On 28 October 2026, Alice Queen (ASX:AQX) Reported 15 Metres at 10.3 g/t Gold From Horn Island Drilling

Aditi Sarkar

28 October 2026 04:12 PM AEDT

On 28 October 2026, Alice Queen (ASX:AQX) Reported 15 Metres at 10.3 g/t Gold From Horn Island Drilling

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Highlights

Hole 26NGRC005 returned 15 metres at 10.3 grams per tonne gold, including one metre at 68.0 grams per tonne.
Six holes totalling 772 metres were drilled inside the existing mineral resource area at Horn Island.
Five step-out holes tested the exploration target outside the resource, intersecting gold over roughly 50 to 550 metres of strike.
Alice Queen expects the remaining nine step-out holes to report assays within four to six weeks.

Sixty-eight grams per tonne. That is the best single metre returned so far from Alice Queen Limited (ASX:AQX) at the Horn Island Gold Project in Queensland, inside a wider 15-metre intercept grading 10.3 grams per tonne. The explorer has now received gold assays for the first 11 reverse circulation holes of its Stage 1 program, and the results arrive with a detailed list of qualifications attached.

The drilling results

Six holes totalling 772 metres were drilled in the existing mineral resource area. The standout is hole 26NGRC005, which delivered 15 metres at 10.3 grams per tonne gold from 30 metres. That interval included 3 metres at 36.7 grams per tonne and 1 metre at 68.0 grams per tonne, both from 30 metres.

Hole 26NGRC001 returned 83 metres at 1.2 grams per tonne from 73 metres and, deeper, 4 metres at 5.3 grams per tonne from 186 metres. Hole 26NGRC004 returned 14 metres at 5.9 grams per tonne from 32 metres, and 26NGRC006 returned 13 metres at 3.5 grams per tonne from 32 metres. Hole 26NGRC002 intersected 4 metres at 8.8 grams per tonne from 37 metres and 7 metres at 5.0 grams per tonne from 162 metres.

Step-out drilling

Five of 14 planned step-out holes, totalling 3,385 metres, tested the exploration target area outside the resource. Results were lower grade, including 3 metres at 2.7 grams per tonne from 48 metres in 26NGRC011 and 4 metres at 1.4 grams per tonne from 54 metres in 26NGRC010.

The company said the step-out drilling intersected gold beyond the resource boundary over roughly 50 to 550 metres of strike, with mineralisation remaining open to the northwest and at depth. Its preliminary interpretation is that localised higher-grade zones occur within the resource, with shallow high-grade results at West Pit and a deeper higher-grade zone in the historic Pioneer Lode. It also said several zones show shallow-plunging geometry, and that the drilled corridor extends roughly 200 to 400 metres up and down dip.

Resource context

The current mineral resource, taken from the company's 16 June 2026 Project Definition Study announcement, is 21.1 million tonnes at 0.84 grams per tonne gold for 569,000 ounces. It is reported at a 0.3 gram per tonne cut-off under the JORC Code 2012. Of that, 15.4 million tonnes at 0.82 grams per tonne for 404,000 ounces is classed as indicated and 5.7 million tonnes at 0.89 grams per tonne for 165,000 ounces as inferred. The new drilling has not changed those figures, and the company said drill spacing is not sufficient for resource estimation.

Data limitations

The company set out several qualifications. Mean sample recovery ranged from 56.5 per cent to 81.6 per cent by hole, averaging about 71 per cent. It said low recovery may affect representativity, with the link between recovery and grade not yet assessed.

Samples were one-metre intervals and not every hole was fully submitted. Intercepts are downhole lengths and true widths have not been determined. Field duplicates showed a coefficient of variation of 63.9 per cent, one blank was referred back to the laboratory, pulp sizing checks are outstanding and no external check assays or audit have been completed. Collars were located by handheld GPS, with a differential survey to follow.

Next steps

The remaining nine step-out holes should report in four to six weeks. Results for holes 26NGRC012 to 020 and screen fire assays on samples above 5 grams per tonne are also pending.

The company said it will complete geological modelling, assess how the Stage 1 results inform the exploration target, particularly to the northwest, and evaluate whether the results support refining the resource model. It plans to prioritise follow-up drilling at West Pit and the deeper Pioneer Lode zone.

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