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QMines’ Mt Chalmers reveals big growth potential with wide, bonanza grade copper-gold-zinc hits outside resource

Special Report: The once-producing Mount Chalmers mine in Queensland is proving there is still plenty of valuable, high-grade resources left … Read More
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This article was originally published by Stockhead

The once-producing Mount Chalmers mine in Queensland is proving there is still plenty of valuable, high-grade resources left to find, and it’s more than just copper and gold.

QMines (ASX:QML) has reported ‘bonanza’ grade copper, gold, silver, lead and zinc intercepts from resource expansion drilling at its Mount Chalmers copper and gold project, northeast of Rockhampton in Queensland.

Several holes drilled outside of the current resource returned impressive assays peaking at 11.65% copper, 41.51 grams per tonne (g/t) gold, 224 g/t silver, 33.9% zinc and 6.18% lead.

Mount Chalmers is already recognised as being one of the highest-grade gold-rich volcanic-hosted massive sulphide (VHMS) systems in the world.

And it is on track to host a much bigger resource after infill drilling uncovered new mineralisation outside of the current inferred resource of 3.9 million tonnes at 1.15% copper, 0.81 g/t gold and 8.4 g/t silver.

New top hits featured a very wide 60.8 m intercept of 2.59g/t gold, 0.74% copper, 11.1g/t silver, 1.81% zinc and 0.71% lead from just 6.2m below surface.

This included higher grade intercepts of 12.6m at 12.01g/t gold, 0.79% copper, 43g/t silver, 8.42% zinc and 3.25% lead from 21.2m, and 18.6m at 6.84g/t gold, 1.69% copper and 2.6g/t silver from 48.4m.

QMines also reported another broad hit of 38.5m at 1.22g/t gold, 0.76% copper, and 2.3g/t silver from 63m including 10.5m at 1.3g/t gold, 1.93% copper and 5.2g/t silver from 91m.

“The results from the current drilling program are very exciting. They demonstrate that this deposit has grade, width and is growing in scale which bodes well for the proposed resource upgrade”, executive chairman Andrew Sparke told Stockhead.

“Mineralisation remains open in all directions which gives us confidence that this deposit will continue to grow.”

The new results confirm significant resource growth potential and put QMines firmly on track to deliver a resource upgrade in the fourth quarter.

The company first flagged that the Mount Chalmers copper and gold deposit was also playing host to high-grade zinc and lead back in July.

Mount Chalmers, which is located in the same region as several significant mines, was mined sporadically between 1898 and 1982, producing 1.24 million tonnes at 2% copper, 3.6g/t gold and 19g/t silver.

No mining has been undertaken since 1982, but QMines’ exploration efforts are proving there is still plenty of blue sky.

In the most recent round of drilling, the company drilled several holes in previously untested areas on the western side of the main pit and to the north of the west load.

Drill hole locations at Mt Chalmers

Three drill holes, including the one that hit bonanza grades (MCRC001), revealed that mineralisation extended beyond the current resource.

MCRC001 intersected peak grades of 7.2g/t gold, 224g/t silver, 6.18% lead and 33.9% zinc from within a broader intersection of 7m at 2.9g/t gold, 0.1% copper, 119g/t silver, 13.69% zinc and 3.69% lead from 106m.

And this drill hole has not yet reached its target depth, ending in mineralisation at a depth of 140m down hole.

Drilling is continuing through October with two rigs in operation.

This article was developed in collaboration with QMines, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post QMines’ Mt Chalmers reveals big growth potential with wide, bonanza grade copper-gold-zinc hits outside resource appeared first on Stockhead.





Author: Special Report

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Energy & Critical Metals

Pilbara Minerals Reaches Records Prices for Lithium Spodumene

Pilbara Minerals’ (ASX:PLS) third auction on the Battery Material Exchange (BMX) digital platform for 10,000t (SC5.5%) spodumene went off at a record…

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Pilbara Minerals’ (ASX:PLS) third auction on the Battery Material Exchange (BMX) digital platform for 10,000t (SC5.5%) spodumene went off at a record $US2,350/t.

It outshines auction two on September 14, which went off at a then-incredible $US2,240/t to singlehandedly spark a historic 86.5% month-on-month increase for average spod pricing industry-wide.

The average price for SC6% cargoes this time last year was ~$US380/t.

In the December half of 2020 – when pricing was still weak — Pilbara Minerals sold 114,239t of spodumene concentrate in contracts for revenues of ~$59m.

It has now raked in ~$US54m alone from these three spot cargoes totalling 28,000t.

“As with the previous two auctions, strong interest was received in both participation and bidding by a broad range of buyers,” Pilbara Minerals says.

“Parties placed 25 bids online during the 45-minute auction window, with the Company considering the bidding to be very strong in light of the deferred delivery date.”

 

 

The post Pilbara Minerals just sold the most expensive cargo of lithium spodumene ever appeared first on Stockhead.

Author: Reuben Adams

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Precious Metals

Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

First things first, when is a wealth tax not a wealth tax?…

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Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

First things first, when is a wealth tax not a wealth tax? When Janet Yellen says so…

The proposal under consideration from Senate Finance Committee Chairman Ron Wyden (D., Ore.) would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said Sunday on CNN.

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Ms. Yellen said.

But House Speaker Nancy Pelosi told CNN:

“We probably will have a wealth tax.”

But markets either a) don’t believe a word of it (given the relationship between all these billionaires as benevolent overlords of the political class), or b) don’t give a shit as The Fed will always be there…

And nowhere is this craziness more obvious than here. While Trump’s SPC (DWAC) stalled today (after rallying 800% in 2 days), TSLA and BKKT took over the crown of momentum-driven insanity kings

TSLA topped the trillion-dollar market-cap level for the first time (TSLA was up more than 1 GM today) on headline about HTZ ordering 100,000 TSLA vehicles…

Surpassing FB (ahead of tonight’s earnings) to join the ‘cuatro comas’ club…

Source: Bloomberg

All on the back of a massive gamma bomb.

@Stalingrad_Poor exclaimed:

“TSLA call options strikes up $10,000 in a single day. I’ve never seen this in my life”

NOTE: If unrealized gains are taxed as income (as several Democrats have indicated), Elon Musk would face a $30 billion tax bill for his gains this year!!

And BKKT soaring over 160% on its partnership with Mastercard on crypto rollout…

Bitcoin and Ethereum were both up today on the Mastercard news (and Neuberger Berman has linked up with BlockFi).

Bitcoin topped $63,500…

Source: Bloomberg

And Ethereum rallied back above $4200…

Source: Bloomberg

All the major US equity indices were higher today, led by Nasdaq and Small Caps. The Dow lagged but still closed green…

Record intraday (and closing) highs for The Dow and S&P today.

On a side-note, the S&P/TSX Composite rose again today – a record 14th straight daily gain (a record that stood for 102 years)…

All thanks to yet another major short-squeeze….

Source: Bloomberg

Utes and Financials lagged today while Consumer Discretionary and Energy ripped…

Source: Bloomberg

Treasuries were mixed today with yields lower across the curve aside from 30Y…

Source: Bloomberg

The yield curve (5s30s) steepened back into its recent range…

Source: Bloomberg

The dollar rallied on the day to the top of its recent narrow range…

Source: Bloomberg

WTI hit a new 7-year-high today above $85 before fading back into the red…

Gold jumped back above $1800…

Real yields dropped a little today, leaving room for a considerable move higher in gold still (to around $2000)…

Source: Bloomberg

Finally, the level of “greed” in the market is back at 2021 highs…

Source

“probably nothing” – oh and don’t forget that the last time capital gains taxes were hiked significantly was 1987 (from 20% to 28%) and that didn’t end so well eh?

Tyler Durden
Mon, 10/25/2021 – 16:00



Author: Tyler Durden

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Base Metals

Monsters of Rock: Lithium shares flush with positive sentiment to dominate the gains

Lithium miners were the kings, queens, jacks and aces of the bourse on an avalanche of positive news around the … Read More
The post Monsters of Rock:…

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Lithium miners were the kings, queens, jacks and aces of the bourse on an avalanche of positive news around the sector.

The biggest trigger was probably the incredible rise in value for Tesla overnight, which soared beyond a US$1 trillion valuation on news Hertz would order US$4 billion worth of electric vehicles from the automaker.

As the leading electric vehicle maker in the western world, and with a big presence also in China and energy storage, Tesla is one of the biggest end users of lithium products globally.

Its boss Elon Musk, now the richest man ever, has a fair bit of sway on the market as well.

On top of that Pilbara Minerals (ASX:PLS), up 525% over the past 12 months since spodumene prices bottomed out at under US$400/t (it sold a batch for upwards of US$2000/t last month), gained 7.66% after formally announcing plans to develop a lithium chemical plant in a JV with South Korea’s POSCO.

Core Lithium (ASX:CXO) declared the start of construction on its Finniss Lithium Mine in the Northern Territory. That will be shipping concentrate from the end of 2022.

$550 million capped Neometals (ASX:NMT) was up 14% after announcing its battery recycling demonstration plant in Hilcenbach, Germany, had been fully commissioned.

The one time lithium miner is up 405% over the past year.

Vulcan Energy (ASX:VUL), Sayona (ASX:SYA), Liontown (ASX:LTR) and Orocobre (ASX:ORE) were among the lithium miners to dine out on the day’s news, while rare earths miner Lynas (ASX:LYC) was also up.

On the flippity flip, iron ore miners were weak with Fortescue (ASX:FMG) and Rio Tinto (ASX:RIO) cancelling out a gain from BHP (ASX:BHP), while Mineral Resources (ASX:MIN) cancelled out the gains it made with yesterday’s announcement the Wodgina lithium mine would be coming back online with news it ate a 48% price discount on iron ore sales in the September Quarter.

MinRes’ average realised prices fell from US$178/t to around US$78/t between the June and September Quarters.

The bright green is all lithium baby. Pic: Commsec

 

Base metals inventories falling, but can it be sustained?

Base metals were back up on Monday, with production cuts in energy starved China and Europe hitting primary supply.

Inventories held by the major exchanges are being chewed up.

While price moves among the miners was muted, nickel rose 3.2% to climb back over US$20,000/t overnight after hitting US$21,000/t briefly last week.

“Nickel rallied after Eramet disclosed a 19% drop in ferronickel production from its operations in New Caledonia,” ANZ analysts said in a note.

“The market is also showing signs of tightness, with cash contracts closing at their biggest premium to futures in two years. LME inventories are down nearly 50% since April.”

LME stockpiles for copper hit their lowest level since 1974 last week, but Commbank analyst Vivek Dhar says it is too early to say whether the market is as tight as it seems, or whether some traders are hoarding to capitalise on high prices.

The market is expected to be in a small deficit at the end of this year to a 328,000t surplus in 2022 on rising supply (about 1.3% of global demand).

Mined supply is expected to increase 2.1% this year and 3.9% in 2022, but Dhar warned copper miners had a history of underwhelming.

“The rising forecasts for copper mine production reflect 5 major copper projects due to arrive by the end of 2022,” Dhar said.

“That compares with just two major copper projects in the last 4 years.

“Given the track record of mine disruptions (i.e. labour strikes, power and water scarcity and geopolitics) and the decline in copper grades, elevated copper mine production growth forecasts don’t tend to last long.

“We think it’s worth considering that new mine supply may take longer than currently expected to hit the market.”

The post Monsters of Rock: Lithium shares flush with positive sentiment to dominate the gains appeared first on Stockhead.







Author: Josh Chiat

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