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QMines has hit the ground running at Mount Chalmers in Central Queensland, with a diamond drilling campaign underway and a reverse circulation program to kick off next month.

The company lodged its prospectus last week for an IPO to raise $10 million to $20 million and aims to list on the stock exchange in April.

The funds raised will help back a drill program of 32,000m to 62,100m over the next 24 months, with the lion’s share to go to the flagship Mount Chalmers project, 17km north-east of Rockhampton.

Executive chairman Andrew Sparke said QMines had a ‘community-first’ philosophy and was already engaging with local contractors in the Rockhampton region.

“I think it’s really great having an asset that’s close to a regional town like Rockhampton where there are lots of great contractors and local individuals that can be part of the journey,” he said.

“So we’re really keen to engage and support local businesses.”

The company has already committed to a $500,000 diamond drilling program that is nearing completion at the brownfield Mount Chalmers copper-gold project.

“That really, I think, has shown a lot of people that we’re really confident in what we’ve got here,” Mr Sparke said.

“We’ve got a great asset. We have some high-grade near-surface mineralisation under the existing pits, and a number of exploration targets that have already been drilled.”

There are plans for a 25,000m reverse circulation program to kick off in April with the goal of increasing resource tonnes.

The Mount Chalmers deposit was last mined in an open pit scenario by Mount Morgan Limited between 1979 and March 1982, before closing because of low commodity prices.

It has an inferred resource of 3.9 million tonnes grading at 1.15 per cent copper, 0.81g/t gold and 8.4g/t silver.

QMines also holds a 100 per cent interest in the Silverwood, Warroo and Herries Range projects south-east of Brisbane.



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