QML.ASX: Mt Mackenzie Resource Upgrade Delivers 32% Increase in Gold

Mt Mackenzie Resource Upgrade Delivers 32% Increase in Gold

Stock	Qmines Ltd (QML.ASX)
Release Time	5 Aug 2026, 9:50 a.m.
Price Sensitive	Yes

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Qmines Announces 32% Gold Increase at Mt Mackenzie

Key Points

Resource upgrade delivers 32% increase in gold
70% of gold now classified as Indicated
Improved geological understanding and targeting criteria
No new drilling closed off any deposits
Ninth resource update since 2021

Full Summary

Qmines Ltd is pleased to announce an updated JORC (2012) Mineral Resource Estimate (MRE) for its 100% owned Mount Mackenzie Gold and Silver Project in Central Queensland. The updated MRE comprises 5.22 Mt @ 1.01 g/t Au and 6.7 g/t Ag, containing 170,000 ounces of gold and 1.12 million ounces of silver, reported at a 0.4 g/t Au lower cut-off grade. This update represents a 32% increase in contained gold and 30% increase in contained silver compared to the May 2020 estimate. Notably, approximately 70% of the contained gold is now classified as Indicated, providing a higher-confidence resource base. The recent drilling campaign has significantly improved geological understanding and identified clear controls on higher-grade mineralization. Importantly, the drilling program has not closed off any of the deposits, which remain open along strike and at depth.