QMines Buys Land Over Botos Deposit to Unlock Drilling Path to First Resource
Key Takeaways
- QMines has acquired two freehold properties totalling 25.52 hectares directly over and adjacent to the Botos deposit for $2.388 million, eliminating the land access constraint that has blocked systematic drilling since the early 1980s.
- A nine-hole, 1,500m Tier 1 drilling programme is already underway at Botos — the first modern, systematic test of a deposit carrying an Exploration Target of 1.5 to 2.5 million tonnes at 0.5 to 0.8g/t Au, 0.1 to 0.2% Cu, and 1.1 to 1.4% Zn.
- Botos sits just 700 metres from QMines' planned Mt Chalmers processing hub, making a successful Mineral Resource estimate a direct potential feed source for the central development.
- Historical drilling by Geopeko returned intersections including 33m at 0.80g/t Au, 0.16% Cu, 1.82% Zn, 0.93% Pb, and 47g/t Ag — results that have never been followed up with modern techniques across only 8 historical holes.
- QMines' broader district resource base already stands at approximately 22Mt, with the Botos programme representing the next step in a systematic satellite deposit consolidation strategy.
Botos deposit unlocked as QMines acquires strategic land for $2.39 million
QMines (ASX:QML) has agreed to acquire two freehold properties directly over and adjacent to the Botos deposit at Mt Chalmers, Central Queensland, for total cash consideration of $2.388 million. The acquisitions, completed through wholly owned subsidiary RLG Holdings Pty Ltd, remove the principal historical barrier to systematic modern drilling at Botos and open a clear pathway toward a maiden Mineral Resource.
Both properties are located at Bells Road, Mt Chalmers, covering a combined area of 25.52 hectares. The vendors are unrelated third parties and neither transaction constitutes a related-party transaction.
| Property | Lot & Plan | Area | Purchase Price | Settlement |
|---|---|---|---|---|
| 87 Bells Road, Mt Chalmers | Lot 8 on RP618345 | 10.00ha | $1.138m | 30 October 2026. Contractual access from execution. |
| 91 Bells Road, Mt Chalmers | Lot 7 on RP618345 | 15.52ha | $1.250m | 30 October 2026. |
| Total | 25.52ha | $2.388m | Before transaction costs. |
Land access has been the principal constraint to any systematic follow-up at Botos since Geopeko completed its original drilling programme in the early 1980s. These acquisitions directly remove that constraint, with contractual access to 87 Bells Road applying from execution of the contract, allowing exploration activities to progress ahead of the October 2026 settlement date.
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Botos deposit — what investors need to know
Botos is a multi-metal deposit that has sat largely untouched for over four decades. With land access now secured and drilling already underway, it is worth understanding what the deposit actually represents and why QMines views it as a meaningful piece of its broader district strategy.
A polymetallic deposit sitting 700 metres from a planned processing plant
Botos hosts gold, copper, zinc, lead, and silver mineralisation within the Permian Berserker Beds, occupying the same broad stratigraphic position as the Mt Chalmers deposit approximately 700 metres to the southwest. That proximity is the strategic centrepiece of the entire acquisition thesis: a deposit of this scale sitting this close to a planned processing hub is an unusually direct development opportunity.
The deposit currently carries an Exploration Target of 1.5 to 2.5 million tonnes at 0.5 to 0.8g/t Au, 0.1 to 0.2% Cu, and 1.1 to 1.4% Zn at a 0.5g/t Au cut-off. Silver and lead credits are not included in the Exploration Target. The mineralised horizon is interpreted at approximately 750m strike length, approximately 200m wide, and 4 to 10m thick.
Important disclaimer
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
An Exploration Target is not a Mineral Resource — it is an indication of potential based on available geological data. It tells you there is something worth testing, not that a resource has been confirmed.
Historical drilling returned compelling multi-metal results
Geopeko drilled Botos between 1977 and 1981, returning broad multi-metal intersections that have never been followed up with modern techniques. The best results from that programme include:
- 33m @ 0.80g/t Au, 0.16% Cu, 1.82% Zn, 0.93% Pb and 47g/t Ag from 75m (BTDDH01)
- Including 27m @ 0.83g/t Au, 2.2% Zn, 1.1% Pb, 51g/t Ag and 0.20% Cu from 81m
- Including 3m @ 7.5% Zn from 93m
- 33m @ 0.6g/t Au from 54m (BTPDH18)
All intervals are downhole lengths. The mineralised horizon is interpreted as flat lying and the historical holes are vertical, so downhole lengths are interpreted to approximate true thickness — however, that interpretation has not been confirmed by oriented drilling and true widths are not known.
Critically, only 8 historical holes intersect the current Exploration Target footprint, and no drilling has been completed at Botos since the early 1980s. The deposit remains open along strike and down plunge.
Executive Chairman Andrew Sparke
“Botos carries an Exploration Target of 1.5 to 2.5 million tonnes with some very good historical drilling results… Despite that, the deposit has never been tested with modern drilling. That is an unusual position for a deposit sitting just 700 metres from a planned processing plant.”
Nine-hole drilling programme underway — pathway to maiden Mineral Resource
A nine-hole, 1,500m Tier 1 drilling programme is currently underway at Botos, representing the most intensive drilling campaign ever undertaken at the deposit and the first systematic modern test of the Exploration Target.
Staged programme designed for disciplined resource delineation
QMines has developed a staged drill inventory of up to 60 holes and approximately 6,000m in total. Progression into each subsequent tier is subject to geological decision gates, not automatically committed.
- Tier 1 – Validate: 9 holes, 1,500m — twinning historical intersections, establishing modern QAQC, specific gravity and structural data, confirming geometry and defining a grade shell. Status: Currently underway.
- Tier 2 – Extensions: 17 holes, 3,800m — down dip and along strike extensions to the north and south, including ground beyond the current interpreted wireframe. Status: Gated on Tier 1 confirming geometry and grade continuity.
- Tier 3 – Test up dip east: 700m — opportunistic eastern and up dip extensions. Status: Results-dependent.
Tier 1 is significant for a specific reason: it introduces diamond drilling, oriented structural data, density measurements, and modern QAQC to Botos for the first time. The historical dataset lacks all of these elements — there are no full downhole surveys, no recovery records, and no density determinations — which is precisely why it cannot currently support Mineral Resource estimation. Tier 1 is designed to fill those gaps.
Next steps toward a maiden Mineral Resource
The sequenced pathway from current drilling to a potential maiden Mineral Resource estimate involves the following steps:
- Complete property settlements and finalise access arrangements (30 October 2026)
- Complete the nine-hole, 1,500m Tier 1 programme
- Assess Tier 1 results against defined geological decision gates covering grade, geometry, and continuity
- Subject to successful validation, progress the 17-hole, 3,800m Tier 2 extension programme
- Integrate historical and modern drilling data into an updated Botos geological model
- Assess the combined dataset for maiden Mineral Resource estimation
- Continue Mt Chalmers DFS drilling and district growth programmes in parallel
Executive Chairman Andrew Sparke
“Our strategy is straightforward. Consolidate the land, drill and grow resources within the district and progressively evaluate the satellite deposits as potential additional feed sources for the Mt Chalmers hub.”
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Investment case — Botos as a district growth catalyst for Mt Chalmers
Botos does not sit in isolation. It forms part of a broader QMines district strategy centred on a planned Mt Chalmers processing hub, with satellite deposits evaluated as potential additional feed sources. To understand the significance of unlocking Botos, it helps to see where it fits within the existing resource base.
Key context points across the QMines district include:
- Mt Chalmers Ore Reserve: 9.6Mt @ 0.65% Cu and 0.48g/t Au
- Combined district Resources across Mt Chalmers, Develin Creek, Woods Shaft, and Mt Mackenzie: approximately 22Mt
- Botos sits at the northeastern end of the north-northeast structural corridor linking Woods Shaft, Mt Chalmers, and Botos (reported June 2026)
- Successful Mineral Resource estimation at Botos would provide QMines with another satellite deposit for evaluation within the Mt Chalmers development strategy — though any future inclusion in the mine plan would remain subject to successful drilling, Mineral Resource estimation, metallurgical testwork, mine planning, environmental and permitting requirements, and economic assessment
Mt Chalmers copper drill results from the current DFS programme have been surpassing block model grades, providing encouraging confirmation that the district’s geological model is conservative and that the planned processing hub is being de-risked alongside the Botos work.
A 32% Mount Mackenzie gold resource upgrade earlier in 2026 illustrates the pattern QMines is applying across the district: systematic modern drilling followed by resource growth, with each satellite deposit evaluated as potential additional feed for the central hub.
The Botos acquisition and drilling programme represents a logical next step in QMines’ district consolidation approach: secure the land, validate the mineralisation with modern techniques, and build the geological dataset required to assess whether Botos can add tonnes, mine life, and value to the future Mt Chalmers development.
Ready to Explore QMines’ Botos Deposit and District Growth Strategy?
QMines has removed a four-decade barrier to drilling at Botos, securing 25.52 hectares of freehold land directly over the deposit and launching a nine-hole, 1,500m programme that could define a maiden Mineral Resource just 700 metres from a planned processing hub.
With a staged drill inventory of up to 60 holes and a combined district resource base of approximately 22Mt already in place, explore the full QMines investment profile on Discovery Alert to assess how Botos fits within the broader Mt Chalmers development strategy.