Highlights

  • Best intersection of 15 metres at 10.3 g/t gold from 30 metres in hole 26NGRC005, including 3 metres at 36.7 g/t and 1 metre at 68.0 g/t.
  • Gold intersected in all northwest step-out holes, confirming mineralisation extends 50–550 metres beyond the current resource boundary.
  • Two priority targets identified: shallow West Pit zone directly beneath the historic open pit, and a deeper high-grade Pioneer Lode shoot.
  • Assays for remaining 9 of 20 holes expected within four to six weeks, pending quality control and screen fire assay checks for high-grade samples.

High-grade gold directly beneath a former open pit, plus evidence that mineralisation continues well beyond the current resource outline — the first batch of assay results from Alice Queen's (ASX:AQX) Stage 1 RC programme at Horn Island in Queensland's Torres Strait has set up two distinct follow-up targets. Results for 11 of 20 holes were released on 28 October, with the rest to follow within four to six weeks.

Inside the Resource: High-Grade Hits

Six holes targeting the Pioneer Lode and West Pit areas were drilled inside the existing mineral resource boundary. The headline was hole 26NGRC005, which returned 15 metres at 10.3 grams per tonne gold from 30 metres, including 3 metres at 36.7 g/t and 1 metre at 68.0 g/t, both from 30 metres. Hole 26NGRC004 returned 14 metres at 5.9 g/t from 32 metres, including 1 metre at 34.5 g/t from 39 metres. Hole 26NGRC006 intersected 13 metres at 3.5 g/t from 32 metres. Deeper results included 83 metres at 1.2 g/t from 73 metres and 4 metres at 5.3 g/t from 186 metres in hole 26NGRC001. All intercepts are downhole lengths; true widths have not been determined.

Two Priority Targets

The company identifies two zones for follow-up drilling. At West Pit, shallow high-grade results sit immediately beneath and adjacent to the historic open pit, representing a near-surface opportunity. At Pioneer Lode, the deeper intercepts point to a higher-grade zone at depth, described as emerging evidence of a plunging ore shoot. Alice Queen says drill spacing is not yet close enough for resource estimation at either target.

Beyond the Resource

Five step-out holes totalling 3,385 metres — five of the 14 planned outside the resource — have returned assays. Better results included 3 metres at 2.7 g/t from 48 metres in 26NGRC011 and 4 metres at 1.4 g/t from 54 metres in 26NGRC010. Exploration manager Adrian Hell noted that 'gold has been intersected in all northwest drillholes reported to date, confirming mineralisation continues beyond the existing resource footprint' — extending 50 to 550 metres along strike and remaining open to the northwest.

Sampling Qualifications

The announcement carries important caveats. Average sample recovery was about 71%, and some low-recovery intervals may affect representativeness. Field duplicates showed a negative bias of 26.3% with high variability, and laboratory sizing checks and external check assays are outstanding. Screen fire assays for samples above 5 g/t are also pending — relevant because visible coarse gold was observed in panned material from one hole, raising the possibility of nuggety gold affecting fire-assay accuracy. Samples were analysed by 50-gram fire assay at ALS in Townsville. The reported grades should be treated as provisional until all checks are complete.

Horn Island hosts a JORC 2012 resource of 21.1 million tonnes at 0.84 g/t for approximately 569,000 ounces, with 404,000 ounces in the Indicated category. The project is held by Kauraru Gold, a joint venture between Alice Queen and the Kaurareg Aboriginal Land Trust. Alice Queen's percentage interest in the JV is not stated in the announcement.