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Alice Queen Ltd.
Summary
| Project: | Ngurupai (Horn Island) | |
|---|---|---|
| Deposit: | Horn Island Pit | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-1-2018: Alice Queen Ltd. announces an Exploration/Drilling Update report for its Horn Island Pit deposit at the Ngurupai (Horn Island) project. Drilling results incl. 7m @ 5.2g/t Au from 150m. Alice Queen Limited (Alice Queen) or (the Company) is pleas | |
| Resources: | (Resource, Inf.): 5.8Mt @ 2.01g/t Au from 375000oz contained at Pioneer Lode | |
| CP/QP: | [Overall Report]: Adrian Hell (Internal) | |
| ABSTRACT: | Alice Queen Limited (Alice Queen) or (the Company) is pleased to provide an update in relation to its recent diamond drilling program at its flagship Horn Island gold project situated in the Torres Strait region of North Queensland. Alice Queen’s Managing Director, Andrew Buxton commented “These initial results met our expectations for this previously untested part of the Horn Island pit area. Whilst we wait for the remaining 8 holes’ assay data from Part A we will begin locating the Part B infill holes. The Company is on track for a positive Resource upgrade announcement in May being a further significant milestone towards re-establishing gold mining operations at Horn Island.” The Company’s Phase 2 – Part A exploration diamond core drill program is now completed. It was designed as a first pass assessment across a broad area underneath and around the historic Horn Island gold mine site. The target areas recently drilled as part of this program included the West Pit, Welcome, and Band of Hope targets (refer to ASX release 14th March 2017). This Phase 2 – Part A exploration drilling represents the remaining balance (70%) of the area around the historic open pit which formed the basis of the JORC 2012 Exploration Target estimate of 8.5-10Mt at 2.7 to 3.0 g/t gold for 800,000-880,000 oz gold (refer to ASX release 14th March 2017), with the exception of the Bonanza target area which currently remains untested. *Note: The potential quantity and grade of the Exploration Target is conceptual in nature and, other than the Company’s maiden Inferred Resource referred to below, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a further or upgraded Mineral Resource. | |
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