Alice Queen's diamond drilling identifies new broad gold zone at Horn Island Project

Alice Queen Ltd (ASX:AQX) has identified a broad gold zone at Tatooine anomaly during exploration diamond drilling across a new priority target area at the Horn Island Project in the Torres Strait of Far North Queensland. The new zone measures 800 metres x 600 metres with the results warranting follow-up drilling. A 13-hole broad spaced diamond drilling program totalling 4,590 metres targeted three high priority targets out of total nine identified DDIP anomalies including Tatooine 1, Naboo 1 and Naboo 4. Although drilling across all three targets returned multiple anomalous gold intercepts, the Tatooine target area is considered most significant. Best intersections include 5 metres at 4.4 g/t gold from 128 metres, including 1-metre at 12.3 g/t from 128 metres; 1-metre at 10.3 g/t from 138 metres; 1-metre at 11.3 g/t from 164 metres; 1-metre at 12.4 g/t from 244 metres; and 2 metres at 3.9 g/t, including 1-metre at 5.4 g/t from 355 metres. Double-digit grades "encouraging" Speaking to the results, managing director Andrew Buxton said: “These results further demonstrate that gold mineralisation across Horn Island is widespread. “It is also encouraging to see double-digit gold grades on offer at several places other than solely in and around the historic open pit. “The results also underpin the success of using Induced Polarisation (IP) as a predictive tool in locating sulphide bearing vein structures on the island. “We are extremely keen to expand the roll-out of more IP, particularly to the south of the historic open pit and to Southern Silicified Ridge prospect areas, and once these targets are generated, more diamond core drilling to unlock what we see as further significant exploration upside. “The company expects to be able to update the market shortly on these plans for additional drilling at Horn Island.” This exploration drilling was completed and funded as part of the company's former joint venture with St Barbara Ltd (ASX:SBM). Alice Queen has regained ownership of both the Horn Island and Kaiwalagal projects following St Barbara’s withdrawal and considers this strategically positive in light of a potential mining operation on Horn Island and any future discoveries being made. Discussion Structurally controlled gold mineralisation and coincident multi-element pathfinder enrichment patterns identified in several Tatooine drill holes heightens prospects for a northwest extension to the resource area. High-grade gold intersected at depth across the Tatooine target remains open with an apparent near-surface projection. Extensive sulphide vein structures observed across multiple holes are considered favourable for hosting potentially significant volumes of gold mineralisation. Gold distribution appears to be closely related to enrichment in arsenic, lead and copper, which forms a shallow plunging envelope with an apparent near surface projection towards the north. Next steps Large areas of the dipole-dipole induced polarisation (DDIP) chargeability anomalies remain untested. Only three of the nine DDIP chargeability anomalies have been tested to date with the company now planning to further explore across a broader area of the Horn Island Project.