Advanced explorer Alice Queen (ASX: AQX) has identified multiple new gold targets following recent airborne geophysical and satellite hyperspectral surveys across the Kaiwalagal project in Queensland’s Torres Strait.
The surveys were conducted by Thomson Aviation and comprised low altitude (35 metres), closely-spaced (50m) survey lines bearing northwest to southeast for a total 6,829 survey line kilometres over the Muralug (Prince of Wales), Zuna and Gialug (Friday) islands.
They aimed to recognise the occurrence of regional hydrothermal systems across the project area and the potential for large-scale gold mineralisation.
Mt Leyshon look-a-likes
High-resolution data sets were processed and reviewed by independent consultants, and identified several reverse polarised magnetic anomalies classed as “look-a-likes” to the nearby Mt Leyshon deposit which hosts approximately 3.5 million ounces of gold.
The results represent a “significant opportunity” as Alice Queen explores for additional gold mineralised systems beyond its flagship 500,000-ounce (inferred) resource at the adjacent Horn Island project.
“We have been very encouraged by strong evidence for the presence of a large-scale hydrothermal system potentially driving significant gold mineralisation at Kaiwalagal,” the company said.
Horn Island joint venture
The joint venture was created in June 2019 and allowed St Barbara the right to earn a 70% interest in Horn Island by sole funding $4 million of exploration within three years.
St Barbara’s gold resources, ore reserves and mining operations are spread across the eastern half of Papua New Guinea’s Simberi Island, which has geographical and key traditional owner similarities to that of Horn Island.
At the time, Alice Queen said those were “key synergistic factors” in choosing St Barbara as its Horn Island partner.
Alice Queen has since regained ownership of Horn Island and Kaiwalagal.
It said the dissolution of the joint venture could be “strategically positive” in light of a potential mining operation on Horn Island and any future discoveries within the wider project region.