Alice Queen Limited (ASX: AQX), an advanced gold and copper explorer based in Victoria, on 22 November 2019, released an update concerning its porphyry projects in the Northern Molong Belt in New South Wales.
The projects represent approximately 700 square kilometres of the highly prospective ground of the Molong Belt, north along strike from Cadia-Ridgeway mine (50m ounces gold + 9m tonnes copper) and adjacent to the recent Boda discovery by Alkane Resources Limited (ASX: ALK).
To Know More: Do Read Alice Queen Riding High on Yarindury Project with Enhanced Prospectivity
Yarindury Project (EL8646)
In the recent update, the company unveiled that, of the six porphyry targets at the Yarindury project (100% owned) that were identified within a shallow covered, three have been drill tested while the core has been logged and sampled. Additionally, the company dispatched the sample for assay and petrology studies, with the results expected in the coming weeks.
The remaining three of the initial six porphyry targets are yet to be tested. Meanwhile, AQX has identified additional target areas and work is ongoing for further target generation. The company is expecting to restart drilling operations within the next 15 days. Moreover, arrangements are underway for access to additional target areas for drill testing.
Boda East (Yarindury)
Chief Technical Advisor John Holliday has completed a desktop review and preliminary assessment of the Boda East prospect area within the Yarindury tenement area that adjoins the Alkane boundary. Additionally, the advisor has concluded preliminary geological programs and exercises concerning drill target generation. For getting access to the Boda East prospect areas, the required processes are now underway.
An investment amounting to ~AUD 1 million has been directed towards target generation work at Mendooran including Mendooran North and South, with eight highest priority targets occurring within the Goonoo Goonoo State Conservation Area (SCA).
Recently, Alice Queen submitted documents and applications with the NSW National Parks and Wildlife Service, for securing access to the Goonoo Goonoo State Conservation Area for exploration drilling. The company invested significant time and effort over the past one year on work related to preparing the requisite documents and applications.
On securing a land access agreement, the company would restart exploration.
Any update related to the final government review process would be made available in the due course.
Mendooran South (EL8565)
Drill holes MEMD001 and MEMD002 were executed as part of the companyâs former joint venture with Newcrest Mining Limited, targeted towards testing magnetic features, possibly indicating porphyry mineralisation.
Below were the findings of the results:
- MEMD001 reached Molong Volcanic Belt basement at approximately 200 metres, which was shallower than predicted. Drilling was ended at 414 metres.
- Alteration possibly related to distant porphyry mineralisation was observed over short intervals; however, the same failed to intersect any significant mineralisation.
- MEMD002 reached Molong Volcanic Belt basement at 237 metres and was ended at 363 metres without intersecting significant alteration or mineralisation.
These two holes have only tested a limited portion of the Mendooran South tenement. As a result, additional targets have been identified for performing possible drill testing. Access arrangements are underway.
On 22 November 2019, the shares of Alice Queen closed at AUD 0.034, with a market cap of AUD 28.73 million and approx. 798.04 million outstanding shares. The YTD return of the stock stands at 100 per cent, while in the last three months and six months, the stock has delivered a return of 157.14 per cent and 176.92 per cent, respectively.
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