Horn Island, QLD

Alice Queen is completing a drill program to test for extensions to the Horn Island resource. The company believes opportunity exists to progress the value of the asset by way of further infill drilling.

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Horn Island, QLD

  • Inferred Resource (JORC 2012) 7.9Mt @ 1.9g/t Au for 492,000oz
  • Maiden drill program at the SSR (Southern Silicified Ridge) confirmed a second gold zone with best intersection of 11m @ 2.89 g/t Au from 70m2
  • Horn Island hosts a 35km mineral field that has been mapped and sampled
  • To date AQX has completed:
      • Multiple soil and stream sampling programs
      • ~18,000+ metres of diamond core drilling
      • Airborne geophysical survey across entire island
      • Structural review of Horn Island geology
      • Geochemical and Metal Zonation review by expert (Scott Halley)
      • IP survey across 7.5km2 completed

Horn Island is about 17km off Queensland’s coast in the Torres Strait, just south of Papua New Guinea. The island hosts a previously operating gold mine which ceased operation in 1989, and Alice Queen has declared an Inferred Resource (JORC 2012) 7.9Mt @ 1.9g/t Au for 492,000oz (see ASX release 02/08/2018) for an area adjacent to the abandoned Horn Island Pit. The Horn Island Resource forms part of the excluded areas from the Joint Venture Agreement with St Barbara Limited (ASX: SBM)(St Barbara).

Under its JV, SBM is spending $4.0m over three years to earn 70% of areas outside of the Excluded Zones at Horn Island. SBM achieved the Year 1 minimum expenditure requirement of $500,000 in February 2020 and has committed $2m for Year 2 exploration expenditure.

Alice Queen is completing a drill program to test for extensions to the Horn Island resource. The company believes opportunity exists to progress the value of the asset by way of further infill drilling.

The company is also undertaking a bulk ore sorting program to determine if technologies such as ore separation and sorting can achieve improvements in a potential future processing circuit at Horn Island, where gold is hosted in quartz-sulphide veins.

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