marked a key milestone for the Develin Creek 2025 program, providing new data that will support refinement of geological models and future assessment of resource growth and development potential across the Sulphide City trend.
Full ASX Announcement: QML Quartely Activities Report