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Highlights
Alice Queen (ASX:AQX) secures funding through a two-tranche placement to support drilling at Viani Gold Project in Fiji
Major shareholder Gage Resource Development participates to maintain its equity position
Drilling program expands after encouraging gold results from initial holes
Alice Queen Limited (ASX:AQX), a junior explorer listed on the ASX 200 index, is advancing its operations within the gold and copper sector by securing capital to fund continued exploration at the Viani Gold Project in Fiji. The company’s focus on uncovering high-grade gold zones has driven its latest capital raising initiative, which is structured in two tranches and involves key stakeholders.
The capital raise, led by GBA Capital, includes participation from Gage Resource Development, the largest shareholder in Alice Queen. Gage has confirmed its involvement in the placement to uphold its controlling interest in the company. Additionally, two directors of Alice Queen have committed to contributing in the second tranche, pending shareholder approval.
The capital will be directed toward ongoing diamond core drilling and broader exploration activities at the Viani site. The funds will also support a strategic review of the company’s current portfolio and aid in evaluating other project opportunities.
Encouraging Drilling Outcomes Prompt Expansion of Exploration Program
The Viani Gold Project has delivered promising early results. Alice Queen recently announced the addition of a new drill hole to its maiden diamond drilling program at the site. This decision follows the successful intersection of a key target zone several hundred meters below the surface, encouraging further exploration efforts.
Initial drilling at Viani returned gold grades that the company attributes to a high-grade epithermal gold zone. These results were recorded from the surface down to a significant depth, highlighting consistent mineralisation within the targeted zone.
Surface exploration efforts have previously identified a broad anomaly stretching several kilometres in length. This anomaly exhibits geochemical characteristics associated with low sulphidation epithermal quartz veining and includes elements such as gold, silver, arsenic, antimony, lead, zinc, and barium.
Funding to Support Broader Strategic Review and Drilling Objectives
Beyond the immediate drilling campaign, Alice Queen plans to use the capital proceeds to reassess its overall project portfolio. This includes evaluating the development potential of its existing assets and continuing its search for new resource opportunities in both Australia and Fiji.
The placement includes issuing shares at a set price and offering free attaching options with an extended expiry date. These options provide added flexibility and are structured to complement the overall funding package.
Alice Queen’s approach reflects a broader trend among ASX 200-listed explorers aiming to sustain momentum through targeted funding and expanded exploration. The company maintains a lean market capitalisation relative to its peers and continues to focus on advancing its key gold and copper assets.
The involvement of existing shareholders and board members in the funding process underlines internal confidence in the company’s exploration direction and operational strategy.
As Alice Queen progresses through its current phase of drilling and project assessment, the outcomes at Viani will likely influence the next stage of development within its Fijian operations.
