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Resources Top 5: QMines grows precious metals position in central Queensland

Resources Top 5: QMines grows precious metals position in central Queensland

News.com.aua day ago

QMines is acquiring the high-grade Mount Mackenzie gold and silver project
Peak Minerals has discovered high-value monazite at the Minta rutile project in Cameroon
A fully underwritten, non-renounceable entitlement offer will see Zenith Minerals raise up to $3.5m
Your standout small cap resources stocks for Thursday, June 19, 2025
QMines (ASX:QML)
Set to expand its precious metals position in central Queensland through the pending acquisition of the high-grade Mount Mackenzie gold and silver project is QMines, which advanced 7.7% to 4.2c.
The company believes this will complement its gold, copper and zinc interests at the Mt Chalmers and Develin Creek projects in the historical mining region that is relatively unexplored.
It has completed due diligence and is in the final stages of acquiring Mt Mackenzie from Resources and Energy Group (ASX:REZ), which jumped 37.5% to a daily top of 2.2c.
The $2.48 million acquisition is expected to increase QMines' (ASX:QML) gold and silver exposure, supporting its strategy to develop a diversified minerals portfolio in central Queensland.
Mt Mackenzie is an advanced staged project, about 140km northwest of Rockhampton and 45km from QML's Develin Creek copper-zinc landholding.
The existing shallow resource comprises 129,000 ounces of gold and 862,000 ounces of silver and is open in all directions.
QML is updating the mineral resource estimate, with results anticipated soon.
On completion of the sale REZ will receive $1m in cash, inclusive of a $100,000 deposit, and 33m QML shares, voluntarily escrowed for 12 months.
In support of the acquisition and near-term development plans, QMines has entered into a convertible note arrangement with a major existing shareholder to provide $1m with an additional $500,000 available upon request.
QML executive chairman Andrew Sparke said the company was delighted to confirm its intention to complete the Mt Mackenzie gold-silver project acquisition.
'The project is a highly strategic and value-accretive addition to our asset base, increasing gold and silver exposure and providing operational synergies with our Mt Chalmers and Develin Creek projects,' he said.
'The strong financial support from one of our largest shareholders, via the secured convertible note on favourable terms, demonstrates confidence in our strategy and capacity to execute.'
QML is in the final phase of planning a drilling program at Mt Mackenzie, focusing on confirming historical high-grade gold and silver results such as 36m at 4.4g/t Au and 25g/t Ag, 26m at 12.78g/t Au and 34g/t Ag and 12m at 14.93g/t Au and 61g/t Ag.
Peak Minerals (ASX:PUA)
The discovery of high-value monazite by Peak Minerals at the Minta Est prospect stands to boost the economics of the heavy minerals package at the Minta rutile project in Cameroon.
Monazite trades at about three times the value of rutile and zircon, presenting PUA with significant economic upside at Minta.
This has seen Peak put in a strong performance on the ASX, rising as much as 21.05% to a daily high of 2.3c, a new four-year high, with more than 84m shares changing hands. PUA closed at 2.2c, a rise of 15.79% on the pre-trading halt close.
Sampling at Minta Est has returned Heavy Mineral (HM) results along with mineral assemblages and rare earth element distribution results.
Assays were received from an additional 36 residual and 11 alluvial holes at Minta Est over an initial 121km2 and further assays are pending.
The average depth of all holes reported on Minta Est to date is 4m, with all holes intersecting mineralisation from surface.
In-situ grades of 0.5%-1.2% TREO were achieved from free-dig material in monazite separated by conventional mineral sands processing methods.
Recent and historical samples show assemblages of up to 73% monazite, up to 35% rutile and up to 28% zircon at Minta Est.
There were encouraging returns of high-value magnet rare earths in excess of 25% MREO, including up to 22.5% NdPr light rare earths and up to 2.7% DyTb heavy rare earths.
The ongoing reconnaissance drill program at Minta aims to systematically test an initial 3,500km2 over broad drill spacings to identify higher-grade areas for follow-up infill drilling.
The project has not previously been subject to modern exploration techniques and the company is utilising cost-effective, hand auger drilling to target the mineralisation from surface.
Hand auger drilling is widely utilised for drilling heavy mineral sand deposits and is particularly effective in the residual soils at Minta due to the stability of the drilled formations.
'It is very exciting to release these new drilling assay results representing an entirely new high- grade discovery at Minta Est, located across 121km2 in the northeast portion of Minta rutile project,' Peak Minerals chief executive officer Casper Adson said.
'Monazite makes up to 73% of the heavy mineral assemblage at Minta Est, positioning the project as a potential high-value, world-class asset.
'Importantly, the separated monazite contains up to 22.5% NdPr and 2.7% DyTb - key magnet rare earths critical to the global energy transition.
'Mineral sands deposits typically contain up to 0.1% in-situ total rare earth oxides (TREO).
'The potential discovery of a mineralised zone with significantly higher rare earth content, hosted in free-dig sands that require no drill-and-blast or crushing and milling, is truly exceptional.
'Even more remarkable is that the monazite has been successfully recovered using only standard mineral sands beneficiation techniques, such as gravity and magnetic separation.'
Zenith Minerals (ASX:ZNC)
With a fully underwritten, non-renounceable entitlement offer to raise up to $3.5m underway to accelerate exploration and resource growth at its gold projects, Zenith Minerals reached a high of 4c, a lift of 33.34% on the previous close before closing at 3.6c.
Funds will support a 9000m-12,000m drilling campaign at the newly consolidated Dulcie gold project in Western Australia as well as deep diamond drilling at the Red Mountain gold project in Queensland.
At Dulcie, drilling will be focused on growing the 210,000oz mineral resource estimate, strengthening the path towards commercial production.
The funds will be raised through a two for seven offer at 3c per share with a one-for-three free-attaching option.
Showing their confidence in the company and its gold strategy, the raise will be strongly supported by Zenith's board and management.
The company's managing director Andrew Smith will sub-underwrite $150,000 and non-executive director Euan Jenkins $100,000 while other directors will apply for their respective entitlements.
Noble Helium (ASX:NHE)
(Up on no news)
Noble Helium (ASX:NHE), which is answering the growing need for a primary and geo-politically independent source of helium with its projects along Tanzania's East African Rift System, has been a big mover, up 58.33% to 1.9c although there's no fresh news.
Four projects are being advanced according to the highest ESG benchmarks to serve increasing supply chain fragility and supply-demand imbalance for this scarce, tech-critical and high-value industrial gas.
Priced at up to 50 times the price of LNG in liquid form, helium is essential to many modern applications as an irreplaceable element in vital hi-tech products such as computer and smartphone components, MRI systems, medical treatments, superconducting magnets, fibre optic cables, microscopes, particle accelerators and space rocket launches.
Rising demand and constrained supply are fuelling growth prospects within the global marketplace, particularly for cleaner 'green helium' sourced from non-carbon environments.
At present, more than 95% of the world's helium is produced as a by-product of the processing of hydrocarbon-bearing gas.
Javelin Minerals (ASX:JAV)
On a fast-track to mining at the 112,000oz Eureka gold project near Kalgoorlie in WA is Javelin Minerals, which reached 0.3c today, before easing right back to 0.2c.
The company is taking steps to mine the ~34,000 recoverable ounces within the 62,000oz indicated resource and is in advanced discussions with mining and processing contractors.
With the gold price sitting above A$5200/oz, JAV is closing in on the goal of unlocking the substantial value of the resource in a cost-effective and timely manner.
Javelin Minerals is considering several options for milling nearby, including the Paddington gold operations owned by Zinjin Mining Group Co which is just 20km away.
Engineering studies and the approval process for the restart of mining are well advanced, with the board aiming to be mining within 12 months.
The mining strategy is being advanced in parallel with exploration at Eureka and a new drilling program is planned to follow up strong results next to and below the Eureka pit.
These areas are considered to be priority exploration targets with excellent potential to grow the resource, both at Eureka and their Coogee gold project nearby.
'Our plan to generate early production and cashflow at Eureka is now the primary focus of the board for the Eureka gold project, which has been endorsed by strong interest from third parties to partner with us for the project's development in the short term,' JAV executive chairman Brett Mitchell said.
'Based on the discussions to date, we are confident that this strategy will prove extremely effective in creating rapid value in the current record high A$ gold price environment, whilst we continue the exploration program to grow the overall inventory at both our Eureka and Coogee gold projects.'

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Developers lodge plans for Australia's tallest building with 101-storey tower in Southport

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The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. At Stockhead, we tell it like it is. While Clever Culture Systems, Audeara and EMVision are Stockhead advertisers, the companies did not sponsor this article.

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