Alice Queen Ltd (ASX:AQX) (ASX:AQX) has revealed multiple new gold targets during recent airborne geophysical and satellite hyperspectral surveys flown across the Kaiwalagal Project, adjacent to the company’s Horn Island Project in the Torres Strait, Far North Queensland.
The surveys produced high-resolution data sets which have now been processed and reviewed by industry-leading independent specialist consultants.
Alice Queen is very encouraged by the results from these surveys, which provide strong evidence for the presence of a large-scale hydrothermal system that may drive gold mineralisation at Kaiwalagal.
“Multiple compelling new targets”
Alice Queen managing director Andrew Buxton said: “The results in from the airborne surveys flown across our Kaiwalagal Gold Project are incredibly encouraging as they have highlighted multiple compelling new targets for intrusions related gold and epithermal gold deposits.
“This is a huge result in our continuing Torres Strait exploration where we continue to seek additional ounces to our flagship Horn Island resource.
“Kaiwalagal’s location, immediately adjacent to Horn Island, bodes well for Alice Queen as any significant discovery will provide additional ore for any future mining operation established on Horn Island.
“Based on these initial positive results, we have made the decision to elevate the prospectively ranking for the Kaiwalagal Project and are currently considering further follow-up exploration programs.”
Extent of the Kaiwalagal aeromagnetic survey covering three islands to the southwest of Horn Island.
Elevated prospectivity ranking
The surveys were completed and funded as part of a joint venture with St Barbara Ltd (ASX:SBM) (ASX:SBM), however, Alice Queen has regained ownership of both the Horn Island and Kaiwalagal Projects following St Barbara’s withdrawal.
The company considers this strategically positive in light of a potential future mining operation on Horn Island and any future discoveries being made within the wider project region
The Kaiwalagal exploration surveys aimed to recognise the occurrence of regional hydrothermal systems across the project area and their potential for hosting large-scale gold mineralisation.
Encouragingly, Alice Queen has elevated the prospectivity ranking for the Kaiwalagal project based on the initial positive results.
High resolution magnetic and radiometric data
Alice Queen engaged Thomson Aviation to complete a fixed-wing airborne magnetic and radiometric survey using similar instrumentation and flight parameters to the previous survey completed across Horn Island.
The survey comprised of low altitude (35 metres) closely spaced (50 metres) survey lines bearing NW-SE for a total of 6,829 survey line kilometres.
It produced quality high resolution magnetic and radiometric data, which was reprocessed and interpreted by independent geophysical consultants Resource Potentials.
Discrete and circular anomalies
The survey has identified two broad granitic batholiths extending from Horn Island across Muralug.
The southeast side of Muralug and the south side of Zuna Island are intruded by a younger intrusive phase, with distinctive reverse magnetisation.
Notably, several discrete and circular reverse magnetic anomalies have been identified and are interpreted to represent younger porphyry plugs or potential breccia pipes.
The remnant magnetisation may be associated with hydrothermal alteration halos, similar to the biotite magnetite alteration and related magnetic anomaly low surrounding the 3.5 million ounces gold at Mt Leyshon gold breccia pipe.
In addition, the circular magnetic lows in the southeast part of the project area are considered areas of immediate interest for field checking.
A multimineral map outlining a very extensive, hydrothermal footprint.
Furthermore, the magnetic anomaly pattern across Muralug outlines a number of discrete domains within the larger oval-shaped batholith complex, and these domains likely represent different fractionated zones of granitic stocks from an evolving parental magma.
Recognising this characteristic early in the exploration history is positive, as these magmatic zoning conditions are important for the formation of gold prospects, such as the 500,000 ounces gold deposit at Horn Island.
Further field programs are being considered that may include geological mapping and sampling programs to assess these target areas.
- Ephrems Joseph