Alice Queen Ltd

Alice Queen eyes copper-gold anomalies at Looking Glass

Alice Queen Ltd (ASX:AQX) has commenced a drilling program at its Looking Glass Project, a copper-gold porphyry target on the Molong Volcanic Belt of New South Wales.

Alice Queen Ltd eyes copper-gold anomalies at Looking Glass

The program will consist of two 750 metre holes targeting two discrete magnetic anomalies.

The program is supported by a co-funding grant under the New Frontiers Co-operative Drilling Program for up to 50% of the drilling costs, up to the maximum grant amount of $190,000.

The Looking Glass tenement lies within the geological and tectonic terrain known as the Lachlan Orogen (formerly Lachlan Fold Belt).

Lithologically, the Lachlan Orogen is comprised of deformed sedimentary rocks, and mafic volcanics that accumulated during the early Palaeozoic.

Alice Queen had completed airborne geophysics over the Looking Glass exploration licence in February 2015.

Subsequent modelling of the magnetic data resolved a composite anomaly beneath the cover rocks which is consistent with the porphyry deposit model.

The company’s first drill hole will target the central area of the large (5 kilometres diameter) volcanic feature.

Pending the measures of success below, a second hole will be drilled on a smaller and possibly shallower magnetic target peripheral to the large feature.

Alice Queen’s shares were last trading at $0.038, up 9% intraday.

Quick facts: Alice Queen Ltd

Price: $0.02

Market: ASX
Market Cap: $14.48 m

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