Mount Mackenzie Resource Hits 151,000oz Gold and 902,000oz Silver After Upgrade

Resource Upgrade and Strategic Acquisition

QMines Limited has completed an updated Mineral Resource Estimate (MRE) for its recently acquired Mount Mackenzie gold and silver project in Queensland. The new estimate reports a 16% increase in gold resources, now standing at 3.3 million tonnes grading 1.40 grams per tonne (g/t) gold and 8.4 g/t silver. This equates to a total of approximately 151,000 ounces of gold and 902,000 ounces of silver, with 67% of the resource classified in the higher confidence Indicated category.

The acquisition and resource upgrade significantly enhance QMines’ asset base, supporting its growing Central Queensland hub-and-spoke production model. The Mount Mackenzie project is strategically located about 140 kilometres northwest of Rockhampton and near QMines’ existing Develin Creek and Mount Chalmers projects, allowing for potential operational synergies.

Geological Context and Mineralisation

Mount Mackenzie hosts a high-sulphidation epithermal gold-silver system formed during the Late Carboniferous period. Mineralisation occurs primarily in two zones; North Knoll and Southwest Slopes; characterised by gold and silver-bearing sulphides and oxides within volcanic and volcaniclastic rocks. The deposit remains open along strike and at depth, indicating promising upside potential through further drilling.

The resource model was developed using a comprehensive dataset of 619 drill holes totaling nearly 60,000 metres, combining historical and recent drilling campaigns. The estimation employed Ordinary Kriging techniques within mineralisation wireframes defined by a 0.3 g/t gold cut-off, consistent with industry standards and JORC 2012 reporting guidelines.

Operational and Metallurgical Insights

QMines plans to integrate Mount Mackenzie into the Mount Chalmers mine plan, potentially processing ore at the proposed Mount Chalmers plant located 140 kilometres southeast. Metallurgical testing indicates gold recoveries of 94% for oxide material and 59% for fresh sulphide ore using conventional CIP/CIL processing methods, supporting the economic viability of the resource.

The resource upgrade also benefits from updated geological interpretations, including refined oxidation profiles and bulk density assignments, which enhance confidence in the tonnage and grade estimates. The project area is free of Native Title claims and environmental impediments, with the tenement in good standing, reducing regulatory risks.

Looking Ahead

While the resource upgrade marks a significant milestone, QMines emphasises that further drilling is planned to confirm and expand the resource base. The company’s Executive Chairman, Andrew Sparke, highlighted the strategic importance of Mount Mackenzie in building a long-life, multi-asset operation producing copper, gold, silver, and zinc in a supportive jurisdiction.

This development aligns with QMines’ broader objective to transition towards sustainable copper production, leveraging its portfolio of projects in Central Queensland. Investors and analysts will be watching closely for upcoming feasibility studies and operational updates that will clarify the path to production.