viewAlice Queen Ltd

Alice Queen secures $3.88 million in heavily subscribed placement

A maiden exploration program is expected to commence soon at the Boda East prospect after a discovery was made nearby.

Alice Queen Ltd - Alice Queen secures $3.88 million in heavily subscribed placement
Results from a 2,000-metre drill program are also set to be released soon

Alice Queen Ltd (ASX:AQX) has received strong support from investors in a share placement to raise $3.88 million at 3.2 cents per share.

Funds will be used to undertake further drilling activities across the company’s Northern Molong Projects in New South Wales.

The highest priority target is Boda East, which lies just 700 metres away from Alkane Resources Ltd’s (ASX:ALK) recent major Boda discovery.

Alkane recently drilled 689 metres at 0.46 g/t gold and 0.19% copper confirming the porphyry discover as significant.

Drilling is also planned for the Mendooran and Yarindury prospects.

Overwhelming support from investors

Alice Queen’s managing director Andrew Buxton said: “We are very pleased with the overwhelming support from investors and we look forward to delivering on our objective of enhancing the value and prospectivity of our assets in the northern Molong Belt over the course of 2020.

“The funds received will allow us to continue our exploration efforts at Yarindury.

Results due soon

Buxton added: “Beginning with sampling results of a 2,000-metre drill program (due to be released soon), we will commence a maiden exploration program at the Boda East prospect, recommence exploration drilling at Mendooran and we will also continue to undertake drill target generation in conjunction with our joint venture partner St. Barbara at our Horn Island Gold Project in far-north Queensland.”

At Horn Island, ASX gold producer St Barbara Ltd (ASX:SBM) is continuing to earn into the joint venture (JV) through exploration for large-scale gold mineralisation.

Alice Queen is also managing a parallel process to progress the areas excluded from the JV towards a production decision.

Quick facts: Alice Queen Ltd

Price: 0.028 AUD

Market: ASX
Market Cap: $30.56 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Alice Queen Ltd named herein, including the promotion by the Company of Alice Queen Ltd in any Content on the Site, the Company receives from...


Alice Queen's Andy Buxton details diamond drilling program at Horn Island...

Alice Queen Ltd's (ASX:AQX) Andy Buxton speaks to Proactive's Andrew Scott after announcing they've kicked off diamond drilling at the Horn Island Gold Project Joint Venture (JV) with St Barbara Limited (ASX:SBM) in Torres Strait, Far North Queensland. The maiden diamond core drill program...

3 weeks, 4 days ago

2 min read