QML.ASX: Multi-Rig 10,000m Drilling Program Underway at Mt Chalmers

Multi-Rig 10,000m Drilling Program Underway at Mt Chalmers

Stock	Qmines Ltd (QML.ASX)
Release Time	22 Jul 2026, 10:05 a.m.
Price Sensitive	Yes

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QMINES INITIATES LARGEST DRILLING CAMPAIGN AT MT CHALMERS

Key Points

QMines launches a 10,000m multi-rig drilling campaign at Mt Chalmers.
Focus on resource growth and development drilling for DFS.
Initial results show promising high-grade mineralization.
Strong news flow expected through H2-2026.
Potential for additional value from historic slag and waste stockpiles.

Full Summary

QMINES Limited (ASX:QML) has initiated the largest drilling campaign in its history at its 100% owned Mt Chalmers copper-gold project in Queensland. The 10,000m multi-rig drilling program is divided into two work-streams: one focused on resource growth and the other on completing the Definitive Feasibility Study (DFS). Initial results from the campaign have been promising, with the first metallurgical hole intersecting 18m at 2.7g/t Au and 1.7% Cu. The program aims to grow the Woods Shaft resource, which is a copper-gold deposit with an Inferred Resource of 0.54Mt at 0.95g/t Au and 0.50% Cu. Additionally, the campaign includes characterization of historic slag and waste stockpiles for potential additional value. QMines expects strong news flow through the second half of 2026 as assays from multiple holes come in.

Outlook

QMINES anticipates strong news flow through the second half of 2026 as assays from multiple holes come in, potentially adding value to the Mt Chalmers project.