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Alice Queen (ASX: AQX) has completed its Stage 1 drilling campaign at the Horn Island gold project in Queensland, with all 20 holes intersecting evidence of mineralisation as the company seeks to expand its existing gold resource.
The 4157m reverse circulation (RC) program targeted potential higher-grade zones within the current Mineral Resource Estimate (MRE), alongside extensions beyond the resource boundary.
All holes intersected quartz veining, sericite alteration and sulphide mineralisation, with elevated portable X-ray fluorescence (pXRF) readings for arsenic, lead, zinc and copper.
Six holes totalling 772m tested interpreted higher-grade mineralisation within the existing resource area.
At West Pit, drilling targeted the vicinity of historic hole 18NGD070, which returned 7m at 22.2 grams per tonne (g/t) gold from 36m, including individual metres grading 41.8g/t and 67.5g/t.
Visible gold was also observed in a pan-concentrate sample from approximately 40m depth in hole 26NGRC004.
A further 14 holes totalling 3385m tested the broader Exploration Target, including step-out drilling up to 600m northwest of the existing resource boundary.
Preliminary geological interpretation suggests multiple broad mineralised trends exhibiting similarities to zones within the current resource.
Alice Queen exploration manager Adrian Hell said the campaign had achieved its initial objectives.
“We’re pleased to have completed Stage 1 RC drilling at Horn Island, with every hole intersecting evidence of mineralisation,” Hell said.
“We are now awaiting laboratory assay results, which will provide the key information required to assess the significance of the drilling completed and help guide the next phase of work at Horn Island.”
Horn Island hosts a JORC resource of 21.1 million tonnes at 0.84g/t gold for 569,000 ounces, including 404,000 ounces classified as indicated.
The updated resource represents a 45,000-ounce increase on the 2021 estimate.
Approximately 3708 samples have been submitted for laboratory analysis, with initial gold assays expected within two weeks and remaining results over the following four to eight weeks.
For investors, those assays will be the next significant catalyst, determining whether the encouraging geological observations translate into meaningful gold intersections and potential resource growth.
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