MT CHALMERS PROJECT
High grade historic copper-gold mine with a large and growing resource and significant upside potential from numerous known VHMS prospects.
QMines’s (ASX:QML)(FSE:81V) flagship project, Mount Chalmers, is located 17km North East of Rockhampton. The Company owns 100% of the project which includes the Mount Chalmers high grade historic copper and gold mine that operated sporadically between 1898-1982. The project comprises 198km2 of tenure that includes a number of known VMS prospects that demonstrate significant growth potential.
Mount Chalmers has a JORC 2012 Inferred Resource of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag using a 0.75% Cu equivalent cut off.
This equates to a Copper Equivalent Resource of 73,000t Cu @ 1.87% Cu Eqv.
NEAR SURFACE MINERALISATION
Mount Chalmers is a volcanic hosted massive sulphide deposit (VMS). The system contains copper, gold, silver, lead and zinc mineralisation.
The mineralised sequence consists of tuffs, silstones, shales and contains strata bound massive sulphide mineralisation. The mineralisation is near surface, relatively flat lying and open in all directions.
LARGE REGIONAL DEPOSITS
There are a number of large deposits located in the region. They include Mount Morgan which is a historic VMS deposit that produced 8,243,489oz of gold and 400,000t copper.
Further deposits include Cracow which has produced 1,400,000oz gold to date and Mount Rawdon which has produced 1,800,00oz gold to date.
LARGE HISTORIC DATABASE
The Mount Chalmers database has 559 drill holes for a total of 33,124m of drilling and 168,599 soil samples.
The Company has digitised this as well as magnetics, gravity and structural mapping sourced from previous explorers and the Geological Survey of Queensland (GSQ).
SIGNIFICANT GROWTH POTENTIAL
The Mount Chalmers mineral resource remains open in all directions. Approximately 110 holes from the Woods Shaft, Botos and Mount Warminster prospects are not in the current mineral resource.
This demonstrates significant resource growth potential.
The Mount Chalmers historic copper and gold mine was discovered in 1860. The mine operated sporatically between 1898 – 1982. The deposit was mined both via open pit and underground methods.
Mount Chalmers has recorded production of 1.24Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag.