QMines has listed on the Australian Securities Exchange as it continues its drive to revive the Mount Chalmers mine near Rockhampton.

The company began trading on the ASX today after an oversubscribed Initial Public Offer (IPO) raised $11.55 million.

The funds will back a large exploration and drilling program at Mount Chalmers, which currently has an inferred resource (JORC 2012) of 3.9Mt at 1.15 per cent copper, 0.81g/t gold and 8.4g/t silver.

The company’s maiden diamond drilling program at Mount Chalmers was completed at the end of last month, with 11 holes totaling 1575m.

QMines plans to kick off a reverse circulation drilling program of about 3000m in the next fortnight to test extensions to the known resource below and adjacent to the site’s historical open pits.

Its IPO attracted $12 million worth of subscriptions, beating its minimum target of $10 million.

“We are excited to be able to bring this homegrown copper and gold story to ASX,” QMines chairman Andrew Sparke said.

“We thank all our shareholders for their support and belief in the projects and our team.”

The Mount Chalmers deposit was last mined in an open-pit scenario by Mount Morgan Limited between 1979 and March 1982, before closing because of low commodity prices.

QMines also holds a 100 per cent interest in the Silverwood, Warroo and Herries Range projects south-east of Brisbane.