Exploration Potential of the Horn Island Gold Project ...€¦ · Exploration Potential of the Horn Island Gold Project North Queensland May 2019 AusIMM, FNQ branch. Mining Roundup

Exploration Potential of the Horn Island Gold ProjectNorth Queensland

May 2019

AusIMM, FNQ branchMining Roundup Conference, CairnsPresented by Dr. Gregg Morrison and Adrian Hell

Technical Presentation

2Alice Queen LimitedASX:AQX

FORWARD LOOKING STATEMENTS

This presentation may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are,

however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These

factors include, among other things, commercial and other risks associated with estimation of reserves, the meeting of objectives and other investment considerations, as well as other matters not yet known

to the Company or not currently considered material by the Company. Alice Queen Limited accepts no responsibility to update any person regarding any error or omission or change in the information in this

presentation or any other information made available to a person or any obligation to furnish the person with further information.

ASX LISTING RULES COMPLIANCE

In accordance with Listing Rule 5.23.2, the Company confirms in this subsequent public report that it is not aware of any new information or data that materially affects the information included in any

previous market announcements and, in the case of estimates of mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in any previous market

announcements continue to apply and have not materially changed.

COMPETENT PERSON STATEMENT

The information in this announcement that relates to exploration results is based on information compiled by Mr Adrian Hell BSc (Hons), who is a member of the Australasian Institute of Mining and

Metallurgy (AusIMM). Mr Hell is a full time employee of Alice Queen Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and the activity

being undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr Hell consents to the

inclusion of this information in the form and context in which it appears in this report.

.

Disclaimer


• Gold first discovered on Horn Island in 1894 and the first bulk mining undertaken in 1907

• 1987 Torres Strait Gold Pty Ltd (subsidiary of Augold NL and Giant Resources) started open-pit mining. 1989 when the mine was shut down due to poor performance. (6Mt excavated, 600,000tonnes processed, 25,000 oz recovered)

• 1989 the Queensland government imposed a restriction over the area which precluded any further mining or exploration activity (“RA 295”)

• Oct 2014 – EPM25520 (Horn Island) granted to Kauraru Gold Pty Ltd – JV between AQX & Kaurareg People of Kaiwalagal

• Exploration of historic mine area 2015-2017 lead to inferred resource (JORC)7.9Mt @ 1.9g/t Au for 492,000oz

• Exploration – geophysics, structural interpretation, soil & chip sampling leading to interpretation presented today about the exploration potential of entire island

Project Status


• HI Isolated, basement unknown

• Early Carboniferous (350Ma) ignimbrites

• And granite (342Ma) & Mo(Sn W) min

• Age c.f Kangaroo Hills Sn, Drummond Au

• Mid Carb deformation NW orientation

• Late Carboniferous NW trending TMIB

• 320-310Ma rhyodacite dikes Au min

• Age c.f. Ravenswood Au, Red Dome

Geology Setting

Sn

Au

Horn Island


• Early Carboniferous

• 342Ma

• Badu Granite

• N-S shallow phases

• Mo(Sn W) min

• Mid Carb deformation

• NW shears,

• SW-dipping thrusts

• Late Carboniferous

• 320-310Ma

• rhyodacite dikes

• Au min

• in thrusts and faults

N-S geology, NW mineralised structures

MCG

POR EQI

PORQKPPOR

RD dike


• There is a distinct relationship of Sn W Mo Bi with the facies in the Badu granite

• This suggests they are genetically related

• Sn with MGC, W with EQI, Mo-Bi with POR above and below basal fault; Te with Mo especially above basement fault but not below. No clear influence from aplite or rhyolite dikes

Metal Zones related to Badu granite facies

Sn

W

Mo-Bi

Mo-Bi

EQIAPL

RHYMGC

POR

POR

Granite Facies (MGC,POR,EQI & APL) & Sn-W-Mo-Bi


• Elliptical body shallow plunge towards NW and a steep feeder below

• Rhyolite dike is late-post mineralisation and cuts out ore but has good ore adjacent

• Basal fault terminates mineralisation and offsets rhyolite dike ~250m to NE

There should be more ore below the fault to SW

Au Zones-rhyolite basal fault relations

Upper rhyolite

Lower rhyoliteBasal shear


6.590 0.440

0.330 8.640

1.450

4.610

0.510

4.640

8.670

Red text: g/t Au across interval


Network at intersection Pure Tension vertical

< Shallow dipping shear with trans-tension veins

all can have Au but intersections in network best

Vein Types and Geometry


• As /Pb /Zn shallow dipping zones

• Sb steep NW trending zone

• Gold in As Pb Sb zones

• Best at steep shallow intersection

• Plunges NW

• Cut out below by fault

Metal Zones and Gold Distribution HI Pit

As zone

Pb zone

Zn zone

Mn-Ba zoneSb zone


Each sample color-coded for dominant element then contoured

Soil Geochem Z-Score and Veins


Soil Anomalies Extend Mineralised Zones

MRE outline ~0.5Moz gold


• Horn Island metal zoning

• Emerging from z-score model

• Classical porphyry cooling

• Best Au middle zone(Pb-Zn)

• c.f. Ravenswood

• Suggests granodiorite source

Metal Zoning Models

Porphyry Cu model has the same processRelated to porphyry not graniteand with base metals

Mn Tl Ba Ag outer

Sb As (Au) upper

Pb Zn Au middle

Cu Bi Te (Au) lower

Cu Te core


Schematic metal zonation section & timing


Conclusions The metal zoning patterns indicate:

• that the gold system footprint extends acrossmost of Horn Island

• the two main gold structures have km scaleextensions

• both structures have only been tested in theirshallow parts.

Thank you

Alice Queen LimitedABN: 71 099 247 408

Address:Level 2, 568 Chapel Street (Entrance Oxford Street)

South Yarra VIC 3141Phone: +61 3 8669 1408

For further information

Andrew Buxton

Managing Director, Alice Queen Limited

P. +61 403 461 247

E: [email protected]

For media and broker enquiries

Andrew Rowell

Cannings Purple

Ph +61 400 466 226

E: [email protected]

mailto:[email protected]

mailto:[email protected]

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Exploration Potential of the Horn Island Gold Project ...€¦ · Exploration Potential of the Horn Island Gold Project North Queensland May 2019 AusIMM, FNQ branch. Mining Roundup