QMines Limited (QML) has announced positive open pit optimisation results for its 100%-owned Mount Mackenzie Gold-Silver Project in Queensland. QMines is a Queensland-focused copper and gold exploration and development company. The Mount Mackenzie project, acquired in July 2025, is a high-sulphidation epithermal gold-silver deposit and a key component of QMines’ strategy to establish a regional processing hub in Central Queensland.
The optimisation study indicates that Mount Mackenzie can be economically mined via open pit methods, with material hauled to the planned Mt Chalmers processing plant. The total Mineral Resource Estimate now stands at 3.3Mt @ 1.40 g/t Au and 8.4 g/t Ag for a total of 151,000oz Au and 900,000oz Ag. Open pit optimisation has delivered a Production Target Estimate of 800,000t of oxide material @ 1.3g/t Au and 7.7g/t Ag and 1.5Mt of sulphide material @ 1.38g/t Au and 9.5g/t Ag.
The production target estimate is comprised of 90% Indicated and 10% Inferred resources. The open pit strip ratio of 4.2:1 supports the company’s proposed mine and haulage operation to the planned Mt Chalmers processing plant. Mount Mackenzie represents a third source of material, coupled with Mt Chalmers and Develin Creek material, expanding inventory and strengthening QMines’ regional growth strategy.
The positive results from the Mount Mackenzie optimisation will be integrated into the Mount Chalmers updated Pre-Feasibility Study (PFS), expected in H1-2026. According to Executive Chairman Andrew Sparke, the results confirm Mount Mackenzie as a high-quality, high-margin open pit operation, potentially delivering significant low-cost ounces into their production profile. This bolsters their hub-and-spoke strategy, contributing to a planned centralised 2.0Mtpa processing plant.
