Highlights

  • QMines (ASX:QML) has reported 30.47 metres at 1.24% copper and 0.87g/t gold from pontoon hole 26MCDD053, its widest copper-gold intersection to date.
  • The intercept included 9.47 metres at 2.36% copper and 2.14g/t gold from 42.53 metres, beginning directly beneath the historical pit floor.
  • East of the pit, hole 26MCRD004 returned 8.6 metres at 1.11% copper from 133 metres, ending in mineralisation when drill rods became stuck.
  • The Mt Chalmers resource stands at 11.3 million tonnes at 0.75% copper and 0.42g/t gold, with a 9.6 million tonne ore reserve.

Best Pontoon Result to Date

QMines has reported its widest copper-gold intersection from drilling on a barge floating on the flooded Mt Chalmers open pit in central Queensland. Pontoon hole 26MCDD053 returned 30.47 metres at 1.24% copper, 0.87g/t gold, 12.2g/t silver and 1.11% zinc from 42.53 metres, including 9.47 metres at 2.36% copper and 2.14g/t gold. The mineralisation began immediately beneath rubble on the historical pit floor. True widths are not yet known.

Drilling Innovation at Mt Chalmers

Mt Chalmers was mined historically, and the pit has since filled with water. Drilling from a pontoon allows QMines to test material directly below the old pit floor without draining it. Exploration manager Tom Bartschi described 26MCDD053 as the best pontoon hole drilled to date, ranking it as the fourth-strongest copper intersection in the 2026 program. The result is relevant for pit design and early mining schedules if incorporated into an updated resource.

East of Pit Holes Extend Strike

East of the pit, hole 26MCRD004 intersected 8.6 metres at 1.11% copper from 133 metres, including 1 metre at 6.02% copper, ending in mineralisation at 141.6 metres when drill rods became stuck. The hole lies between 26MCRD002 (35 metres at 2.88% copper) and 26MCRD005 (44 metres at 1.03% copper), supporting the continuity of a strong copper corridor east of the pit.

Stockpiles: Potential but Unmeasured

Eighteen vertical holes tested historical stockpiles and smelter slag. The best fill interval was 8 metres at 0.33% copper and 0.31g/t gold. QMines cautioned that wide-spaced drilling through loose fill does not establish grade continuity, tonnages have not been measured, and six gold standards fell outside tolerance with re-assays requested.

Next Steps

Assays are pending for eight completed holes, and two more are being drilled. QMines plans to assess the pontoon and east-of-pit results against its resource model, complete stockpile volume surveys and metallurgical testwork, and incorporate all data into an updated resource estimate ahead of a definitive feasibility study.