Alice Queen (ASX:AQX) - Non Executive Chairman, Patrick Gowans
Non Executive Chairman, Patrick Gowans
Source: QR Lawyers
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  • Alice Queen (AQX) has released “highly encouraging” results from a phase one drilling program at is Horn Island project in the Torres Strait
  • 7072 metres were drilled across 35 holes immediately west of the existing Horn Island pit
  • The program was designed to infill three adjacent sections of the Pioneer Lode, further investigating the intensity and distribution of gold mineralisation with closer spaced data
  • Some of the most significant results include two metres at 22.9 grams per tonne and four metres at 15.2 grams per tonne of gold
  • Additional programs have now been planned to extend the infill drilling for future resource estimation
  • Alice Queen is up four per cent to 2.6 cents per share

Alice Queen (AQX) has released “highly encouraging” results from a phase one drilling program at is Horn Island project in the Torres Strait.

Located 17 kilometres from the coast of Queensland, the Horn Island project hosts an inferred resource of 7.9 million tonnes at 1.9 grams per tonne of gold, representing 492,000 gold ounces, in an area near the abandoned Horn Island pit.

This resource forms part of the “excluded areas” according to a joint venture agreement with ASX-listed St Barbara Limited (SBM), which has committed to spending $4 million over the next three years to earn a 70 per cent stake in the areas outside of the excluded zone.

7072 metres were completed across 35 holes immediately west of the Horn Island pit, with the results for 15 of these holes released today.

The reverse circulation program was designed to infill previous work over three adjacent sections of the Pioneer Lode, further investigating the intensity and distribution of gold mineralisation with closer spaced data.

Some of the most significant results include two metres at 22.9 grams per tonne of gold — which included one metre at 43 grams per tonne — and four metres at 15.2 grams per tonne of gold.

“The results from the first 15 holes from our infill program at Horn Island are highly encouraging,” said Andrew Buxton, Managing Director of Alice Queen.

“Our plan to continue to progress the ‘excluded zones’ independently of the JV is working well and we look forward to making further announcements in relation to this strategy as we receive further results,” he added.

Additional programs have now been planned to extend the infill drilling for future resource estimation.

Alice Queen is up four per cent to 2.6 cents per share at 11:23am AEDT.

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