QMines Limited reports quarterly progress

QMines Limited (ASX:QML), a copper and gold development company in Queensland, released its quarterly activities report for the period ending 30 September 2024. The company is making significant strides at its Mt Chalmers and Develin Creek projects near Rockhampton, Queensland. Key developments include submitting a mining license application for Mt Chalmers, completing the acquisition of the remaining interest in Develin Creek, and initiating a drilling program with encouraging results.

QMines Limited's strategic developments and outlook

QMines Limited is actively progressing its Mt Chalmers and Develin Creek projects, with significant advancements during the last quarter. The submission and acceptance of a mining license application for Mt Chalmers and a robust pre-feasibility study underscore the project's potential as a high-margin and low-cost operation. The complete acquisition of Develin Creek from Zenith Minerals Limited and subsequent promising drilling results enhance the company’s resource base. Furthermore, strategic acquisitions, such as the Striker prospect, align with QMines' growth ambitions. Financially, the company remains stable, ending the quarter with a healthy cash reserve and having raised $5 million to support ongoing exploration and development activities. Looking ahead, QMines is poised to continue its exploration efforts, focusing on expanding its resource base and enhancing project valuations. However, challenges such as non-saleable zinc concentrates at Develin Creek highlight areas for further development.

Executive commentary on company progress

The Company’s recent activities have focused on advancing our two core projects, Mt Chalmers and Develin Creek. Our submission of a mining license application for Mt Chalmers, coupled with the acquisition of the remaining interest in Develin Creek, strengthens our position in Queensland’s mining sector. The promising results from our initial drilling program at Develin Creek are particularly encouraging as we continue to explore and develop these key assets.