Join our daily newsletter At The Bell to receive exclusive market insights
- Alice Queen (AQX) has advised that drilling has recommenced at its Yarindury Project in New South Wales
- 3 targets were tested in October, which showed encouraging results however another 5 targets have been generated
- Drilling will test a range of basement magnetic features under younger cover in Yarindury
- Target generation work is ongoing and access agreements are continuing
- The gold and copper explorer is up 3.33 per cent and shares are trading for 3.1 cents each
Alice Queen (AQX) has advised that drilling has recommenced at its Yarindury Project in New South Wales.
The current drilling program has been increased from three holes to at least eight holes, with eleven targets in total.
Drilling is aimed at testing a wide range of basement magnetic features under younger cover in Yarindury. These magnetic features are similar to the one of major porphyry mineralisation at Cadia and North Parkes and to the magnetic character of Alkane’s Boda discovery.
The company undertook drilling in October and is encouraged by the results which showed the cover thickness of around 60 metres that was drilled, was much thinner than expected.
While no significant mineralisation or porphyry-indicative alteration was intersected in the three holes, it’s significant that petrological and litho-geochemical work indicates the Molong Belt basement rocks are most likely Late Ordovician in age. This is specific to the major porphyry deposits in New South Wales.
“We are very excited by the unexpectedly shallow cover and the petrological and litho-geochemical results achieved in the first few holes of this program,” Managing Director Andrew Buxton said.
The northern Molong Belt porphyry projects, including Yarindury EL8646, Mendooran EL’s 8565, 8469 and 8563, represent about 700 square kilometres of highly prospective ground.
Alice Queen is undertaking target generation work and access arrangements across its projects in the Molong Belt.
The advanced gold and copper explorer is up 3.33 per cent and shares are trading for 3.1 cents each at 11:49 am AEDT.
