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Alice Queen in trading halt with proposed acquisition announcement pending

The company is confident recent drilling will enable it to upgrade the existing inferred resource in its 100%-owned property on Horn Island in Torres Strait, Far North Queensland.

Alice Queen Ltd - Alice Queen in trading halt with proposed acquisition announcement pending
The halt will remain until March 10 or when an announcement is released to the market.

Alice Queen Ltd (ASX:AQX) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed acquisition.

The trading halt will remain in place until the beginning of regular trade on Wednesday, March 10, or when an announcement is released to the market, whichever occurs earliest.

Infill drilling at Horn Island

The company is encouraged by high-grade gold results returned from phase-one reverse circulation (RC) 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.

This program has been completed in areas outside the excluded areas that form part of an earn-in with St Barbara Ltd (ASX:SBM).

The purpose 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.

It is hoped to upgrade the existing inferred resource in the company’s 100%-owned area of Horn Island Project

“Highly encouraging”

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.”

Quick facts: Alice Queen Ltd

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