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QMines takes off as Mt Chalmers project starts to look "very exciting''


QMines shares jumped more than 20 per cent this morning after the company revealed impressive results from its exploration of the Mt Chalmers project in central Queensland.

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Among the results was what QMines said were multiple wide and high grade intersections of copper, gold, silver, zinc and lead.

The company also expects a new resource estimate in the fourth quarter and said its drilling was intersecting mineralisation outside the current known resource.

Among the results was intersections 11.65 per cent copper, 41.5 grams per tonne of gold, 224 grams per tonne of silver, 33.9 per cent zinc and 6.18 per cent lead.

QMines said the results confirmed a significant resource growth potential.

The project got QMines into trouble with the ASX recently when it made comments in the media about the potential in-ground value of the project, which is not permitted under Australian reporting codes. It retracted the comments.

However, it fired up interest in the company which only listed earlier this year. Its shares have jumped from a low of 29 cents in September to 45.5 cents today.

QMines executive chairman Andrew Sparke said the results were “very exciting”.

“They demonstrate that this deposit has strong grade and width and is growing rapidly which bodes well for shareholder value,” he said.

“The current drilling program continues to intersect new mineralisation outside the current resource (and) remains open in all directions which gives us confidence that this deposit will continue to grow.

“With two drill rings onsite, multiple assays in the labs and a resource update expected shortle, we expect this quarter to be a very exciting period for our shareholders.”


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