Qmines Ltd. · ASX:QML
Qmines — Discoveries in the Tasmanides 2024
24 slides from Qmines's conference presentation, Sep 5, 2024
Slide 1: Mt Chalmers VHMS – New life for a forgotten gem
For personal use only September 2024 Mt Chalmers VHMS – New life for a forgotten gem Discoveries in the Tasmanides 2024 Glenn Whalan & Peter Caristo 1
Slide 2: Important Information
Important Information DISCLAIMER For personal use only This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. QMines Limited ACN 643 212 104 (QMines) and its directors, o
Slide 3: Executive Summary
Executive Summary For personal use only • QMines Limited is an ASX listed (QML) mining development company advancing the Mt Chalmers Cu-Au project to production • Long history of sporadic production dating back to ~1860 • Current Resource of 11.86 Mt @ 0.76% Cu and 0.42 g/t Au, and Reserve of 9.6 Mt
Slide 4: About
About For personal use only • Queensland copper-gold focus • Mt Chalmers - 100% Owned flagship development project – acquired in Dec 2020/Jan 2021 • Maiden Mt Chalmers Resource Feb 20211 • QMines Limited (ASX:QML) – Listed 6 May 2021 • Updated resource in Dec 20212, and in Nov 2022 (including Woods
Slide 5: Project
Mt Chalmers Project For personal use only • Located 17 km E of Rockhampton & 520 km NNW of Brisbane • Sealed road access, close to two ports (Gladstone, Alma), rail access to Mt Isa • PFS completed in 20241 • 10.4 yr mine-life @ 1 Mtpa • 65 kt Cu, 160 koz Au, 30.6 kt Zn, 1.8 Moz Ag • $373M NPV8% • A
Slide 6: Resource & Reserve
Mt Chalmers Resource & Reserve For personal use only Tonnes Cut Off Au Zn Ag S Reserve¹ Cu (%) (Mt) (% Cu) (g/t) (%) (g/t) (%) Mt Chalmers 9.6 0.3% 0.63 0.48 0.29 5.5 4.3 ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. Tonnes Cut Off
Slide 7: Early History
Early History For personal use only • Gold first discovered in 1860 by Mr Hill with Mr Chalmers sinking the East Shaft in ~1861 and established a five-heads battery at New Zealand Gully. • Copper mining started in 1896(?). Mt Chalmers Copper (1896-1899) and Great Fitzroy Mines (1907-1914) notable op
Slide 8: Recent History
Recent History For personal use only • Modern open-pit mining by Geopeko between 1979-1982 • Ore transported to Mount Morgan where mining had ended 1981 - Geopeko (image credit: Julius Marinelli) 2023- Abandoned mine (image credit: Peter Caristo) Total Historic Production estimated: 1.2 Mt @ 3.6 g/t
Slide 9: Regional Geology
Regional Geology For personal use only • Yarrol Province • Late Devonian to Early Permian fore-arc (or back- arc) basin succession • Volcaniclastic and siliciclastic sediments, limestone, calc-alkaline volcanic rocks • Early Permian extensional basins developed at the same time as the Bowen Basin to
Slide 10: Regional Mineralisation
Regional Mineralisation Gold Copper Other use only Name Age Type Province Resource/Production (Ma)1 Mt Cannindah Bx/Porphyry Yarrol 14.5 Mt @ 0.72 % Cu, 0.42 g/t Au Triassic For personal Coalstoun Lakes 231.5 Porphyry Wandilla 26.9 Mt @ 0.38% Cu Hunter-Bowen Mt Rawdon 233 IRGS Wandilla Historic Prod
Slide 11: Local Geology
Local Geology For personal use only • Berserker Group Oldest • Lakes Creek Fm: massive to medium bedded siltstone to quartzofeldspathic sandstone, derived from intermediate to felsic volcanics. Lateral equivalent of Mt Chalmers Fm • Mt Chalmers Fm: similar to Lakes Ck Fm with volcaniclastic rocks an
Slide 12: Permian VHMS – geologically rare
Mt Chalmers For personal use only • Relatively undeformed sub-greenschist facies Permian VHMS – geologically rare • Economic mineralisation extends over 800 m by 350 m, and typically 30 m thick, elongated in a NE direction • Zone of massive and semi-massive sulphides (Cu-Au- Zn-Ag-Pb) overlay a qtz-
Slide 13: Mineralisation
Mt Chalmers - Mineralisation Massive/exhalite zone Stringer zone For personal use only MCDD020 51.8 m MCDD003 57.3 m MCDD036 122.4m MCDD006 114.2 m 1.5m @ 2.04% Cu, 22.1% 1 m @ 8.4% Cu, 5.6% Zn, 1.25m @ 2.74% Cu, 1 m @ 6.7% Cu Zn, 12.65% Pb, 0.75g/t Au 3.1% Pb, 7.4 g/t Au & 199 0.33g/t Au & 4.8g/t A
Slide 14: Mineralisation
Mt Chalmers - Mineralisation For personal use only • Accepted to be Kuroko style VHMS • 277.1 ± 3.5 Ma (zircon U-Pb SHRIMP - age of succession)1 • Metal distribution not as expected for a typical VHMS – more complex than typical “stylised” metal distribution → potentially two metal pulses (Cu-Au and
Slide 15: Au-Cu Distribution
Mt Chalmers – Au-Cu Distribution For personal use only Au > 0.3 g/t Cu > 0.3% • At economic cut-off grades, very strong spatial correlation between Cu and Au • Best Cu grades on the north side of the Main Fault • Thickest & highest grade Cu north of each structure • Au distribution less well defined
Slide 16: Zn-Pb-Ag Distribution
Mt Chalmers – Zn-Pb-Ag Distribution Ag > 10 g/t For personal use only Zn > 0.3% Pb > 0.3% • At economic cut-off grades, very strong spatial correlation between Ag-Zn-Pb • Mostly confined between Southern and Main Fault • Correlation with Au between Southern and Main • Poor correlation with Cu 16
Slide 17: Alteration
Mt Chalmers - Alteration • Silica alteration(pre-min) confined For personal use only Silica Kaolinite to footwall of massive sulphide/exhalite • Kaolinite (syn-min) strongly associated with massive sulphides/exhalite horizon and structure • Sericite (syn-min) more strongly associated with Cu-Au zone
Slide 18: Structure
Mt Chalmers - Structure For personal use only 3 • Broad dome with mineralisation centred on the antiformal hinge, drag-folding adjacent to faults 2 • Seven (7) distinct fault populations noted (earliest to latest) 6 1 2 • Two earlyo generations o of sinistral ductile shears, N-S then 160 -340 . Mino
Slide 19: Regional Exploration
Regional Exploration For personal use only • Compilation of historic soil data – generated large Cu-Zn anomalies over Tracker 1, Tracker 2, Tracker 3, and Striker • Detailed heliborne VTEM survey completed early 2023 • 34 anomalies identified (after screening) – including 4 very high- priority (3 at
Slide 20: Artillery Road
Artillery Road For personal use only • Three VTEM targets • Drilling intersected a consistent 20-30 m thick skarn horizon interpreted to extend from gossan outcrops to at least 400 m down plunge to the west and a north-south strike of at least 700 m • Semi-massive mineralised horizon within a skarn
Slide 21: Artillery Road
Artillery Road For personal use only • Skarn minerals intersected include actinolite-epidote- clinopyroxene (diopside); • Sulphide minerals include Chalcopyrite-sphalerite-pyrrhotite- Left: Coarse grained clinopyroxene with patchy replacement by pyrrhotite (black). Transmitted light, crossed polaris
Slide 22: Executive Summary
Executive Summary For personal use only • QMines Limited is an ASX listed (QML) mining development company advancing the Mt Chalmers Cu-Au project to production • Long history of sporadic production dating back to ~1860 • Current Resource of 11.86 Mt @ 0.76% Cu and 0.42 g/t Au, and Reserve of 9.6 Mt
Slide 23: Share in Our Exciting Future...
For personal use only September 2024 Share in Our Exciting Future... 23
Slide 24: Resource & Reserve Statements
Resource & Reserve Statements Appendix 1 For personal use only Tonnes Cut Off Au Zn Ag S Reserve¹ Cu (%) (Mt) (% Cu) (g/t) (%) (g/t) (%) Mt Chalmers 9.6 0.3% 0.63 0.48 0.29 5.5 4.3 ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. Tonn