The board has also reviewed expenditures to ensure the company has sufficient funds to exploit any new opportunities that could potentially be added to the portfolio.
AQX's flagship is the Horn Island Gold Project in Far North Queensland, which is held in joint venture with gold producer St Barbara Ltd (ASX:SBM), and the company is also highly encouraged by recent exploration success around its Northern Molong project in Central West NSW.
Managing director Andrew Buxton said: “We are fortunate that in such turbulent times, Alice Queen has never been in a stronger position, both financially and operationally.
“We have a robust balance sheet with more than $3.7 million cash in the bank.
“We are well placed to see Alice Queen through this uncertain period and come out on the other side ready to continue advancing our highly prospective assets.”
The company has always operated using remote-based platforms and the team continues to work remotely on target generation, access, mandatory reporting and planning for all field-based work programs from financial year 2021 across all projects.
Horn Island progress
At the Horn Island JV recent IP survey program results and subsequent target generation are imminent.
Buxton said: “At our flagship Horn Island Gold Project, we have an ongoing joint venture with established ASX-listed gold miner St Barbara Ltd which hosts an inferred mineral resource (JORC-2012) of 7.9 million tonnes at 1.9 g/t gold for 492,000 ounces.
“St Barbara’s commitment to the project has seen the minimum JV expenditure achieved ahead of schedule.”
Exploration within the JV excluded area included a drill program at the pit to further test the existing mineral resource and to enable advanced planning for further infill drill programs - as well as providing material for future Tomra ore sorting test work.
The program was completed in March 2020 and samples have been dispatched for assay, with results expected in May 2020.
Northern Molong results due
At the Northern Molong project, the company completed a diamond drill program of nine holes for around 2000 metres at Yarindury prospect with final assay results and petrological studies expected this month.
Buxton said: “At our Northern Molong projects in NSW, we have more than 20 large-scale porphyry copper-gold target areas, including at our Boda East prospect, which lies just 700 metres from Alkane Resources Limited’s (ASX:ALK) recent major Boda discovery.”
For Boda East, significant progress has been made with several access agreements agreed to, with further agreements being negotiated.
Subject to normal approvals, drill programs are ready to be deployed.
Final access arrangements are underway for Mendooran and Goonoo Goonoo State Conservation Area and an application was also made for a grant under the NSW New Frontiers Co-operative Drilling Grants.
Shares have been as much as 22% higher to an intra-day high of 1.7 cents.