Qmines Ltd (ASX:QML) Strong Gold & Silver Assays Confirm High-Grade Mineralisation at Mt Mackenzie
18 March 2026
Price Sensitive Announcement $
Highlights:
QMines Limited has confirmed continued high-grade gold and silver mineralisation from its ongoing maiden drilling program at the Mt Mackenzie Project, reinforcing the presence of a large-scale epithermal system in Central Queensland
Recent drilling has returned multiple significant gold and silver intercepts, supporting strong continuity of mineralisation across key zones and validating the Company’s geological model
Drilling progress remains on track, with over half of the planned program completed, and results to date demonstrating the potential for both resource growth and system expansion
The Mt Mackenzie Project hosts an existing JORC Mineral Resource, providing a strong base for future upgrades as additional drilling results are incorporated
Mineralisation remains open along strike and at depth, with multiple priority zones identified for further testing, highlighting significant exploration upside
Further assay results are pending from the remaining drill holes and are expected to support an updated Mineral Resource Estimate and ongoing development studies
QMines Limited, a Queensland-focused gold and copper exploration and development company, is pleased to announce continued strong assay results from its maiden drilling program at the Mt Mackenzie Gold-Silver Project, located in Central Queensland.
Continued Strong Drill Results Confirm High-Grade Mineralisation
Assay results from the ongoing drilling program have returned multiple high-grade gold and silver intercepts across several zones within the Mt Mackenzie Project. These intercepts are consistent with, and in many cases exceed, historical drilling results, reinforcing confidence in the continuity and robustness of the mineralised system.
The results support the Company’s geological interpretation of a high-sulphidation epithermal gold-silver system, a deposit style known globally for hosting economically significant mineralisation. Importantly, the consistency of grades across multiple drill holes indicates that mineralisation is not isolated, but part of a broader, well-developed system.
This level of continuity is critical at this stage of exploration, as it increases confidence that future drilling may continue to intersect mineralisation and contribute toward expanding the existing resource base.
Drilling Program Progressing as Planned
The maiden drilling program at Mt Mackenzie is progressing in line with expectations, with over half of the planned drill holes now completed. The program has been designed to systematically test both extensions of known mineralisation and new exploration targets generated from prior work.
These targets include areas identified through soil geochemistry, historical drilling data, and geological mapping, all of which have contributed to refining the Company’s understanding of the mineralised system. By combining modern exploration techniques with historical datasets, QMines is effectively de-risking the exploration process while maximising the potential for discovery.
The steady flow of positive assay results throughout the program demonstrates the effectiveness of this approach. As drilling continues, the Company is expected to further refine its targeting and prioritise areas with the highest potential for resource growth.
Existing Resource Provides Strong Foundation for Growth
The Mt Mackenzie Project already hosts an established JORC-compliant Mineral Resource, which provides a strong foundation for ongoing exploration and development activities. This existing resource not only validates the presence of mineralisation but also offers a clear pathway toward potential future production.
With continued drilling success, QMines is well positioned to expand this resource base. The integration of new drilling data into geological models is expected to support an updated Mineral Resource Estimate, which could increase both the overall size and confidence classification of the resource.
This is a critical step in the project’s development timeline, as a larger and more defined resource base can significantly enhance project economics and attract further investment interest.
Mineralisation Remains Open with Significant Exploration Upside
One of the most encouraging aspects of the Mt Mackenzie Project is that mineralisation remains open along strike and at depth. This means that the limits of the system have not yet been defined, and there is considerable potential for further discoveries through continued exploration.
Key target zones within the project area continue to deliver strong results, suggesting that the mineralised system extends beyond currently drilled areas. This provides QMines with multiple opportunities to expand the project through both step-out and infill drilling.
The presence of open mineralisation is often a key indicator of a growing system, and in this case, it supports the view that Mt Mackenzie has the potential to develop into a larger-scale deposit. As drilling progresses, the Company will aim to better define the extent of the system and identify additional high-priority targets.
Further Assays Pending to Drive Next Phase of Development
Further assay results from the remaining drill holes are pending and are expected to be received over the coming months. These results will play a crucial role in shaping the next phase of exploration and development at Mt Mackenzie.
Once received, the new data will be incorporated into ongoing geological modelling, allowing QMines to refine its understanding of the mineralised system and optimise future drill targeting. This iterative process is essential for building a comprehensive picture of the deposit and ensuring that exploration efforts are focused on the most prospective areas.
In addition to supporting resource growth, the pending results are also expected to contribute to ongoing development studies, including metallurgical test work and preliminary economic assessments. These studies will help determine the most effective pathway toward potential production and further enhance the overall value of the project.
As QMines continues to advance its drilling program and receive additional assay results, the Mt Mackenzie Project is increasingly demonstrating the characteristics of a significant gold-silver system. With a combination of strong grades, established resources, and substantial exploration upside, the project represents a key component of the Company’s broader growth strategy in Central Queensland.
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