QMines Limited provided the following update on exploration and resource drilling operations at its Mt Chalmers Copper and Gold Project, located 17km north-east of Rockhampton, Queensland. In September 2022, the Company completed a fifteen-hole RC drilling program at the Woods Shaft Exploration Target and at Mt Chalmers for 1,635 metres drilled. The Company has now received the results from eight of the eleven holes drilled at Woods Shaft, and three of the four holes drilled at Mt Chalmers.

Results from four holes (QMWRC009-11 from Woods Shaft and MCRC049 from Mt Chalmers) drilled during September are awaited. The samples are currently at ALS Laboratory and are expected in the coming weeks. The drilling results from the Woods Shaft prospect have delivered several broad high-grade intersections with exceptional copper equivalent grades of up to 8.26% in hole QMWSRC001, 5.26% in hole QMWSRC007 and 8.33% from hole MCRC046 at Mt Chalmers.

The Woods Shaft prospect is situated 0.7km to the southwest of the Mt Chalmers main deposit and has been defined by previous explorers drilling to be over 250m in strike length and up to 40m wide. Mineralisation is from surface to a depth of 90m in places and contains gold and base metal mineralisation. The geology of the deposit appears similar to that of the Mt Chalmers main lode and is dominated by a sulphide stringer zone.

Mineral resource estimates for Woods Shaft were compiled by previous explorers prior to the release of the JORC 2012 code. However due to the lack of QAQC data, a resource that complies with the current code could not be established. RC drilling at Wood Shaft has been undertaken by QMines to validate the drilling completed by previous explorers with a view to delivering a maiden JORC 2012 mineral resource in first quarter-2023.