Phase one infill drilling at Alice Queen’s (ASX: AQX) Horn Island project on Queensland’s Horn Island has returned numerous gold hits.
The reverse circulation drilling program targeted Alice’s wholly-owned “excluded zone” within the project and is not part of the joint venture area with St Barbara (ASX: SBM).
All-up in this latest program, Alice completed 35 holes for 7,072m immediately west of the Horn Island pit.
The company has now received assays from the first 15 holes, which comprised many gold intersections.
Notable results were 2m at 22.9 grams per tonne gold from 37m, including 1m at 43g/t from 37m; 19m at 3.2g/t gold from 80m, including 3m at 10.9g/t gold from 93m; 48m at 2.1g/t gold from 127m, including 6m at 5.4g/t gold from 142m; and 7m at 10.5g/t gold from 159m, including 1m at 29.1g/t gold.
Alice managing director Andrew Buxton said the latest assays were “highly encouraging”.
“Our plan to continue to progress the excluded zones independently of the joint venture is working well and we look forward to making further announcements in relation to this strategy as we receive further results,” he added.
The excluded zone at Horn Island has an inferred resource of 7.9Mt at 1.9g/t gold for 492,000oz of contained gold.
Infill drilling aims to upgrade this resource to indicated status.
St Barbara joint venture
While Alice is advancing the excluded zone of Horn Island, St Barbara completed its maiden diamond core drilling program over the joint venture area which comprised 13 holes for 4,590m.
Assays from this program were submitted prior to Christmas, but Alice noted there had been laboratory delays.
Alice and St Barbara executed a joint venture over Horn Island in mid-2019.
Under the terms St Barbara can earn 70% of areas outside of the excluded zone by spending $4 million on exploration over three years.
Alice pointed out the project was close to requisite infrastructure including power, airport, port, the Wasaga township, NBN and the 4G mobile network.