Queensland Mining Corporation (ASX:QMN) revealed in its recent quarterly report that it has signed a farm-in agreement with Orbit Capital for graphite exploration at a project in Cloncurry, Queensland.
Under the agreement, Orbit Capital is to undertake exploration and complete two reverse circulation drill holes targeting graphite mineralisation within the next 12 months, to earn an 80% interest in any graphite discovery.
QMN retains 100% of other metal rights within the tenement.
Copper exploration work is ongoing at QMN's flagship White Range project where the most recent drill hole intersected 40 metres at 0.3% copper and 365ppm cobalt from 14 metres.
Assays for a one diamond hole drilled at the Black Fort prospect are expected shortly. Visual examination of this drill core revealed wide zones of carbonate alteration and sulphide copper mineralisation throughout the target zone.
QMN is also in negotiation with multiple parties interested in joint development of its White Range copper project.
The company retained around $1.8 million in cash at the end of the quarter, and is capitalised at $16 million.
