QMines has secured two freehold properties adjacent to the Botos deposit at its Mt Chalmers project in Central Queensland for AU$2.39 million, overcoming long-standing land access constraints.
The acquisition, executed through wholly owned subsidiary RLG Holdings, encompasses a combined 25.52 hectares situated just 700 metres northeast of the planned Mt Chalmers processing plant.
The purchase consideration comprises AU$1.14 million for 87 Bells Road and AU$1.25million for 91 Bells Road, with both properties scheduled to settle on October 30.
The deal unlocks the core Botos deposit for systematic modern exploration for the first time in over four decades.
Executive Chairman Andrew Sparke said: “These acquisitions are another important piece of the Mt Chalmers puzzle.
“Our strategy is straightforward. Consolidate the land, drill and grow resources within the district and progressively evaluate the satellite deposits as potential additional feed sources for the Mt Chalmers hub.”
Historically drilled by Geopeko between the late 1970s and early 1980s, Botos currently holds a conceptual Exploration Target of 1.5 to 2.5 million tonnes grading 0.5 to 0.8 grams per tonne gold, 0.1 to 0.2 per cent copper, and 1.1 to 1.4 per cent zinc at a 0.5g/t gold cut-off.
Notable historical percussion intercepts included 33 metres at 0.80g/t gold, 0.16% copper, and 1.82% zinc from 75 metres.
QMines has immediately commenced a nine-hole, 1,500-metre diamond drilling program to validate the historical dataset, establish modern survey and density parameters, and confirm grade continuity.
The deposit remains under-drilled, with only eight historical drill holes intersecting the existing target footprint, which stays wide open along strike and down plunge.
Subject to successful results from the initial validation drilling, QMines plans to execute a follow-up 17-hole, 3,800-metre extension program targeting mineralisation down-dip and along strike.
The campaign aims to deliver a maiden Botos mineral resource estimate and evaluate the deposit’s potential to provide supplementary feed and extend mine life for the broader Mt Chalmers development.
