QMines Limited provided the following update on recent diamond and RC drilling programs at its Mt Chalmers copper and gold Project, located 17km north-east of Rockhampton in Queensland. Infill and extensional drill holes in and around the Mt Chalmers resource have retuned several impressive mineralised zones since drilling commenced at the Mt Chalmers Project in March 2021. Outstanding results have been retuned in multiple diamond and RC drillholes with peak grades up to 38.8% CuEq in drill hole MCDD017.

Diamond and RC drilling has been ongoing at Mt Chalmers since drilling operations commenced in March 2021. The Company has completed approximately 5,900 meters of diamond and approximately 4,300 metres of RC drilling to date. To accelerate RC drilling operations the Company made the decision to acquire an RC drill rig with support vehicles and equipment.

Experienced drilling personnel were hired to manage, run and maintain the drilling equipment. QMines has also built a base of operations and workshops on site during January - March 2022. The new RC rig commence drilling in April 2022 at the Mt Chalmers Project.

The Company is now reaping the benefits of this investment with an accelerated drill program and an increase in samples delivered to the laboratory for analysis. This has allowed the Company to move towards an upgraded resource at Mt Chalmers faster than would have otherwise been possible. Recent analysis has shown that some of the historical drilling was not analysed for precious metals or zinc. All drilling by QMines has been analysed for a broad suite of economic minerals including copper, gold, silver, lead and zinc. The infill drilling will not only improve confidence categories in the planned Mineral Resource Estimate, but also allow for better estimation of gold and silver.

Additional work is being undertaken to better understand the distribution and controls on gold mineralisation within the system as recent drilling has highlighted the potential for a late gold overprint. The Mt Chalmers drilling program will continue with the Company planning to deliver a further 20,000 meters of RC drilling in line with the projects planned 30,000 meters of drilling. Investors can expect consistent news flow with results to be reported to the market on a regular basis.