Best result from the maiden 9-hole diamond drilling program for 1,500 metres is 3 metres at 9.41 g/t gold, including 1 metre at 16.25 g/t.
This was within an 11-metre intersection averaging 2.89 g/t.
Shares increase 25%
Alice Queen shares increased 25% to 5 cents.
The drilling program was conducted within a 3-kilometre surface gold system and confirm a potentially substantial gold system at Southern Silicified Ridge (SSR).
Managing director Andrew Buxton said: “The potential of the Horn Island goldfield has increased dramatically.”
Assay results from five holes have been received with the results from remaining holes expected within two weeks.
Drilling has only tested a 500-metre portion of the much larger exposed surface gold zone.
Inferred resource of 375,000 ounces
The Horn Island project hosts an inferred resource of 5.08 million tonnes at 2.01 g/t for 375,000 ounces of gold.
SSI is 2 kilometres from the Horn Island resource.