Alice Queen Ltd

Alice Queen reveals potential for a larger gold system at Horn Island

New studies reveal that mineralisation is similar to well-known multi-million ounce North Queensland deposits.

The Horn Island (Ngurupai) gold project
The Horn Island (Ngurupai) gold project

Alice Queen Ltd (ASX:AQX) has revealed a profound change in the geological understanding and exploration potential at Horn Island following the recent work by leading industry consultants, together with the body of work the company has compiled since listing in 2015.

The Horn Island (Ngurupai) project lies in the Kaurareg Archipelago of the Torres Strait, north of Cape York Peninsula.

Alice Queen has re-assayed almost 15,000 drill core samples and 1700 surface rock chips samples using advanced analytical methods.

Alice Queen managing director Andrew Buxton said: “The new studies reveal that the Horn Island gold mineralisation is in the deposit category of the well-known multi-million ounce North Queensland deposits such as Kidston, Mungana, Mt Leyshon and Mt Wright.

“The most exciting part is that the Horn Island historic pit area, the subject of the company’s existing mineral resource, is likely a secondary satellite expression within the much larger, under-explored Horn Island alteration system.

“The real prize at Horn Island is still to come”.

READ: Alice Queen hits high-grade gold in new prospect at Horn Island

The Horn Island project hosts an inferred resource of 5.08 million tonnes at 2.01 g/t for 375,000 ounces of gold.

Structural studies of the Horn Island resource area have shown that the gold is contained in a large tension vein array setting with significant probable extensions which have had only limited drill testing.

Over the next 2-3 months, Alice Queen is planning to move forward with an exploration program comprising:

• Extension of soil and rock chip geochemistry for complete coverage of the alteration system;
• Flying of a close-spaced airborne magnetics and radiometric survey;
• Induced polarisation surveys to focus drilling in target areas defined by the geochemistry and airborne survey;
• Drilling of gold-mineralised cupola phase targets; and
• Extension drilling to add to the resource at the historic pit resource area.

Quick facts: Alice Queen Ltd

Price: $0.02

Market: ASX
Market Cap: $14.48 m

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