QMines strikes copper-gold under Mt Chalmers pit

• 47m of copper-gold-zinc starts in the first sampled bedrock below the historical pit floor
• A 9.47m higher-grade interval returned 2.36% copper
• New results will feed a mineral resource update and the DFS

Special Report: QMines’ latest drilling beneath the historical Mt Chalmers pit in Queensland has delivered the strongest copper intersection from its pontoon drilling program to date.

Hole 26MCDD053 returned 30.47m at 1.24% copper, 0.87g/t gold, 12.2g/t silver and 1.11% zinc from 42.53m after passing through 37m of water and 4.9m of rubble before entering the bedrock at 41.9m.

This intersection includes a higher grade zone of 9.47m at 2.36% copper, 2.14g/t gold and 1.51% zinc.

Based on interval width multiplied by copper grade, QMines (ASX:QML) says the result is its strongest pontoon intersection to date and the fourth-strongest copper hit of its 2026 program.

The first sample began at 42.53m, after 0.63m of silicified siltstone that was not sampled, confirming mineralisation below the pit floor while leaving that short interval untested.

“Thirty metres at 1.2% copper with gold, silver and zinc, starting in the first sample below the old pit floor, is a strong result from beneath the lake, and it is broader than the holes around it,” exploration manager Tom Bartschi said.

Mt Chalmers already hosts an 11.3Mt mineral resource grading 0.75% copper, alongside a 9.6Mt ore reserve at 0.65% copper.

The new drilling will be assessed in the next resource update, which QMines expects to provide an important input to the project’s definitive feasibility study.

More copper hits east of the pit

A separate diamond hole east of the pit returned 8.6m at 1.11% copper and 2.7g/t silver from 133m to the end of hole, including 1m at 6.02% copper.

That interval lies between two of the strongest copper holes drilled this year, but is narrower than those neighbouring intersections and does not yet show how far mineralisation extends.

Drilling stopped at 141.6m after the rods became stuck, with the final sample still carrying 0.59% copper, a hint that the mineralised zone remains open below the hole.

The latest results cover 25 holes for 1,751m, including pit drilling, infill and geometallurgical work, stockpile characterisation and monitoring holes.

Five of the 11 in-situ holes returned only narrow, low-grade intervals or no significant intercepts.

The higher-grade results will be considered alongside all other new data.

Copper’s high price backdrop

The LME’s official three-month copper price was US$14,655-14,658/t on October 28.

The World Bank forecasts metals prices to rise 25% in 2026 before easing 3% in 2027, citing demand from renewable energy, electric vehicles and data centres, as well as supply disruptions.

Further pontoon drilling and assay results are expected to add to the data feeding the resource update and DFS.

This article was developed in collaboration with QMines, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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