Alice Queen (ASX:AQX) - Managing Director, Andrew Buxton
Managing Director, Andrew Buxton
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold and copper explorer Alice Queen (AQX) receives positive gold results from the recent reverse circulation drilling program at its Horn Island Project in Queensland
  • A total of 51 holes were drilled to test the low-grade stockpile, bund walls, run of mine areas and waste dump
  • Grades peaked at 4.5g/t gold and, while the results are preliminary, present a positive outcome as low-grade gold intercepts were encountered in all stockpiles
  • Shares in Alice Queen were up 22 per cent on the market and are trading at 1.1 cents

Gold and copper explorer Alice Queen (AQX) has received positive gold results from the recent reverse circulation (RC) drilling program at its Horn Island Project.

The Horn Island Project lies 17 kilometres off Queensland’s far-north in the Torres Strait.

Drilling was undertaken in late 2021 to test a number of legacy heaps that had been stockpiled on the surface from previous gold mining operations.

A total of 51 holes, for 1038 metres, were drilled to test the low-grade stockpile, bund walls, run of mine areas and waste dump.

Results include five metres at 1.4 grams of gold per tonne (g/t) from zero metres including one metre at 4.5g/t gold from zero metres, and three metres at 1.6g/t gold from zero metres including one metre at 3.6g/t gold from one metre.

While the results are preliminary they present a positive outcome as low-grade gold intercepts were encountered in all stockpiles.

“There are several legacy stockpiles at Horn Island that contain mined material from the historic 1980s operation,” Managing Director Andrew Buxton said.

“A limited RC program was designed to test the profile of these legacy stockpiles and it is very encouraging that this program returned positive gold results from all tested stockpiles and may, in the future with further work, provide additional value to a mining operation at Horn Island.”

Shares in Alice Queen were up 22 per cent on the market and were trading at 1.1 cents at 11:26am AEDT.

AQX by the numbers
More From The Market Herald

" Frugl (ASX:FGL) releases new grocery app update

Retail intelligence ecosystem Frugl (ASX: FGL) has released version 3.0 of Frugl Grocery, a free grocery…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" PNX Metals (ASX:PNX) aims to raise $4.6 million from entitlement offer

PNX Metals (ASX:PNX) is aiming to raise $4.6 million through a non-renounceable entitlement offer.
The Market Herald Video

" Beforepay (ASX:B4P) still in the red after Monday debut

Beforepay Group (ASX:B4P) still in the red after Monday debut