QMines has increased the mineral resource at its Mount Mackenzie project to 5.2 million tonnes at 1.01g/t gold and 6.7g/t silver, containing 170,000 ounces of gold and 1.12 million ounces of silver.

This update represents a 32% increase in contained gold and a 30% increase in contained silver compared to the previous resource estimate published by the project's former owner in May 2020, which reported 128,788 ounces of gold and 861,538 ounces of silver.

The new figures follow a 73-hole, 9,798-metre drilling campaign. Beyond the volumetric increase, the portion of the gold resource classified as Indicated has risen to 70%, up from previous estimates.

“This is the first Mount Mackenzie Mineral Resource Estimate informed by QMines drilling and represents a clear advancement from the Resource base the Company acquired.”

“The drilling and statistical review demonstrate that gold at Mount Mackenzie is not randomly distributed. It is controlled by alteration, structural preparation and position within the mineral system, and those controls are now much better constrained.”

— Tom Bartschi, Exploration Manager

The company plans to use the updated geological model and increased Indicated resource base to conduct future pit optimisation studies. Additional upcoming work includes engineering evaluations and metallurgical testwork, alongside targeted resource growth drilling to test extensions to the mineralisation at depth and to the west of the North Knoll deposit.

Read the full announcement: Mt Mackenzie Resource Upgrade Delivers 32% Increase in Gold