QMines Limited has announced a significant resource upgrade at its Mount Mackenzie Gold and Silver Project in Queensland, following its recent acquisition from Resource & Energy Group. The revised Mineral Resource Estimate now stands at 3.3 million tonnes averaging 1.4 g/t Au and 8.4 g/t Ag, representing a total of approximately 151,000 oz of gold and 902,000 oz of silver. Breakdown of the resource shows 2.2 million tonnes in the higher-confidence Indicated category and 1.1 million tonnes classified as Inferred. This upgrade reflects a 16% increase in the gold resource overall and reinforces the project’s contribution to QMines’ growing central Queensland hub, which now encompasses roughly 20 million tonnes of JORC-compliant resources across three wholly owned projects. The Mount Mackenzie project is strategically located about 140 km northwest of Rockhampton and lies in close proximity to the Develin Creek project. It is positioned to complement the Mount Chalmers copper and gold project by adding substantial gold and silver endowment to the regional resource base. The planned integration into the Mount Chalmers mine plan means the deposit could benefit from treatment at a proposed processing plant located approximately 140 km from Rockhampton. Geologically, the deposit is hosted within a Paleozoic convergent plate margin complex and is characterized by high-sulphidation epithermal mineralization. The deposit consists of two primary zones—North Knoll and Southwest Slopes—with mineralization expressed through a variety of styles including disseminated, vein-hosted, and replacement textures in volcaniclastic rocks and altered tuffs. The technical report details an extensive drilling program totaling 649 holes and over 62,700 metres drilled, incorporating a blend of historical data and recent verification drilling. Rigorous sampling and assay protocols, including fire assay and ICP-AES analysis, were applied to ensure a robust data set and reliable resource estimation process based on a 0.3 g/t Au cut-off. A comprehensive model distinguishes oxidized from fresh/sulphide material—using bulk density values of 2.10 t/m³ and 2.85 t/m³ respectively—which is critical for metallurgical response and mining parameters. The work was carried out in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012), ensuring a high level of technical conformity and transparency. Market sentiment stemming from this news has both bullish and bearish elements. On the bullish side, the resource upgrade reinforces the quality of the Mount Mackenzie asset and significantly boosts QMines Limited’s resource base, with a greater proportion in the high-confidence Indicated category. The strategic location, solid integration into an established processing hub, and detailed technical underpinnings support a long-life, multi-asset production model. Conversely, some challenges remain, as the project still holds a significant proportion of Inferred resources which will require further drilling to confirm expansion potential. Additionally, as with many early-stage development projects, forward-looking uncertainties and inherent technical risks may temper immediate investor enthusiasm.