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QMines has reported another broad copper intersection from its ongoing 10,000-metre drilling programme at the Mt Chalmers Copper and Gold Project in Queensland, Australia. Drill hole 26MCRD006 returned 32 metres at 1.99% copper, 0.39 g/t gold and 2.6 g/t silver from 138 metres, including 7 metres at 4.18% copper, with a peak one-metre interval of 11.3% copper. The same hole also returned 7 metres at 2.14% copper and 1.00 g/t gold from 163 metres, while a separate shallow polymetallic zone in hole 26MCDD008 returned 25 metres at 2.08 g/t gold, 92 g/t silver, 2.56% zinc and 0.19% copper from 56 metres. QMines said the latest drilling is helping improve its understanding of both the deeper copper-gold-dominant portion of the Mt Chalmers system and the shallower polymetallic lenses. All reported intervals are down-hole lengths, with true widths yet to be determined. The latest assays follow earlier August results from the project, including 35 metres at 2.88% copper, 0.75 g/t gold and 3.3 g/t silver from 107 metres. The current drilling programme is supporting technical work for the project’s Definitive Feasibility Study, while additional assays from further completed holes are still pending. The latest results provide further geological and technical information as QMines advances the Mt Chalmers DFS and continue to demonstrate broad zones of copper mineralisation within the project. However, the drilling remains part of the project-definition and feasibility process, meaning any eventual impact on resources, mine design or future copper production will depend on further drilling, modelling and completion of the feasibility work.

Cobre Limited said its wholly owned Chilean subsidiary, Sierra Cobre SpA, has increased its position in the Sierra Atacama Copper Project in Chile following the issuance of new convertible non-voting preference shares under a previously announced US$12 million capital raising. The shares represent Cobre Chile’s pro-rata entitlement and will convert into ordinary shares once the company exercises a separate Control Option to acquire additional interests from Minera Salara Blanco in the project companies. The Control Option carries a US$12 million purchase price and must be exercised by December 31, 2026. Upon exercise of the option and conversion of the preference shares, Cobre Chile would hold a 62.86% interest in both Sierra Atacama SpA and Bergbau Wagen SpA, giving it control of the project companies. Cobre also retains a further Final Option that provides a pathway toward consolidating additional ownership interests. Sierra Atacama is an operating copper asset in Chile, with Cobre targeting a ramp-up in copper cathode production as it expands output from the existing underground mine and SX-EW processing facility. The company has said it is building a larger copper production platform around the asset, while also continuing exploration aimed at identifying additional resources and extending the scale and operating life of the project. The latest share issuance advances Cobre’s pathway toward majority control of Sierra Atacama, but the company will only obtain the stated 62.86% controlling interest once the Control Option is exercised and the preference shares convert into ordinary shares. The development increases Cobre’s potential exposure to an operating Chilean copper cathode asset as production ramps up, while the separate Final Option provides a further route toward ownership consolidation.