QMines acquires Queensland land for $2.4M

• QMines agreed to acquire two freehold properties over the Mt Chalmers mine lease application for $2.4 million.
• The acquisition secures vital land access, though the share price remained unchanged following the market announcement.
• The deal provides a pathway to evaluate the Botos deposit as an additional feed source for Mt Chalmers.

QMines (ASX:QML) agreed to acquire two freehold properties adjacent to the Botos deposit for $2.4 million to secure operational land access.

The developer faced long-term access constraints at Botos, where exploration had stalled since initial drilling by Geopeko in the late 1970s and early 1980s.

The company stated that the acquisitions effectively unlock the core deposit for systematic modern drilling.

Executive Chairman Andrew Sparke commented, “These acquisitions are another important piece of the Mt Chalmers puzzle. They unlock the core of Botos deposit for systematic modern drilling.”

Field operations include an active nine-hole, 1,500-metre drilling programme targeting confirmation of grade, geometry, and continuity at the site.

Management aims to deliver a maiden mineral resource estimate to potentially integrate Botos into the broader Mt Chalmers processing hub plan.

Following the announcement, the QMines share price was unchanged at $0.068.

The entity holds full ownership over the Mt Chalmers copper-gold project located near Rockhampton in Central Queensland.

Historical exploration data at Botos includes an exploration target of 1.5–2.5 million tonnes containing gold, copper, and zinc mineralisation.