QMines Limited has intersected high-grade copper and gold at the Mt Chalmers project in Central Queensland, returning 35 metres at 2.88% copper, 0.75g/t gold and 3.3g/t silver from 107 metres in hole 26MCRD002.

The intersection includes a higher-grade core of 31 metres at 3.22% copper and 0.83g/t gold from 110 metres, with individual assays reaching up to 10.45% copper and 9.52g/t gold. Copper grades in the hole exceeded those represented locally in the current Mineral Resource block model.

A second diamond drill hole, 26MCDD007, collared approximately 300 metres to the south-west, returned 16 metres at 1.17% copper and 1.58g/t gold from 66 metres, including two metres at 4.22% copper and 5.38g/t gold. A further broad zone in the same hole intersected 21 metres at 0.84% copper and 0.83g/t gold from 89 metres, including five metres at 1.52% copper and 1.09g/t gold.

“A 35m intercept at 2.88% copper with gold and silver is an excellent result from a hole drilled primarily to provide metallurgical material for the Definitive Feasibility Study. We deliberately drilled into an existing Resource position, but the copper grade returned in 26MCRD002 is higher than that represented locally in the current block model.”

“That makes the result useful on two fronts. The new drilling provides additional information for the Mineral Resource update, while the same mineralised core is already at ALS Burnie undergoing comminution and flotation work required for the DFS.”

— Tom Bartschi, Exploration Manager

The results form part of targeted drilling supporting the ongoing Definitive Feasibility Study for the project, which QMines formally commenced in February 2026, building upon the pre-feasibility study released in April 2024. The company advances Mt Chalmers as its flagship copper-gold project under a staged development strategy supported by a $15 million strategic investment from the QIC Critical Minerals and Battery Technology Fund.

The company is conducting metallurgical testwork, including comminution and flotation work at ALS Burnie, to support the Definitive Feasibility Study. QMines has assays pending from seven further drill holes as part of an ongoing 10,000-metre multi-rig drilling campaign. The company also has a 7,000-metre drilling program planned at the Woods Shaft deposit and is progressing activities toward a final investment decision for the project.

Read the full announcement: High-Grade Copper & Gold Intersected at Mt Chalmers