QMines Launches Record Mt Chalmers Drilling Campaign With High-Grade Results

QMines Launches Largest-Ever Drilling Campaign at Mt Chalmers, Opening Hole Returns 18m at 2.7g/t Gold and 1.7% Copper

QMines (ASX: QML) has commenced the largest drilling campaign in the company's history at its 100%-owned Mt Chalmers copper-gold project in Queensland, deploying three rigs across a planned program exceeding 10,000 metres. The first assay results are in from the QMines Mt Chalmers drilling results and drilling campaign, and according to the company's announcement, they set a high bar for the programs to follow: 18 metres at 2.7g/t gold and 1.7% copper, including a standout 1 metre at 20.3g/t gold and 3.3% copper, from the first metallurgical diamond hole drilled. With the bulk of results still pending and multiple rigs turning simultaneously, QMines has flagged a sustained flow of news through the second half of 2026.

The Opening Result: High-Grade Intersections From the First Hole

Diamond hole MCDD003, drilled as part of the feasibility metallurgical program, intersected both principal styles of mineralisation that define the Mt Chalmers volcanic-hosted massive sulphide (VHMS) system.

The hole returned two distinct mineralised zones, according to the announcement:

• An upper polymetallic exhalite zone from 20 metres, carrying zinc, lead, silver and gold
• A broad copper-gold stringer zone from 54 metres, hosted in intensely altered volcanic rock

Individual assays within the stringer zone reached 4.4% copper and 20.3g/t gold, while the upper polymetallic zone delivered peaks of 17.8% zinc, 7.6% lead and 94.5g/t silver, consistent with the exhalite and massive sulphide positions of the Mt Chalmers lode horizon, as reported in the announcement.

A separate geotechnical hole, 2026_GT03, also intersected mineralised VHMS stratigraphy, including exhalite and stringer-zone mineralisation, confirming that mineralisation extends beyond the potential pit outline. Although drilled primarily for geotechnical purposes, it was sampled and returned 3 metres at 0.3g/t gold, 0.1% copper and 1.9% zinc from 48 metres.

"This is the biggest drilling campaign QMines has ever undertaken, and the opening results are exactly what we wanted to see. An intercept of 18m at 2.7g/t gold and 1.7% copper, with metre-scale hits above 20g/t gold, confirms the quality and scale of the Mt Chalmers system," said Andrew Sparke, Executive Chairman of QMines.

The company noted that the 18-metre stringer-zone result compares favourably against the average grades of the current Mt Chalmers Mineral Resource of 0.75% copper and 0.42g/t gold, indicating locally elevated, high-grade mineralisation at shallow depth within the system.

A Campaign Built Around Two Parallel Work Streams

The 10,000-metre-plus campaign has been structured into five distinct programs operating across two strategic tracks: resource growth and completion of the Definitive Feasibility Study (DFS).

According to the company, running resource growth and DFS technical work concurrently rather than sequentially is intended to compress the development timeline while maintaining momentum across both fronts.

Woods Shaft: The Centrepiece of the Resource Growth Track

The 7,000-metre, 39-hole Woods Shaft program is described as the largest drilling campaign ever undertaken at that deposit, and sits at the heart of the resource growth work stream.

Woods Shaft hosts a current Inferred Mineral Resource of 0.54 million tonnes at 0.95g/t gold and 0.50% copper, and is located approximately 700 to 800 metres southwest of the Mt Chalmers open pit. Modern drilling has tested only the upper 95 metres of the system, which the company states remains open at depth and along strike in all directions.

Previous QMines drilling at Woods Shaft returned notable results, including:

• 45 metres at 2.64g/t gold and 0.67% copper from surface
• Including 37 metres at 3.14g/t gold and 0.82% copper from 4 metres (hole QMWSRC001)

The gold character at Woods Shaft is described as a point of geological difference. Unlike classic VHMS deposits where gold is locked within sulphide minerals, gold at Mt Chalmers is reported to be coarse and free-milling, with the Pre-Feasibility Study reporting gold recoveries of 82%. QMines interprets the gold-rich signature at Woods Shaft as evidence of a mineralising event extending beyond the footprint of the known massive sulphides, pointing to potential for further gold discovery along the interpreted structural corridor.

The 2026 program has been designed across ten target groups spanning 35 RC and 4 diamond holes, with objectives including:

1. Validation of historic high-grade results under modern quality assurance protocols
2. Testing mineralisation below the current 95-metre limit of modern drilling
3. Defining extensions around the existing deposit
4. Delivering structural, density and metallurgical datasets to support an updated resource estimate

A stated objective of the program is to grow Woods Shaft to a point where it can be incorporated into an expanded Mt Chalmers Mineral Resource, potentially supporting an extended mine life. The program also represents the first systematic drill test of the interpreted NNE-trending corridor linking the Botos, Mt Chalmers and Woods Shaft deposits.

Understanding VHMS Deposits and Why the Geology Matters

What Is a VHMS Deposit?

VHMS stands for volcanic-hosted massive sulphide. These deposits form on the seafloor when metal-rich hydrothermal fluids vent through volcanic rock and rapidly cool, depositing concentrated sulphide minerals. This process typically produces a layered sequence of metals, including zinc, lead, copper, gold and silver, positioned in predictable geological zones.

Why Does This Matter for Investors?

VHMS deposits are well studied within the mining industry, which generally supports more efficient resource estimation, mine planning and metallurgical process design. The distinct zonation at Mt Chalmers, comprising a polymetallic exhalite zone above a copper-gold stringer zone, creates the potential for multiple revenue streams from a single deposit footprint.

Furthermore, the presence of free-milling gold, rather than gold locked within sulphide minerals, is considered a favourable characteristic, as it is typically associated with higher metallurgical recoveries and lower processing costs.

Key Terms Used in This Announcement

• Stringer zone: A network of veins and disseminated mineralisation carrying copper and gold beneath the main massive sulphide lens
• Exhalite: A sedimentary layer formed through hydrothermal venting, typically carrying zinc, lead, silver and gold
• RC (Reverse Circulation) drilling: A method that recovers rock chips efficiently and is commonly used for resource delineation
• Diamond drilling: Recovers intact rock core for detailed geological, metallurgical and geotechnical analysis
• DFS (Definitive Feasibility Study): A detailed engineering and economic study used to determine whether a project is viable for development

The Existing Resource Base Underpinning the Campaign

Prior to the current campaign, QMines had already established a resource base across its Queensland portfolio.

The Mt Chalmers Ore Reserve stands at 9.6 million tonnes at 0.65% copper and 0.48g/t gold, comprising 5.1 million tonnes Proved and 4.5 million tonnes Probable, and underpins the ongoing DFS.

The Woods Shaft resource remains entirely classified as Inferred and open in all directions, which the company has identified as a clear pathway for growth through the current 7,000-metre program. Bringing Woods Shaft into an expanded Mt Chalmers resource could, according to the company, extend the projected mine life.

Catalysts Expected Through the Second Half of 2026

QMines has flagged the second half of 2026 as a period of concentrated news flow. With 16 holes completed and three rigs still active at the time of the announcement, a substantial volume of assay results remains pending across multiple programs.

Near-term catalysts identified by the company include:

• Receipt and release of assay results from completed metallurgical and geotechnical holes
• Commencement and initial results from the 39-hole Woods Shaft resource drilling program
• Pontoon drilling results from beneath the flooded historic open pit, targeting resource infill in ground not previously accessible from land-based drill positions
• Slag and waste characterisation results, which may indicate residual metal values in historic stockpiles generated during smelting campaigns between the late 1890s and mid-1940s
• Ongoing DFS technical work incorporating metallurgical, geotechnical and environmental datasets as they become available

The Investment Case

QMines enters this campaign with a project that already carries a 9.6 million tonne ore reserve and an active DFS, a relatively advanced position for an ASX-listed developer.

Resource growth potential appears grounded in prior results. The Woods Shaft program targets a deposit that is open in all directions and tested to only 95 metres depth by modern drilling. Previous holes returning 45 metres at 2.64g/t gold from surface provide a geological basis for the current program's objectives.

The DFS is progressing alongside resource drilling. Rather than sequencing resource drilling ahead of feasibility work, QMines is running both tracks in parallel. Metallurgical samples have been collected, geotechnical inputs are secured, and pontoon drilling is set to provide infill data beneath the pit.

Initial results suggest the mineralised system is performing as anticipated. The QMines Mt Chalmers drilling results and drilling campaign's 18-metre intercept at 2.7g/t gold and 1.7% copper, including 1 metre at 20.3g/t gold, from the first assayed hole, sits above the average resource grade and points to high-grade continuity at shallow depth.

Pontoon drilling represents a less common exploration technique. Drilling from a floating pontoon within a flooded historic pit is uncommon in Australian mineral exploration and is designed to access resource areas not reachable by conventional land-based drilling.

The slag characterisation program offers additional optionality. Historic smelting campaigns at Mt Chalmers generated stockpiles that have not previously been evaluated under current metal prices or modern metallurgical methods. Should residual grades and volumes prove sufficient, this material could represent a lower-capital source of additional project value, though this remains subject to further testwork.

Why Investors May Continue to Watch QMines

QMines is not positioned as a greenfields explorer searching for an initial discovery. The company enters the second half of 2026 with a defined ore reserve, an active feasibility study and a historic project with production dating back to 1898. The current campaign is designed to grow an existing resource, advance the feasibility study that will inform any development decision, and generate the technical datasets required to support that process.

"QMines has launched the largest drilling campaign in its history at a project already carrying a 9.6 million tonne ore reserve and an active DFS. With an opening intercept of 18m at 2.7g/t gold and 1.7% copper, a 7,000m resource growth program at Woods Shaft underway, and further assays pending across multiple simultaneous programs, investors have grounds to continue monitoring QMines through the remainder of 2026."

Consequently, with three rigs active and results pending across five concurrent programs, the QMines Mt Chalmers drilling results and drilling campaign is expected to remain a defining feature of the company's news flow throughout the remainder of 2026.

Want to Dig Deeper Into QMines' Mt Chalmers Opportunity?

With the largest drilling campaign in QMines' history now underway, an opening intercept of 18m at 2.7g/t gold and 1.7% copper already in hand, and a substantial flow of results expected through the second half of 2026, now is the time to get across the full picture. Visit QMines' dedicated project page to explore the Mt Chalmers copper-gold opportunity in greater detail and assess what the company's 9.6 million tonne ore reserve, active DFS, and multi-program drilling campaign could mean for investors.