Alice Queen forges ahead with RC drilling at Horn Island; improving potential of future mining operation
- Alice Queen fields strong support for placement, raising $1.5 million to progress Horn Island
- Alice Queen's diamond drilling identifies new broad gold zone at Horn Island Project
- Alice Queen's Andy Buxton says results from ore sorter test work are 'off the charts'
Quick facts: Alice Queen Ltd
Price: 0.01 AUD
Market Cap: $13.7 m
About the company
Alice Queen Ltd (ASX:AQX) is a minerals exploration company with a portfolio of gold and copper-gold projects in the Northern Molong Volcanic Belt in New South Wales and Horn Island in the Torres Strait.
The Horn Island Project hosts an inferred resource of 7.9 million tonnes at 1.9 g/t gold for 492,000 ounces while Boda East is 700 metres east of Alkane Resources’ Boda porphyry gold-copper discovery and contains 13 kilometres of north-south trend.
The company’s gold interests are being extended to Fiji through the acquisition of exploration company Viti Pte Mining Limited which has two special prospecting licences.
How it is doing
The offer was significantly over-subscribed, with strong support received from major shareholder Chris Morris along with several existing shareholders and some new institutional and sophisticated investors.
Notably, the funds will be used to finalise the Horn Island Gold Project Scoping Study, accelerate exploration activities at Horn Island and provide working capital flexibility.
Alice Queen managing director Andrew Buxton said: “As the Horn Island Scoping Study nears completion, we are pleased to have completed a capital raise that will allow us to accelerate further exploration at Horn Island.
Alice Queen Limited has kickstarted reverse circulation (RC) drilling at its Horn Island Gold Resource in the Torres Strait.
The precious metals explorer has designed a 49-hole, tightly-spaced program to test the ability to define gold distribution at the half-million-ounce inferred resource from grade control spaced data.
Insight: Alice Queen's diamond drilling identifies new broad gold zone at Horn Island...
Alice Queen Ltd (ASX:AQX) has identified a broad gold zone at Tatooine anomaly during exploration diamond drilling across a new priority target area at the Horn Island Project in the Torres Strait of Far North Queensland.
The new zone measures 800 metres x 600 metres with the results warranting follow-up drilling.
What management says
Alice Queen Ltd's (ASX:AQX) Andy Buxton tells Proactive's Andrew Scott the results of the Tomra Ore sorter test work which was done on two different samples (Horn Island drill core and historic 1980’s mine waste dump material) has demonstrated the suitability of this low cost, low energy processing solution. Buxton also discusses the final gold assays from its recently completed phase one reverse circulation infill drilling program.
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