QMines delivers updated resource estimate for Develin Creek copper-zinc project
Queensland minerals junior QMines (ASX: QML) has delivered an updated mineral resource estimate at the Develin Creek copper-zinc project.
The new estimate sits at 3.2 million tonnes grading 1.61% copper equivalent (CuEq) for 51,360t CuEq and includes the Sulphide City, Scorpion and Window deposits.
They are located within an exploration permit formerly held by a subsidiary of Zenith Minerals (ASX: ZNC) and granted in 2008.
Approximately 47% of the updated resource sits in the indicated category.
The combined resource of Develin Creek and QMines’ flagship Mt Chalmers copper-gold project now stands at 15.1Mt grading 1.3% CuEq for 195,800t CuEq.
The company is preparing resource, metallurgy and geotechnical drilling activities at Develin Creek ahead of a pre-feasibility study.
Develin Creek acquisition
In August, QMines agreed to pay $4.5 million in cash and shares to acquire the high-grade Develin Creek project from Zenith Minerals.
The two-staged transaction kicked off with the purchase of an initial 51% equity for $1.2 million in cash and $1 million worth of QMines shares.
The remaining 39% equity will be acquired within the next 12 months for $1.3 million in cash and another $1 million in shares.
VHMS deposits
Develin Creek comprises several volcanic hosted massive sulphide (VHMS) copper-zinc deposits.
Mineralisation at Scorpion, Window and Sulphide City was discovered and initially percussion drilled to 50 metres spacing by Queensland Metals Corporation in the early 1990s.
Eventually the project was relinquished and the current tenement was granted to Icon Resources before being vended into Fitzroy Resources as part of an initial public offering in 2010.
The following year, Fitzroy completed a small drilling program to extend the known resource.
Verification drilling
Since 2014, Zenith has conducted verification exploration at Develin Creek using reverse circulation and diamond drilling.
The work was initially thought to have resulted in higher grades but instead, it indicated average results to confirm original percussion assays by Queensland Metals.
QMines said most of the historical drilling results had been used for the updated mineral resource estimate, with the exception of five holes due to incomplete sampling or poor orientation.
Credits: https://smallcaps.com.au/
