Business · Energy & Commodities · 2 hrs ago
QMines finds copper-gold mineralisation beneath Mt Chalmers pit
QMines found copper and gold beneath the old Mt Chalmers pit in Queensland, Australia, through drilling under the water-filled site.
The main hole returned 30.47 metres grading 1.24% copper, with gold, silver and zinc, and included a 9.47-metre section grading 2.36% copper.
The result is the strongest copper intersection so far from the company’s pontoon drilling program, which uses a floating platform to drill beneath the lake.
Mt Chalmers already has a mineral resource of 11.3 million tonnes and an ore reserve of 9.6 million tonnes.
The new findings could affect estimates of how much metal the project contains, but the results must be assessed alongside other drilling data.
QMines also found copper east of the pit, though that interval was narrower and drilling stopped before its full extent was known.
Further drilling and assay results are expected to feed into a resource update and a definitive feasibility study, which will assess the project’s development prospects.
QMines reported its strongest copper intersection to date from its pontoon drilling program beneath the historical Mt Chalmers pit in Queensland.
Hole 26MCDD053 returned 30.47m at 1.24% copper, 0.87g/t gold, 12.2g/t silver and 1.11% zinc.
The intersection includes 9.47m at 2.36% copper, 2.14g/t gold and 1.51% zinc.
The company said the drilling confirmed mineralisation below the pit floor, while a 0.63m interval immediately above the first sample was not tested.
The results will be considered in the next mineral resource update and are expected to inform the project’s definitive feasibility study.
- Who
- QMines reported the drilling results.
- What
- Drilling found copper-gold-zinc mineralisation beneath the historical Mt Chalmers pit.
- When
- The results were reported on October 29, 2026.
- Where
- Beneath the historical Mt Chalmers pit in Queensland, Australia.
- Why
- The results will be assessed for the next mineral resource update and are expected to inform the definitive feasibility study.
This story does not have two clearly opposing sides.
The LME’s official three-month copper price was US$14,655-14,658/t.
Stockhead reported QMines’ latest drilling results beneath the Mt Chalmers pit.
- Main intersection
- 30.47m at 1.24% copper, 0.87g/t gold, 12.2g/t silver and 1.11% zinc
- Higher-grade interval
- 9.47m at 2.36% copper, 2.14g/t gold and 1.51% zinc
- Drill hole
- 26MCDD053
- Project location
- Mt Chalmers, Queensland
- Existing mineral resource
- 11.3Mt grading 0.75% copper
What people are saying
Thirty metres at 1.2% copper with gold, silver and zinc, starting in the first sample below the old pit floor, is a strong result from beneath the lake, and it is broader than the holes around it.