QMines Lifts Mount Mackenzie Gold Resource by 32% Following 73-Hole Drilling Campaign
Key Takeaways
- •The updated JORC Mineral Resource Estimate for Mount Mackenzie stands at 5.22 million tonnes grading 1.01g/t gold and 6.7g/t silver.
- •The resource contains 170,000 ounces of gold and 1.12 million ounces of silver, up from the previous 2020 estimate.
- •Contained gold has increased by 32% and contained silver by 30% since QMines acquired the project.
- •About 70% of the gold resource is now classified as Indicated, increasing geological confidence for future studies.
- •QMines said the mineralisation remains open along strike and at depth, and it plans additional drilling to test further extensions.
QMines (ASX:QML) has reported a 32% increase in contained gold at its Mount Mackenzie Gold and Silver Project in Central Queensland, along with a substantial improvement in resource confidence.
The updated JORC Mineral Resource Estimate — prepared under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the standard reporting framework for ASX-listed mineral companies — now stands at 5.22 million tonnes grading 1.01g/t gold and 6.7g/t silver, containing 170,000 ounces of gold and 1.12 million ounces of silver. Since acquiring the project, QMines has grown the contained gold resource by 32% and the contained silver resource by 30% compared with the previous 2020 estimate.
The upgrade follows a 73-hole, 9,798-metre reverse circulation and diamond drilling campaign focused on the North Knoll deposit.
Approximately 70% of the contained gold is now classified as Indicated, rising from 66,000 ounces previously to roughly 120,000 ounces. Under the JORC framework, Indicated resources carry a higher level of geological confidence than Inferred resources, with sufficient continuity of grade and geology to support preliminary technical and economic evaluation. This shift strengthens the resource base for future mine planning and development studies.
Exploration Manager Tom Bartschi described the update as a significant milestone: "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."
The drilling also improved QMines' understanding of gold distribution across the deposit. The company said results indicate mineralisation is controlled by geological structures and alteration rather than being randomly distributed, enabling a more accurate geological model and improved targeting for future drilling.
According to QMines, the drilling campaign did not close off mineralisation, with the deposits remaining open along strike and at depth, leaving potential for further resource growth. The project is situated in Central Queensland, a state with an established mining sector and existing mineral processing infrastructure.
Looking ahead, the company plans to continue drilling to test extensions of the mineral system, particularly at depth and west of the North Knoll deposit. The South West Slopes target also remains available for future resource growth, having not been drilled during the latest campaign.