Funding Secured but Cash Runway Tight as Alice Queen Advances Viani Drilling
Alice Queen Limited has completed its maiden diamond drilling program at the Viani Project in Fiji, confirming continuous high-grade epithermal gold mineralisation to depths of 300 metres. The company also secured nearly $1 million in funding to advance exploration efforts.
- Maiden four-hole diamond drilling program completed at Viani Project
- High-grade epithermal gold confirmed from surface to ~300m depth
- Further surface geochemical sampling and costeaning underway
- Placement raised approximately $960,000 at 0.4 cents per share
- Exploration portfolio includes projects in Fiji and Australia
Maiden Drilling Success at Viani
Alice Queen Limited (ASX – AQX) has reported a significant milestone in its gold exploration campaign with the completion of its maiden four-hole diamond drilling program at the Viani Project on Vanua Levu, Fiji. Spanning approximately 1,302 metres, the drilling has confirmed the presence of high-grade low sulphidation epithermal gold mineralisation extending continuously from surface to depths of around 300 metres.
The third drill hole notably intersected the target alteration zone some 125 metres below the second hole, extending the known mineralised system deeper than previously tested. The fourth hole, a first lateral test, targeted the strike extent of the mineralised zone and was completed successfully during the June quarter.
Expanding Exploration Horizons
Beyond drilling, Alice Queen has intensified surface exploration activities, including detailed geochemical sampling and costeaning along the strike of the Dakuniba prospect. This work aims to delineate additional high-grade zones and refine future drill targets within the 3-kilometre strike length of the epithermal system.
Historical data combined with recent drilling results suggest the Viani Project hosts a substantial epithermal gold system comparable in scale and grade to other economically productive deposits globally. The company’s strategic focus remains on identifying economically mineable dilation zones or ore shoots within this system.
Funding and Financial Position
To support ongoing exploration and evaluation, Alice Queen successfully raised approximately $960,000 through a placement priced at 0.4 cents per share. The funds are earmarked for continued drilling at Viani, portfolio review, assessment of new opportunities, and general working capital. Despite a negative operating cash flow of $483,000 for the quarter, the company maintains a prudent approach to expenditure aligned with its cash position.
The company’s broader portfolio includes projects in Fiji such as Sabeto and in Australia including Horn Island, Mendooran, and Boda East. While no exploration occurred at some Australian projects during the quarter, tenements remain in good standing as Alice Queen concentrates resources on advancing its most promising assets.
Looking Ahead
Final assay results from the maiden drill program and recent surface geochemical work are expected imminently. These results will be pivotal in shaping the next phase of exploration and potentially upgrading the project’s resource profile. Alice Queen’s management remains focused on leveraging its recent successes to attract further investment and advance the Viani Project towards development.
Bottom Line?
With assay results imminent and fresh capital secured, Alice Queen is poised to deepen its exploration impact at Viani, but funding and resource definition remain key hurdles ahead.
Questions in the middle?
- What do the final assay results reveal about the grade and continuity of gold mineralisation?
- How will Alice Queen prioritise its exploration budget across its diverse project portfolio?
- What are the company’s plans for further drilling or resource estimation following assay outcomes?
