QMines Lifts Mt Mackenzie Gold Resource 32% to 170,000oz With 70% Now Indicated
QMines lifts Mt Mackenzie gold resource 32% with 70% now in Indicated
QMines (ASX:QML) has delivered an updated JORC (2012) Mineral Resource Estimate for its 100%-owned Mt Mackenzie Gold and Silver Project, located approximately 140km north-west of Rockhampton in Central Queensland. The update marks a material step forward: a 32% increase in contained gold and approximately 70% of contained gold now classified as Indicated compared to the May 2020 benchmark established when QMines acquired the project from Resources and Energy Group (REZ).
This is the first Mt Mackenzie MRE to incorporate QMines’ own exploration drilling, validating the Company’s geological work since acquisition. It is also the Company’s ninth resource update since listing in 2021, reinforcing management’s track record of systematic resource growth across the portfolio.
Key metrics:
- Updated MRE: 5.22Mt @ 1.01 g/t Au and 6.7 g/t Ag
- Contained metal: 170,000oz gold and 1.12Moz silver (0.4 g/t Au lower cut-off)
- Indicated classification: Approximately 70% of contained gold (vs ~51% in 2020)
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Inside the upgraded resource: scale and confidence both climb
The updated estimate delivers growth in both tonnage and geological confidence. It incorporates results from QMines’ 73-hole, 9,798m RC and diamond drilling campaign focused on the North Knoll deposit, one of three deposits within the Mt Mackenzie project area.
Compared to the May 2020 REZ acquisition resource, the July 2026 MRE contains +53% tonnes, +32% contained gold, and +30% contained silver. Indicated tonnes increased by approximately 122%, and Indicated contained gold increased by approximately 82%. The proportion of gold in the Indicated category rose from approximately 51% (2020) to approximately 70% (July 2026), reflecting the success of QMines’ drilling in upgrading resource confidence.
| Classification | Tonnes (Mt) | Au (g/t) | Au (oz) | Ag (oz) |
|---|---|---|---|---|
| Indicated | 3.77 | 0.99 | 120,000 | 889,000 |
| Inferred | 1.45 | 1.07 | 50,000 | 230,000 |
| Total | 5.22 | 1.01 | 170,000 | 1,119,000 |
Reported at 0.4 g/t Au cut-off. Figures rounded. JORC Code (2012).
What “Indicated” means — and why the confidence jump matters
Under the JORC Code (2012), Mineral Resources are classified into three categories based on geological confidence: Inferred (lower confidence, supported by wider-spaced drilling), Indicated (higher confidence, supported by closer-spaced drilling and consistent geological continuity), and Measured (highest confidence — QMines has not yet reported Measured Resources at Mt Mackenzie).
The classification matters because only Indicated and Measured Resources can support mine planning, economic studies, and the eventual estimation of Ore Reserves. Inferred Resources, by contrast, are too uncertain to inform detailed development studies.
The drilling lifted Indicated contained gold from approximately 66,000oz (2020) to 120,000oz, and Indicated tonnes from 1.70Mt to 3.77Mt. This materially stronger, higher-confidence base positions the project more favourably for future technical and economic evaluation.
Management view: a system with predictable controls
The drilling campaign has materially improved QMines’ understanding of the Mt Mackenzie mineral system. Gold distribution is governed by identifiable alteration, structural, and depth controls rather than occurring as isolated or randomly distributed intersections.
The deposit is interpreted as a coherent high-sulphidation epithermal system (with potential porphyry affiliation), comprising a shallow enriched gold position over deeper structurally controlled zones. Importantly, the deposits remain open along strike and at depth — drilling has not closed them off.
Tom Bartschi, Exploration Manager, QMines
“This is the first Mount Mackenzie Mineral Resource Estimate informed by QMines drilling and represents a clear advancement from the Resource base the Company acquired. On the respective published reporting bases, the updated Resource contains 32% more gold and 30% more silver than the May 2020 estimate from the previous owner. Contained gold in the Indicated category has also increased from 66koz to 120koz, with approximately 70% of the updated gold Resource now classified as Indicated. Just as importantly, the program has transformed our understanding of the deposit. Advanced argillic alteration has emerged as the strongest logged gold vector, while moderately broken silica-rich ground has been confirmed as a favourable structural setting for mineralisation. The drilling also shows that the deposit comprises a shallow enriched gold position overlying deeper, structurally controlled mineralised zones. These learnings have enabled a more representative geological model and provide clearer targeting criteria for future Resource growth drilling, particularly at depth and west of North Knoll.”
A stronger platform for development studies
The upgraded resource provides a stronger technical foundation for advancing the project toward development. However, it is important to note that no new pit optimisation, geotechnical design, or Ore Reserve estimation has been completed as part of this update. This is a resource update, not an economic study.
Historical metallurgical testwork indicated approximately 94% gold recovery for oxide/transitional material and approximately 59% for fresh/sulphide material. These results are supportive but preliminary; QMines metallurgical testwork is still required to confirm recoveries, reagent requirements, and processing performance across the updated Resource.
The updated MRE provides a stronger basis for:
- Open-pit optimisation
- Geometallurgical and metallurgical testwork
- Mine scheduling
- Geotechnical evaluation
- Processing-route evaluation and future economic studies
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Where QMines goes next
The deposits remain open at depth and west of North Knoll, with clear targeting criteria now defined for future Resource growth drilling. The South West Slopes deposit was not drilled during this campaign and remains available for future drilling and Resource expansion.
Mt Mackenzie sits within QMines’ broader portfolio, which includes the 100%-owned Mt Chalmers (copper-gold) and Develin Creek (copper-zinc) projects. Combined group Resources total approximately 22Mt, with Reserves of 9.6Mt. The corporate objective remains clear: make new discoveries, commercialise existing deposits, and transition toward sustainable production.
Growth targets:
- Nine resource updates delivered since 2021 listing
- Three deposits at Mt Mackenzie; only North Knoll advanced in this program
- Future drilling to target at depth and west of North Knoll
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