Alice Queen Launches 5,000m Drill Campaign to Grow 569koz Horn Island Resource
Alice Queen has commenced a multi-phase drilling campaign at its flagship Horn Island Gold Project in the Torres Strait region of Far North Queensland. The program targets up to ~5,000m using a dual-purpose, track-mounted rig capable of both reverse circulation (RC) and diamond core drilling. The campaign builds on an existing JORC 2012 Mineral Resource Estimate of 21.1Mt @ 0.84 g/t Au for 569,000 ounces Au and is designed to test recently announced Exploration Target areas, with results feeding directly into ongoing feasibility study work.
What the drill program is chasing
The drilling campaign targets high-grade gold mineralisation across three distinct value pathways:
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Resource expansion — drilling within and adjacent to the existing Mineral Resource Estimate to improve geological and grade continuity, and testing interpreted extensions to the northwest, north and south.
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Improve grade — building confidence in geological and grade continuity and identifying high-grade gold zones that could enhance the overall grade profile.
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Satellite growth — testing the Southern Silicified Ridge as a substantial stand-alone hard-rock target for high-grade gold mineralisation and assessing Cable Bay for satellite resource potential.
The program is led by the Company’s technical team under Mr Adrian Hell, contractor appointed in June 2026. Funding is supported by the Company’s recent partially underwritten Entitlement Offer.
Andrew Buxton, Managing Director
“Horn Island is a gold system with significant growth potential and this program will focus on demonstrating its scale. The drilling is designed to build on our existing resource and test the broader Exploration Target areas, where we see strong potential to add high-grade ounces across multiple styles of mineralisation. Importantly, the program will be undertaken alongside our development work, with the results feeding directly into ongoing feasibility study work and helping shape the future of the Horn Island Project. The more we can grow the resource base, the stronger the foundation we will establish for project development.”
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The resource base and the bigger prize
Horn Island’s current JORC 2012 Mineral Resource Estimate provides a foundation of 569,000 ounces Au across Indicated and Inferred categories. Beyond this defined resource sits a conceptual Exploration Target that signals substantial upside potential across multiple mineralisation styles.
The Horn Island Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and classify it in accordance with the JORC code (JORC 2012). It is uncertain if further exploration will result in the estimation of a Mineral Resource.
| Classification | Tonnage (Mt) | Grade (g/t Au) | Contained Gold (koz) |
|---|---|---|---|
| Indicated | 15.4 | 0.82 | 404 |
| Inferred | 5.7 | 0.89 | 165 |
| Total | 21.1 | 0.84 | 569 |
The Exploration Target encompasses hard rock domains, legacy stockpiles and tailings, and potential alluvial systems. Hard rock areas carry a conceptual Exploration Target of 34.6 to 52.0Mt at 0.88 to 1.32 g/t Au for 1.22 to 1.83 Moz gold. Stockpiles, tailings and alluvial domains carry a conceptual Exploration Target of 25.1 to 37.6Mt at 0.31 to 0.46 g/t Au for 0.31 to 0.46 Moz gold. These domains sit outside the existing Mineral Resource.
| Domain Type | Tonnes Range | Grade Range | Metal Content Range |
|---|---|---|---|
| Hard Rock Domains | 34.6–52.0Mt | 0.88–1.32 g/t | 1.22–1.83 Moz |
| Stockpiles, Tailings & Alluvial | 25.1–37.6Mt | 0.31–0.46 g/t | 0.31–0.46 Moz |
The Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource in accordance with JORC 2012. It is uncertain if further exploration will result in a Mineral Resource estimate.
Understanding the Exploration Target
A JORC Mineral Resource is a defined, classified inventory supported by drilling and geological modelling. It carries confidence categories (Indicated, Inferred, Measured) and forms the basis for mine planning and financial modelling. An Exploration Target, by contrast, is conceptual — a geologically informed estimate of potential tonnage and grade ranges where insufficient drilling has occurred to support a formal resource classification.
Investors should view the Exploration Target as upside potential beyond the current 569,000-ounce resource, not a bankable asset. The drilling campaign underway is designed to test these conceptual areas and, if successful, convert portions of the Exploration Target into classified Mineral Resources through systematic drilling and assay work.
Horn Island hosts multiple styles of gold mineralisation. Hard rock vein-hosted gold occurs in quartz veins and silicified structures. Legacy mine stockpiles and tailings represent reprocessing opportunities from historic operations. Alluvial systems refer to gold transported and deposited in sediments, typically near surface and proximal to known hard rock occurrences.
A run of milestones building toward development
Drilling commencement continues a period of rapid progress at Horn Island, with Alice Queen advancing the project across both resource growth and development pathways. Recent milestones include:
- Updated JORC 2012 Mineral Resource Estimate of 21.1Mt @ 0.84 g/t Au for 569,000oz
- Announcement of the Exploration Target, highlighting the conceptual potential for a large-scale gold system across multiple styles of mineralisation
- Delivery of the Project Definition Study, confirming compelling economics for the Horn Island Gold Project
- Continuation of feasibility study work to advance Horn Island towards development
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What it means for investors and what comes next
The drilling campaign runs alongside development work, with assay results feeding directly into feasibility studies. Resource growth strengthens the development foundation by improving geological confidence, potentially enhancing grade profiles, and testing satellite targets that could expand the project’s footprint. The current Mineral Resource of 569,000 ounces Au provides a baseline; the Exploration Target signals where additional drilling could unlock material upside.
The multi-phase campaign targets up to ~5,000m of drilling. Investors should monitor assay results and their impact on resource estimates and feasibility work. The program is designed to test high-grade gold mineralisation across resource expansion, grade improvement, and satellite growth pathways, with the Southern Silicified Ridge and Cable Bay representing stand-alone hard-rock and satellite resource potential respectively.
Results from this drilling will determine whether conceptual Exploration Target areas convert into classified Mineral Resources, supporting the Company’s stated objective of establishing a stronger foundation for project development at Horn Island.
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