Alice Queen extends gold focus to Fiji to complement Horn Island and Northern Molong assets

Alice Queen Ltd (ASX:AQX) has extended its gold focus to Fiji, the ‘Hub of the Pacific’, after entering a conditional agreement to acquire Viti Pte Mining with this expected to complement its existing Horn Island Project in Torres Strait, Far North Queensland, and Northern Molong Project in Central West NSW. Fiji has a long history of gold production and the company is confident the advanced assets will add to its gold inventory at Horn Island while the Northern Molong Project is adjacent to the Boda copper-gold discovery of Alkane Resources Ltd (ASX:ALK).  After a full two years working to secure the advanced Fiji assets, managing director Andrew Buxton said the team was delighted to have a formal agreement in place to create further value for shareholders. Viti Mining was recently granted two prospective Fiji Special Prospecting Licences (SPLs) - SPL 1514 Nabila and SPL 1513 Viani - that Alice Queen will begin to explore subject to regulatory and completion conditions. Half-year highlights During the half-year to December 30, 2020, the company raised $7 million before costs in a private placement to institutional and sophisticated investors at 4.4 cents per share. Funds raised have been applied to expand drilling at Boda East in the Northern Molong Project, complete phase-I reverse circulation (RC) infill drilling at the Horn Island resource with the aim of upgrading inferred resources to the indicated category and start feasibility studies into Horn Island open pit production scenarios. At Northern Molong the company also intends to begin drilling at Mendooran, where it can capitalise on a recent $200,000 government cooperative drilling grant. Horn Island In the September quarter of 2020, Alice Queen ramped up drilling at Horn Island, both as a part of a joint venture agreement with St Barbara Ltd (ASX:SBM) and independently at the excluded areas of the JV, which include the existing open pit inferred resource. The company completed 13 of a planned 24-hole program in December 2020 with the purpose to progress resource definition. Exploration during November included completing six diamond drill holes for 1,356 metres as part of a resource extension drilling program to test a total strike length of 230 metres of the Tatooine DDIP chargeability target. The aim was to build on the inferred resource of around 500,000 ounces and all assays returned zones of gold mineralisation (>0.5 g/t), with the furthest intersection around 100 metres south and down dip from the previous drilling. Results confirmed the DDIP chargeability anomaly is associated with mineralised gold-bearing sheeted and stockwork veining, these being similar in nature to the mineralised vein styles forming the Horn Island resource. In December 2020, a diamond core program of 13 holes for 4,590 metres was completed under the St Barbara JV across the section of the Tatooine DDIP anomaly and Naboo DDIP target contained within the joint venture. Assay results for this program are expected in the current quarter. Boda East Alice Queen started drilling at Boda East within the Northern Molong Project in July 2020, initially completing four deep diamond holes for 3263.7 metres adjacent to Alkane’s Boda discovery and within the Molong Volcanic Belt in NSW that also hosts the massive Cadia Copper-Gold Project of Newcrest Mining Limited (ASX:NCM). Results from the upper 480 metres of 20BEDH001, reported in October 2020 showed a chalcopyrite zone from 423 to 438 metres averaged 0.09% copper (equivalent to 0.26% chalcopyrite, slightly higher than an earlier visual estimate). Observations from initial drilling confirmed that the host rocks of Alkane’s adjacent Boda discovery appear to extend into Alice Queen’s ground. The company then extended its program to a potential 14 diamond drill holes to test a 13-kilometre north-south trend across four target areas at Boda East with each target area contains multiple drill targets. On March 1, Alice Queen identified evidence of a porphyry system at Boda East through the results of 10 diamond drill holes for 6819.62 metres. A total of 3.2-kilometres strike length was tested in the 10 holes, with hole depths ranging from 183.2 to 972.8 metres. Copper-gold-molybdenum mineralisation was identified over more than 550 metres with a series of discrete dykes hosted by the mafic volcanic rock package. The dykes are associated with mineralisation which persist along the northerly trend, with veining and strong alteration. These results at Boda East are consistent with those that delineate the top of a mineralised porphyry intrusive complex. Further targeting will be completed once all laboratory results have been returned and follow up drilling is planned.