Alice Queen (ASX: AQX) has discovered a new broad gold zone at its Horn Island project in Queensland’s north.
Diamond drilling at the project focused on three chargeability anomalies identified from a dipole-dipole induced polarisation (DDIP) survey.
All-up, the DDIP survey identified nine anomalies, with three tested so far.
At the Tatooine anomaly, Alice has uncovered a broad gold zone measuring 800m by 600m.
The higher-grade gold intersected at depth at Tatooine remains open.
Better drill results were 5m at 4.4 grams per tonne gold from 128m, including 1m at 12.3g/t gold from 128m; 1m at 10.3g/t gold from 138m; and 1m at 12.4g/t gold from 244m.
The gold mineralisation was also seen to be consistent with the project’s neighbouring 500,000 ounce gold open pit resource.
“These results further demonstrate that gold mineralisation across Horn Island is widespread,” Alice managing director Andrew Buxton said.
“The results underpin the success of using IP as a predictive tool in locating sulphide bearing vein structures on the island.”
“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,” Mr Buxton added.
Advancing Horn Island gold project
These latest results are from 13 diamond holes for 4,590m completed under the former joint venture with St Barbara (ASX: SBM).
Earlier this year, St Barbara opted out of the joint venture leaving Alice with full ownership again of the Horn Island project.
“The company considers this strategically positive in light of a potential mining operation on Horn Island and any future discoveries being made.”
In addition to Tatooine, the drilling program also tested the Naboo 1 and Naboo 4 IP anomalies.
Multiple anomalous gold intercepts were generated, but Alice said the Tatooine target was the most significant and warranted follow-up drilling.
Alice noted the Tatooine target area overlapped part of the existing Horn Island resource.
“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,” Mr Buxton said.
“The company expects to be able to update the market shortly on these plans for additional drilling,” he added.
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