Alice Queen Ltd

Alice Queen eyes resource expansion at Horn Island gold project

Drilling to upgrade the existing 375,000 ounces inferred gold resource.

map of Australia
7,300 metres of drilling planned

Alice Queen Ltd (ASX:AQX) has commenced Phase 2 diamond drilling at its flagship Horn Island gold project in the Torres Strait region of North Queensland.

The company has planned 7,300 metres of diamond core drilling over two stages, aimed at upgrading the existing 375,000 ounces inferred gold resource.

Alice Queen’s drilling has commenced on a 24/7 basis with Stage A (3000 metres) to be completed by December 2017 and Stage B (4300 metres) to commence in the first quarter 2018.

The phase 2 drilling program will evaluate the remaining balance of the project’s Exploration Target.

The purpose of the 2-stage program is to allow for an initial assessment of the overall Horn Island pit target area and to provide sufficient opportunity to review the results.

Alice Queen is also aiming to complete preliminary modelling and to further optimise drill targeting prior to implementing the second stage.

The maiden inferred resource at Horn Island is 5.8 million tonnes grading 2.01 g/t gold for 375,000 ounces of gold.

This drilling is critical to achieving the company's goal of adding a significant increase to its current resource at Horn Island.

Given that the current resource covers only circa 30% of the area around the pit that is known to be mineralised, Alice Queen is expecting a significant upside.

Quick facts: Alice Queen Ltd

Price: $0.03

Market: ASX
Market Cap: $24.25 m

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