Alice Queen Ltd (ASX:AQX) is encouraged by high-grade gold results returned from the completed phase-one reverse circulation infill drilling at Horn Island Project in the Torres Strait, Queensland, with further programs planned to extend the RC infill extent for a future resource upgrade.
The purpose of the program was to further investigate the controls, intensity and distribution of gold mineralisation with closer spaced data and to assess the impacts of the larger sample sizes from RC drilling compared to half NQ or HQ core.
All 15 completed RC holes have returned gold grade assay intersection zones greater than 0.5 g/t.
Best results include:
- 2 metres at 22.9 g/t gold from 37 metres, including 1-metre at 43 g/t from 37 metres;
- 19 metres at 3.2 g/t from 80 metres, including 3 metres at 10.9 g/t from 93 metres;
- 5 metres at 4.2 g/t from 0 metres, including 1-metre at 17.3 g/t from surface; and
- 4 metres at 15.2 g/t from 158 metres.
Managing director Andrew Buxton said: “The results from the first 15 holes from our infill program at Horn Island are highly encouraging.
“Our plan to continue to progress the ‘excluded zones’ independently of the JV is working well and we look forward to making further announcements in relation to this strategy as we receive further results.”
Shares have been as much as 12% higher to 2.8 cents intra-day.
Many of the holes were drilled towards a northeast bearing at around 60˚ dip with 1/3rd of the holes designed as scissor holes to test alternative vein orientations and potential other mineralised trends.
Results to contribute to resource upgrade
The phase one and future planned phase-two RC drilling programs will contribute towards a revised resource estimate that is expected to upgrade and grow the existing 500,000-ounce inferred resource outside the excluded area.
One of the RC scissor holes have had assays returned to date, noting that the previously completed diamond drilling scissor holes indicated elevated gold tenors.
This is considered an encouraging early result now subject to further drill testing.