QMines Targets 4km Untested Gold Copper Corridor at Mt Chalmers

QMines Uncovers 4 km Untested Corridor Linking Three Gold Copper Deposits at Mt Chalmers

Qmines Ltd (ASX: QML) has released a structural interpretation update for its 100% owned Mt Chalmers copper and gold project in Queensland that outlines a NNE striking structural corridor linking the Woods Shaft, Mt Chalmers and Botos mineralised centres. The Qmines Ltd Mt Chalmers 4km untested gold copper corridor drilling program announcement confirms this interpreted trend defines approximately 4 km of largely untested strike between known deposits, forming the basis of a new corridor-scale exploration model.

This update is a geological reinterpretation rather than a resource change. It reframes how Qmines Ltd views the Mt Chalmers district and sets out the technical basis for testing what the company considers to be a larger mineralised system than previously modelled.

What the Structural Interpretation Found

The structural work completed by Qmines Ltd used 1 m LiDAR, digital elevation models and satellite imagery to map linear features in the topography that may reflect underlying faults and fractures. These features, known as structural lineaments, have then been compared with the location of known copper and gold mineralisation.

The interpretation identifies three main structural elements:

1. NNE striking deposit-scale structures

   • At both Mt Chalmers and Woods Shaft, NNE striking features line up with known copper and gold zones.
   • These structures are interpreted as controls on where metals are concentrated, consistent with earlier grade contour mapping that showed high grade gold and copper following similar orientations.

2. Arc normal transfer fault corridor

   • An interpreted SW–NE trending corridor is mapped across the project, linking Botos, Mt Chalmers and Woods Shaft.
   • This corridor is interpreted as an arc normal transfer fault, meaning a fault that cuts across an ancient volcanic belt and may have acted as a pathway for mineralising fluids.
   • In practical terms, this gives Qmines Ltd a continuous target trend for drilling between deposits, across ground that has seen limited modern exploration.

3. Berserker subprovince edge

   • On the northeastern side of the corridor, the Berserker subprovince edge is interpreted as the basin-bounding fault to the Early Permian graben that hosts the Mt Chalmers system.
   • This structure is considered to define the northeastern margin of the corridor and marks the edge of the volcanic basin that contains the Volcanic Hosted Massive Sulphide (VHMS) style mineralisation at Mt Chalmers.

At Mt Chalmers itself, previous grade contour work resolved the core of the deposit into two parallel NNE trending high grade gold zones, each with >10 g/t Au over 50 m to 100 m strike lengths, and associated higher grade copper pods. Similar parallel NNE trends are interpreted at Woods Shaft and Botos, where mineralisation remains open along strike.

Taken together, the updated interpretation suggests that Woods Shaft, Mt Chalmers and Botos are separate mineralised centres within a single corridor, rather than isolated deposits. Qmines Ltd reports that drill coverage between these centres is sparse to absent, which is why the ~4 km of inter-deposit ground is now considered prospective under the current exploration model.

The company emphasises that this framework is conceptual. There has been insufficient exploration within the corridor to estimate Mineral Resources, and it is uncertain whether further work will lead to a Mineral Resource estimate.

Understanding VHMS Deposits: An Investor-Focused Primer

What Are VHMS Deposits?

The Mt Chalmers system is classified as Volcanic Hosted Massive Sulphide (VHMS) mineralisation. VHMS deposits form on or near ancient sea floors when hot, metal-rich fluids related to volcanic activity rise through the seabed and cool, causing metals like copper, gold, zinc, silver and lead to precipitate as sulphide minerals.

Key characteristics of VHMS deposits include:

• Stratabound nature: They often sit in specific layers of volcanic and sedimentary rocks.
• High grades: They can contain relatively high metal concentrations over compact areas.
• Cluster behaviour: They commonly occur as multiple mineralised centres within the same volcanic basin or along structural corridors, because the same fault systems can focus fluids at several points.

At Mt Chalmers, the deposits occur within the Early Permian Berserker Beds, in a fault-bounded volcanic sequence that hosts massive sulphide layers and related exhalative rocks such as barite, chert, jasper and hematitic shale. The host rocks dip gently and define a broad NNE trending anticline, with local faulting that affects the geometry of the mineralised horizon.

Why the Corridor Model Fits VHMS Districts

Fault controlled VHMS districts worldwide often show:

• District-scale structural corridors that localise several deposits.
• Repetition of similar structural orientations and mineralisation styles at different centres.
• Potential for additional mineralised positions where favourable structures intersect suitable host rocks.

Qmines Ltd notes that:

• NNE striking structures are mapped at both Mt Chalmers and Woods Shaft, where they coincide with higher grade copper and gold trends.
• These structures are interpreted to project along the broader corridor between Botos, Mt Chalmers and Woods Shaft.
• Where they cross suitable volcanic layers between the known deposits, the company considers the ground prospective for additional VHMS style mineralisation.

This is described as a targeting hypothesis only. The presence, scale and grade of any mineralisation between deposits can only be established by future drilling, and the company does not suggest that the corridor will host deposits of comparable size or grade to known VHMS districts.

Key VHMS Terms Explained

For investors, the relevance is that VHMS settings with multiple centres along a corridor can, if supported by drilling and resources, add scale beyond a single deposit. Qmines Ltd is seeking to test whether this pattern applies along the Mt Chalmers corridor, however this outcome remains unproven.

Woods Shaft: First and Most Immediate Corridor Test

Woods Shaft lies at the southern end of the interpreted corridor and has been selected by Qmines Ltd as the first priority drill test of the broader model.

Existing Drilling and Mineralisation Footprint

The deposit has a database of around 60 drill holes dating back to 1966, dominated historically by shallow open hole percussion drilling. Modern work includes eleven RC holes completed in 2022, all with quality assurance and control procedures.

Key points from the announcement:

• All eleven 2022 RC holes ended in mineralisation, with the deepest hole drilled to only 95 m.
• Grade contour mapping indicates a current strike length of at least 500 m, with the deposit open along strike in both directions.
• Gold values >10 g/t Au remain open to the north, and the southern end remains open in >1 g/t Au.
• A second parallel zone ~50 m west of the main trend is also open to the south.

This geometry of two parallel NNE oriented zones is comparable to the twin high grade zones at Mt Chalmers and, furthermore, supports the wider corridor interpretation.

Significant 2022 Drill Results

Selected verified RC intercepts from the 2022 program are summarised below.

Reported intervals are downhole lengths and not all true widths have been confirmed.

These results define a NNE elongated copper and gold footprint, open along strike to both north and south. Higher grade gold forms a continuous NNE oriented core through the deposit, consistent with the district-scale NNE structures mapped across the corridor.

Historical drilling at Woods Shaft predates modern quality standards and has not been validated. Qmines Ltd notes that those older results have not been reported under the JORC 2012 Code and are not relied upon. Validating selected historical intercepts along the interpreted NNE trend is, consequently, a specific objective of planned drilling.

Existing Woods Shaft Resource and Open Extensions

The current Woods Shaft Mineral Resource Estimate, not included in the Mt Chalmers mine plan, is:

This Inferred Resource was based on historical drilling over ~250 m of strike and to ~90 m depth. Compared with the 500 m contoured strike length and mineralisation open at depth, Qmines Ltd sees Woods Shaft as having untested strike and depth potential that will be probed in upcoming programs.

"Wood's Shaft provides an immediate and logical test of the broader corridor model, with high grade copper and gold verified from surface and all modern holes ending in mineralisation above 95 m depth," said Thomas Bartschi, Exploration Manager and Site Senior Executive.

The Broader Resource Base Held by Qmines Ltd

While the corridor concept relates to exploration upside, Qmines Ltd already reports a multi-asset resource base across its Queensland projects, including Mt Chalmers, Develin Creek and Mt Mackenzie.

Mt Chalmers Ore Reserve

Mt Chalmers has a reported Ore Reserve that supports a Pre-Feasibility Study.

Mt Chalmers Mineral Resource

Mt Chalmers is a former producer, having mined 1.2 Mt @ 2.0% Cu, 3.6 g/t Au and 19 g/t Ag between 1898 and 1982.

Develin Creek Mineral Resource

Mt Mackenzie Mineral Resource

According to Qmines Ltd, the combined Measured, Indicated and Inferred Resources for Mt Chalmers and Develin Creek total 15.5 Mt @ 0.82% Cu, 0.35 g/t Au, 0.47% Zn and 5 g/t Ag.

Next Steps: Corridor Drilling Program in Preparation

Qmines Ltd is currently finalising an RC and diamond drilling program aimed at testing both Woods Shaft and the broader interpreted corridor. According to the announcement, the program is intended to:

• Test Woods Shaft below 95 m, extending beyond the depth of previous modern drilling.
• Validate selected historical intercepts along the interpreted NNE trend, bringing older data into a modern QAQC framework.
• Test strike extensions north and south of the current Woods Shaft deposit footprint.
• Complete first pass drilling of selected corridor targets between Woods Shaft and Mt Chalmers where drill coverage is limited or absent.

Detailed program parameters and timelines are expected to be released in a future announcement before field activities commence.

Investment Context: Why This Interpretation Matters

From an investor perspective, the 16 June 2026 announcement from Qmines Ltd provides two main layers of information:

1. Established development profile

   • Mt Chalmers already has a 9.6 Mt Ore Reserve and 11.3 Mt Mineral Resource, supported by a Pre-Feasibility Study.
   • Develin Creek and Mt Mackenzie add additional copper and gold resources, giving the company a multi-asset copper-gold portfolio in Queensland.

2. Conceptual corridor-scale exploration model

   • The Qmines

Want to Know More About QMines' Mt Chalmers Copper-Gold Corridor?

With a 9.6 Mt Ore Reserve already in place, a Pre-Feasibility Study completed, and a newly interpreted 4 km structural corridor linking three mineralised centres at Mt Chalmers, QMines Ltd (ASX: QML) is shaping up as a compelling copper-gold investment opportunity in Queensland. To explore the full investment case — including the company's multi-asset resource base and upcoming corridor drilling program — visit qmines.com.au.