QMines invests in own rig as exploration steps up

QMines has forked out $1.6 million for its own RC drill rig and support equipment as it steps up its work to build the resource at Mount Chalmers, near Rockhampton. With drilling being its largest annual expense, the company believes the acquisition will go a long way to reducing cost pressures QMines said the reverse circulation rig was mounted on a short wheel-base truck which would allow it to reach targets in more remote areas at a significantly lower cost per metre drilled. The fully kitted out rig and associated support trucks will have the capacity to drill in excess of 250m in depth. “The purchase of the drill rig and associated equipment allows QMines to accelerate our planned exploration and resource growth initiatives, reduce costs in a highly inflationary environment and delivers on our commitment to reduce carbon emissions," executive chairman Andrew Sparkes said. The total consideration for the equipment comprised $1 million in cash and $600,000 in QMines shares. The company has also upgraded its base for operations at Mount Chalmers, with new workshops that will include a 70,000-litre renewable fuel storage facility, 10,000-litre rainwater system and a 10kW solar power system. QMines plans to operate with an 80:20 renewable fuel blend and reduce carbon emissions from drilling by an initial 20 per cent. It follows a carbon audit QMines carried out as part of the government-endorsed Climate Active certification. The company states a vision to become Australia’s first 'zero carbon' copper and gold developer. Related: Mount Chalmers resource estimate upgraded The Mount Chalmers project, 17km north-east of Rockhampton, is centred on a high-grade historical mineoperated between 1898-1982. The resource estimate stands at 5.8 million tonnes grading at 1.7 per cent copper equivalent for 101,000 tonnes copper equivalent, with 78 per cent in the measured and indicated categories. The company achieved two resource upgrades through its successful exploration programs in 2021 and expects a third resource update in the first half of this year. Preparations are underway to start drilling at the Woods Shaft prospect, an exploration target not included in the established Mount Chalmers resource. RC drilling operations are set to commence this month and the company has scheduled additional diamond drilling at the Mount Chalmers mine area with a diamond drill rig expected to arrive onsite shortly.

QMines invests in own rig as exploration steps up

Industry Queensland

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