Alice Queen Ltd (ASX:AQX) has received initial assays from the first diamond hole at Boda East in NSW, which it says indicate that the prospect is an extension of the Kaiser-Boda porphyry system that hosts Alkane Resources Limited’s (ASX:ALK) nearby Boda discovery.
Assays have been received from the upper 480 metres of hole 20BEDH001 that show mineralisation is slightly higher than visually estimated.
The company has now completed four deep diamond holes for a total of 3263.7 metres and is currently drilling its fifth hole.
Chief technical advisor John Holliday said: “The intersection of calc-potassic altered shoshonitic volcanics with significant copper-gold mineralisation is a positive indication that Boda East hosts part of a large Macquarie Arc porphyry system currently known best from the Kaiser and Boda prospect areas being drilled by Alkane Resources less than 2 kilometres to the west.”
Assays are pending for the remaining portion of the hole from 480 to 560 metres.
Individual elevated zones of copper have been identified using a 0.1% copper cut-off grade.
The best of these intersections are:
- 1-metre at 0.90% copper and 0.07 g/t gold from 326 metres; and
- 1-metre at 0.62% copper and 0.13 g/t gold from 435 metres.
The volcanic setting, presence of mafic to intermediate dykes, moderate to high temperature alteration, mineralisation and veining are highly encouraging for Alice Queen’s search for economic copper-gold bearing porphyry intrusions.
These features are less than 2 kilometres away from the Kaiser-Boda prospect.
The focus of drilling is now the prominent 3-kilometre long magnetic intrusive complex area, currently being drilled by 20BEDH005.