QMines Limited (ASX:QML) has announced an updated JORC (2012) Mineral Resource Estimate (MRE) for its 100% owned Mount Mackenzie Gold and Silver Project, located approximately 140 kilometres north-west of Rockhampton in Central Queensland. QMines Limited is a Queensland-focused copper and gold development company that owns the Mt Chalmers (copper-gold) and Develin Creek (copper-zinc) deposits. The latest resource update marks a substantial increase in contained gold and silver, alongside a significant improvement in the project’s overall resource confidence.
The updated MRE now stands at 5.2 million tonnes (Mt) at 1.01 grams per tonne (g/t) gold and 6.7 g/t silver, containing an estimated 170,000 ounces of gold and 1.12 million ounces of silver. This represents a 32% increase in contained gold and a 30% increase in contained silver since QMines acquired the project. Crucially, approximately 70% of the contained gold is now classified as Indicated Mineral Resource, a notable rise from the previous 51%. This enhanced classification provides a more robust and higher-confidence resource base to support future mining studies and development.
The upgrade follows QMines’ recently completed 73-hole, 9,798-metre drilling campaign, which primarily focused on the North Knoll deposit, one of three at the project. This extensive programme validated historical data, improved drill density, and materially advanced the geological understanding of the Mount Mackenzie mineral system. QMines Exploration Manager Tom Bartschi commented that the drilling has clarified controls on higher-grade mineralisation, identifying advanced argillic alteration as a strong gold vector. Importantly, the drilling programme has not closed off any of the deposits, which remain open along strike and at depth, suggesting further growth potential. This is the ninth resource update for the company since its listing in 2021, underscoring management’s focused approach to generating shareholder value and strengthening the foundation for future development at Mount Mackenzie.
