Alice Queen (ASX:AQX) - Managing Director, Andrew Buxton
Managing Director, Andrew Buxton
Source: The Market Herald
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  • Gold and copper explorer Alice Queen (AQX) is preparing for upcoming drilling over its Boda East, Horn Island and Mendooran project areas
  • Alice Queen will soon begin a 4500-metre drilling program of up to 14 holes at its Horn Island Gold Project in Queensland
  • This project is held in a joint venture with St Barbara (SBM) which is earning a 70 per cent interest in certain areas by spending $4 million over three years
  • The company is also undertaking diamond drilling to test four holes at Boda East
  • Further, the miner is preparing to drill eight untested targets at its Mendooran tenement in New South Wales from November
  • Alice Queen is well funded for this work after raising $7 million last month through a placement
  • Company shares ended the day with no change, trading flat at 3.6 cents

After a successful $7 million placement, Alice Queen (AQX) is well-positioned to conduct exploration programs.

Last month, the advanced gold and copper explorer raised $7 million to expand drilling at the Boda East Project in New South Wales, complete phase one reverse circulation infill drilling at the Horn Island pit, and begin drilling at the Mendooran volcanic belt.

Alice Queen is conducting a staged exploration program at the Horn Island Gold Project in Queensland. The project is held in a joint venture with ASX-lister, St Barbara (SBM). St Barbara is earning a 70 per cent interest in certain areas by spending $4 million over three years.

St Barbara achieved the year one minimum expenditure requirement of $500,000 in February this year.

Upcoming work will focus on drilling two high priority targets near the 0.5-million-ounce Horn Island gold resource. Up to 14 holes will be drilled for 4500 metres from early next month and first assay results are expected in December.

The company is also about to complete a recently expanded diamond drilling program of six holes for 1440 metres to test for extensions to the Horn Island gold resource.

Once this is completed, Alice Queen will begin a reverse circulation infill drilling program of 33 holes for 4100 metres. This marks the first program under the staged infill drilling strategy to upgrade the resource from the inferred to indicated status.

The gold within the inferred mineral resource is mainly contained within the quartz. veins and not within the host rock.

Further, Alice Queen is preparing to drill eight untested targets at its Mendooran tenement within its Northern Molong Project in New South Wales. This is expected to begin in November.

The company is also undertaking diamond drilling to test four target areas at Boda East.

“With a robust cash balance and several drilling programs on foot at both Horn Island and at our Northern Molong projects in NSW, the company has never had a more solid pipeline of pending news flow,” Managing Director Andrew Buxton said.

Company shares ended the day with no change, trading flat at 3.6 cents.

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