QML certainly should benefit from the bullish copper and gold prices. Hopefully, we have come off the bottom at 7 cents and headed back to mid-teen share price which is a reasonable valuation for their current Resource.
More drilling results are to come in the short term and a Pre Feasibility Study is well underway on the Mt Chalmers project near Rockhampton. The PFS is due in the first quarter of 2024 and there should also be a further resource upgrade with the ongoing drilling. Mt Chalmers alone sits at 11.86 million tonnes at 1.22% copper equivalent with 88% sitting in the Measured and Indicated category. This project is a shallow open pittable operation near existing infrastructure and ports.
Previous mining on the site saw the ore transported to Mt Morgan, which is southwest of Rockhampton. Mt Morgan is currently being prepared to restart mining operations with the backing of the Qld Government funding by Heritage Resources a private company. The Qld government is keen to drive job growth and investment in the regional area around Rockhampton.
Add the new discoveries adjacent to the existing Mt Chalmers resource and the newly acquired Develin Creek project which alone adds 3.2 million tonnes at 1.61% Copper equivalent, and 2024 is looking good for QML. Just bought a few more to add to the holding. Onwards and upwards!
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