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.

Following the successful completion of its +7,000 m Phase One drilling program, Alice Queen has commenced a scoping study to assess the economics of a potential open pit mining operation on the gold resource area. The Company is committed to completing that scoping study with a view to seeking to bring the Horn Island Project into production as soon as possible.

As part of the Scoping Study, it is intended that an updated mineral resource model will be used to create a pit optimisation and processing plant flowsheet design. Alice Queen intends to progress a Phase Two infill RC drilling program to seek to further improve the confidence in the mineral resource model. It is expected that the results from Phase Two infill RC drilling will be incorporated into the Scoping Study.