A Walk-Through Alice Queen's Memorable Journey in The Year 2019

Australian listed public company, Alice Queen Limited (ASX:AQX) is an advanced gold explorer, based in South Yarra, Victoria. The company’s project portfolio focused on gold and copper exploration and mining opportunities is located in New South Wales (Yarindury and Mendooran Projects) and Queensland (flagship Horn Island).

To Know More about AQX Projects: Do Read Acquaint Yourself With Horn Island And Yarindury Projects Of Alice Queen

The company is scheduled to hold its annual general meeting on 28 November 2019.

Busy 2019

2019 was a busy year for the company, as Alice Queen made significant progress with regards to capital raising, collaboration and its core projects.

Let’s take a glimpse at the company’s developments.

Capital Raising

• In July 2019, the company updated the market regarding binding commitments from investors for raising AUD 400,000 before costs. The placement included more than 33 million new fully paid ordinary shares and around 16 million free-attaching options at an issue price of AUD 0.012 per share and an exercise price of AUD 0.02, respectively.
• In August 2019, AQX announced a capital raising worth AUD 516,000 before costs, with the placement of around 43 million shares and 21.5 million free-attaching options at an issue price of AUD 0.012 and an exercise price of AUD 0.02, respectively.
• Alice Queen entered into a binding agreement in September 2019 to raise AUD 1.5 million through the issue of 50 million ordinary shares at 3 cents per share to a well-regarded and respected investor in the resources sector, Datt Capital.

Also, Read Alice Queen Enters Agreement with Datt Capital to Raise AUD 1.5 Million

Collaboration

• To explore and develop the Horn Island gold project into a profitable gold mine, the company, via its subsidiary Kauraru Gold Pty Ltd, executed an earn-in and joint venture agreement or EIJVA with gold miner St Barbara Limited (ASX: SBM) in June 2019.
• With a sole funding expenditure of AUD 4 million within a three-year period, SBM holds the right to earn an interest of seventy (70) per cent in the project.
• However, the deal excludes some zones.

To Know More, Do Read: An In-depth Look at Alice Queen – St Barbara Joint Venture for Horn Island Project

AQX Projects Progress

Horn Island Project

• In May 2019, the company announced that a new soil geochemical survey highlighted metals zonation consistent with other classic intrusion related gold deposits. The program unveiled that the gold system surface footprint covers the majority of Horn Island and includes multiple gold mineralised structures.
• As part of the EIJVA, Alice Queen commenced the maiden works program at the Horn Island project in August 2019 including
  • Infill soils sampling program
  • Induced polarisation (IP) survey
• The results from the airborne geophysical survey and surface soil sample programs across the Horn Island Project were updated to the market in October 2019.
  • The two programs identified high priority targets for follow up, some of which have the scale to potentially host a large gold mineralised system.

Yarindury Project

• In September 2019, AQX updated the market with enhanced prospectivity of the Yarindury and Mendooran projects in the North Molong Belt, backed by a significant discovery nearby by Alkane Resources Limited.
• In October 2019, the company announced to have drilled three of the original six targets at the project, with an assay, petrological test work and interpretation in progress.
  • The remaining three targets remain to be drilled, and further targets have been identified.
  • Additionally, the company unveiled the completion of a preliminary assessment of the Boda East prospect area (within Yarindury) adjoining the discovery by Alkane Resources.

Mendooran Project

• Submission of the requisite documents and applications with the NSW National Parks and Wildlife Service to obtain access to the Goonoo Goonoo State Conservation Area for exploration drilling.
• Eight of the targets generated at Mendooran (including Mendooran North and South) occur within the Goonoo Goonoo State Conservation Area

New Board Member

• Mr Andrew Muir joined the company’s Board of Directors as a non-executive director.
• He is an experienced gold geologist and finance executive.
• Mr Muir is expected to support AQX in effectively developing the Horn Island and Mendooran projects.

AQX Stock Performance

In the last one year, the stock of Alice Queen Limited has delivered an outstanding return of 158.33 per cent. While in the past three months and six months, the stock gained 82.35 per cent and 106.67 per cent, respectively.

The AQX stock was trading at AUD 0.029 on 27 November 2019, with approx. 798.04 million outstanding shares and a market cap of AUD 24 million.

Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.