Key highlights

  • Hole 26MCDD052 intersected 11 m of visually identified copper sulphides about 180 m NNE of the Mt Chalmers resource.
  • Grades, true width and continuity are unknown pending laboratory assays expected in late October 2026.
  • Follow-up drilling is underway on a possible Woods Shaft-Mt Chalmers-Botos corridor.

QMines Limited (ASX:QML) announced on 12 October 2026 that diamond hole 26MCDD052 intersected an 11 m downhole zone of visually identified chalcopyrite-pyrite stringer mineralisation, including semi-massive sections, about 180 m north-north-east of the current Mt Chalmers Mineral Resource and outside the 2024 pre-feasibility study open pit.

The intersection

The intercept lies about 167 m below surface, at a depth similar to the northern edge of the resource. The company states metal grades, true width and continuity remain unknown, the 11 m is a downhole length, and the hole was drilled sub-parallel to the interpreted NNE lineament. It includes the standard caution that visual estimates are not a substitute for laboratory analysis.

The company says it is the second hole to test the area north of the main pit, and that there has been no significant drill testing at this position.

Exploration concept

QMines says follow-up drilling will test whether the zone is an extension of the Mt Chalmers main lode, a separate NNE-trending zone, or mineralisation associated with Botos. The company references an interpreted corridor of about 4 km running from Woods Shaft through Mt Chalmers to Botos. Access for the work was enabled by strategic land acquisitions announced on 18 September 2026.

Project status

The company says its focus has been advancing Mt Chalmers toward production, with a Definitive Feasibility Study well underway. The project sits in Queensland alongside the Develin Creek and Mt Mackenzie projects.

Geological setting

From south to north, Woods Shaft, the Mt Chalmers West Lode and the Mt Chalmers Main Lode each lie on NNE-trending controls, with each lode located to the north-east of the one before. The company says the new intercept could lie on a further NNE controlling feature continuing that stepping pattern. It also notes that there is no significant drill testing in this position, and that the hole was drilled sub-parallel to the interpreted lineament.

Risks shareholders may weigh

No assay results are available, so the copper and gold content of the intersection is unknown, and visually identified sulphides may not translate into economic grades. The announcement states the connection between Mt Chalmers and Botos remains to be demonstrated. Results may fall outside current resource boundaries without adding to the resource.

Other factors include the Definitive Feasibility Study outcome, copper prices, funding, approvals and the timing of laboratory results.

What's next

Follow-up drilling is underway and laboratory assays are expected toward the end of October 2026. Further results from the expanded Mt Chalmers drilling program are also anticipated.