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Be the first with the news that moves the market- Alice Queen has finished sampling soil and rock chips at its Horn Island gold project
- Horn Island is held in a joint venture with ASX 200-listed company, St Barbara
- Results for the samples taken are expected next month
- The project is expected to produce 492,000 ounces of gold
- Alice Queen’s share price is up 7.89 per cent today, currently sitting at 4.1 cents per share
Alice Queen has completed a soil and rock chip sampling program at its Horn Island gold project in Queensland.
The Horn Island project is held as part of a joint venture partnership with ASX 200-listed company, St Barbara.
The companies took 407 soil samples and 174 quartz vein rock chip samples. Results are expected to be finalised next month.
During the sampling process, trends were identified which suggest a clear pathway can be determined to find gold mineralisation.
In June, St Barbara bought itself the opportunity to take a 70 per cent interest in the Horn Island project. The terms of the agreement require St Barbara spend $4 million on the project within three years.
A resource estimate of Horn Island indicates the gold project contains 7.96 million tonnes at 1.9 grams per tonne of gold for 492,000 ounces.
The companies will soon undertake a dipole-dipole induced polarisation survey which will target predicted zones of gold mineralisation.
Alice Queen’s share price is up 7.89 per cent today, currently sitting at 4.1 cents apiece, as of 11:50 am AEST.
St Barbara’s share price is also showing in the green today, up 2.91 per cent to $2.83 per share.
