Rocky business contracted in exploration of Mount Chalmers
QMines Limited, the exploration company looking for copper and gold at Mount Chalmers, has contracted a Rockhampton business for a drilling program at the site that will begin in the next two weeks.
Depco Drilling will cover about 3000m in the first phase of the drilling, with the goal of discovering resources between 32,000 and 62,000m deep, below and adjacent to the area’s historical open pits.
QMines also began trading on the Australian Securities Exchange on Thursday.
It raised $11.5 million, offering shares for 30 cents each and closing the day at 27 cents a share.
QMines Chairman Andrew Sparke said: “The support we have received from new and existing shareholders, the vendors, the Queensland Government and local community has been very pleasing and we are delighted to welcome a number of institutional and sophisticated investors to the share register.
“We are excited to be able to bring this homegrown copper and gold story to ASX.”
The company’s Mount Chalmers maiden diamond drilling program was completed at the end of April, with 11 new holes drilled totalling 1575m and an average hold depth of 143m.
A Brisbane laboratory is expected to return the results of that program before the end of the June quarter.