QMines Limited provided the following update on exploration and resource drilling operations at its Mt Chalmers Copper and Gold Project, located 17km north-east of Rockhampton, Queensland (Figure 1). The Company completed a six-hole reverse circulation (RC) drilling program at Mt Chalmers for 1,190 metres at the end of November 2022. With the Mt Chalmers third and fourth Mineral Resource Estimate (MRE) delivered in November, this recent round of drilling aimed to test more distal extents of the deposit.

Base and precious metal results from this drilling can be seen in Table 1, drill collar locations in Figure 2 and cross section AA' in Figure 3. The drilling results have delivered several intersections with copper equivalent grades up to 3.03% CuEq in hole MCRC051, which extends the mineralisation towards the north-west. In the north, drillhole MCRC051 intersected high-grade mineralisation of 3.03% CuEq over 12 metres from 158 metres. Nearby holes MCRC052 and MCRC053 were able to close the resource to the northwest.

Hole MCRC050 was a greenfields exploration hole that tested a soil anomaly over a structural target. While this hole failed to intersect mineralisation it did end in altered footwall rock similar to the alteration underlying the Mt Chalmers resource. To the south, drillhole MCRC054 intersected 0.32% CuEq over 10 metres from 44 metres and 0.31% CuEq over 8 metres from 91 metres while drillhole MCRC055 intersected 0.75% CuEq over 14 metres from 83 metres and 0.85% CuEq over 3 metres from 47 metres.

Mineralisation in these two drillholes is dominated by sphalerite (zinc) which reflects the distal extension of the system. Future drilling is expected to target Mt Warminster before moving to the large regional Cu-Zn soil anomalies. Drill targeting will greatly benefit from the recently completed VTEM Max airborne EM survey which is has recently been completed and is undergoing interpretation.