QMines Hits 2.0% Copper Equivalent Over 26m Beneath Pit Lake as Resource Update Nears
Key Takeaways
- Hole 26MCDD043 returned 26.2m at 1.3% Cu and 0.7g/t Au (2.0% CuEq) beneath the Mt Chalmers pit lake, including 2.4m at 9.1% CuEq in semi-massive sulphide.
- Core loss of about 33% across 36.4m to 39.1m, which the company says is material to the representativeness of the 2.4m high-grade interval.
- Holes 047 and 048 both ended in historic underground workings, and continuity between holes has not been established.
- 39 holes await assay, including six pontoon holes, with three rigs running and the results feeding the Mineral Resource update.
- No new resource or reserve is reported; the existing 11.3Mt at 0.75% Cu resource from April 2024 stands, with 771,991,470 shares on issue.
Further high-grade copper-gold intersected beneath Mt Chalmers pit lake
Modern drilling beneath a flooded historic pit is returning grades that match the old mine records. QMines Limited (ASX:QML) reported hole 26MCDD043 at 26.2m at 1.3% Cu and 0.7g/t Au (2.0% CuEq) from 36.4m, including 2.4m at 5.4% Cu and 3.8g/t Au (9.1% CuEq) in semi-massive sulphide.
CuEq means copper equivalent, a single figure that converts the gold, silver and zinc into copper terms so grades can be compared. The results follow the pontoon drilling results announced on 6 October 2026.
Two further holes were reported alongside it:
- 26MCDD043: 26.2m at 1.3% Cu and 0.7g/t Au (2.0% CuEq) from 36.4m
- 26MCDD047: 7.6m at 1.8% Cu and 1.5g/t Au (3.2% CuEq) from 42.1m, located 64m east
- 26MCDD048: 13.0m at 1.0% Cu and 0.4g/t Au (1.5% CuEq) from 50.0m, still in mineralisation at the end of the hole
Why does this matter to you? The company says the results provide additional geological and assay data for the upcoming Mineral Resource update, in a pit where the resource previously relied heavily on historic drilling.
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Drilling results from three pontoon holes
All three holes were drilled with a UDS Hanjin DB8 rig mounted on a pontoon over the pit lake. Intervals are downhole lengths, and true widths are not known.
The floating drill rig used for the pit lake campaign allows QMines to test ground beneath the water that conventional land-based rigs could not reach, filling a gap left by historic drilling.
26MCDD043: semi-massive sulphide above a stringer zone
The highest-grade section sits in a sub-interval of 4.4m at 3.4% Cu and 2.4g/t Au (5.8% CuEq) from 37.6m. It occurs within semi-massive pyrite-chalcopyrite sulphides and sulphide-bearing breccia.
Below it sits a copper-bearing stringer zone, which is a network of thin mineralised veins. It returned 3.0m at 1.6% Cu from 45.0m and 6.6m at 1.0% Cu from 56.0m.
Below a 3.0m void, a further 10.4m at 0.7% Cu was intersected from 65.6m, including 1.4m at 2.3% Cu. The hole ended at 119.8m.
One caveat matters here. Some core was lost between 36.4m and 39.1m, with recovery of about 67%, which the company says is material to the representativeness of the 2.4m high-grade intersection.
26MCDD047 and 26MCDD048
Hole 047 also returned a further 1.4m at 3.1% Cu and 1.0g/t Au (4.0% CuEq) from 52.0m. The 7.6m interval includes a 1.5m void assigned zero grade. The hole hit historic underground workings at 54.2m and was abandoned at 66.6m.
Hole 048 returned 6.0m at 1.5% Cu from 50.0m, and its final 4.0m returned 1.3% Zn. The drill string became stuck in historic underground workings and the hole was abandoned at 63.0m in mineralisation. A follow-up hole is being assessed.
Continuity between the holes has not been established. High-grade mineralisation in 043 and 047 does not by itself show it is connected.
| Hole ID | From (m) | Interval (m) | Cu (%) | Au (g/t) | CuEq (%) |
|---|---|---|---|---|---|
| 26MCDD043 | 36.4 | 26.2 | 1.28 | 0.73 | 1.99 |
| incl. | 37.6 | 4.4 | 3.45 | 2.42 | 5.75 |
| incl. | 37.6 | 2.4 | 5.37 | 3.83 | 9.07 |
| 26MCDD043 | 65.6 | 10.4 | 0.67 | 0.25 | 0.98 |
| 26MCDD047 | 42.1 | 7.6 | 1.77 | 1.46 | 3.20 |
| 26MCDD047 | 52.0 | 1.4 | 3.10 | 1.04 | 3.99 |
| 26MCDD048 | 50.0 | 13.0 | 0.98 | 0.36 | 1.47 |
| incl. | 50.0 | 6.0 | 1.47 | 0.33 | 1.86 |
Tom Bartschi, Exploration Manager, QMines
“What is equally important is the geology. We have intersected high-grade semi-massive sulphide sitting above a substantial copper-bearing stringer zone, consistent with what we expect from the Mt Chalmers VHMS system…”
What VHMS geology means for investors
A volcanic-hosted massive sulphide (VHMS) deposit forms from mineral-rich fluids on or near the seafloor. The company describes Mt Chalmers as a Kuroko-style system, with massive sulphide on top and a copper-bearing stringer zone beneath.
In holes 043 and 047, barium-enriched volcanics occur above the semi-massive sulphide. In 043, a stringer zone lies below it.
The company says these associations are consistent with the existing geological model, but do not by themselves establish continuity between individual drillholes. For you, that means the results fit the picture without proving it.
The historic mine produced 1.2Mt at 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898 and 1982.
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Pontoon program momentum and next steps
Since late July 2026, 14 pontoon holes have been drilled for 1,281m, with 26MCDD056 underway. Assays remain pending for six additional pontoon holes.
With 39 holes in the lab awaiting assay and three rigs continuing, QMines expects a significant volume of news flow. The results will feed the Mineral Resource update, with an emphasis on a mining-ready estimate, and the fresh core supports geometallurgical testwork.
No new Mineral Resource or Ore Reserve is reported in this announcement. Planned further work includes:
- Receipt, validation and interpretation of outstanding assays
- Integration of the new drilling into the Mineral Resource model
- Comminution and flotation testwork on metallurgical hole samples
- Inputs to the Mt Chalmers DFS (definitive feasibility study), alongside resource evaluation and drill planning
For context, the existing Mt Chalmers Mineral Resource is 11.3Mt at 0.75% Cu and 0.42g/t Au, with an Ore Reserve of 9.6Mt, both from the 30 April 2024 pre-feasibility study. Across Mt Chalmers, Develin Creek and Mt Mackenzie, combined Resources are approximately 22Mt.
QMines has 771,991,470 shares on issue. The announcement discloses no share price, valuation or financial data.
Ready to Learn More About QMines’ Mt Chalmers Copper-Gold Project?
Drilling beneath the flooded Mt Chalmers pit has returned 26.2m at 1.3% Cu and 0.7g/t Au (2.0% CuEq), with 39 holes still awaiting assay ahead of the Mineral Resource update. Fresh pontoon core is also supporting metallurgical testwork for the DFS.
Investors tracking the next wave of news flow can explore the QMines (ASX:QML) company page for further project details and investment insights.