Funding Needs and Partnership Talks Loom as Alice Queen Expands Fiji Gold Project
Alice Queen Limited has reported significant progress at its Viani Fiji Project, extending high-grade gold mineralisation over a 5km strike. The company also registered a mining lease application for its Horn Island Project and raised $1 million via convertible notes to fund ongoing exploration.
- High-grade gold mineralisation extended from ~3km to ~5km strike at Viani Fiji Project
- Drilling confirms gold mineralisation to 175m depth, 100m deeper than historic holes
- Horn Island mining lease application registered; partnership process underway
- Appointment of legal expert Paul Williams as Non-Executive Director
- $1 million raised through convertible notes to support exploration and working capital
Exploration Breakthrough at Viani Fiji
Alice Queen Limited (ASX – AQX) has unveiled encouraging results from its ongoing exploration at the Viani Project on Vanua Levu, Fiji’s second largest island. The company’s recent surface sampling has expanded the known high-grade gold mineralisation strike length from approximately 3 kilometres to 5 kilometres, a substantial increase that underscores the project's growing potential.
Assay results from 107 rock samples collected along this extended strike have revealed significant gold and silver grades, with some samples returning up to 9.23 grams per tonne (g/t) gold and 25.4 g/t silver. Notably, the Dakuniba East area, located 2.3 kilometres east of recent drilling, has yielded outcrop samples with gold grades as high as 21.3 g/t, indicating promising extensions of the epithermal vein system that remain untested by drilling.
Drilling Confirms Depth Potential
The company’s 2024-2025 drilling program has successfully intersected high-grade gold mineralisation down to 175 metres, which is 100 metres deeper than historic drilling conducted in 1998. Drill hole 25VDD002, in particular, intersected a broad zone of alteration with gold grades including 4.14 metres at 6.13 g/t gold and 9.42 g/t silver, featuring discrete high-grade zones up to 26.4 g/t gold.
While subsequent deeper holes did not intersect comparable high-grade mineralisation, they confirmed the presence of the host structure to depths of 325 metres, providing a clear target for future drilling campaigns aimed at identifying dilation zones that could host high-grade ore shoots.
Horn Island Project Advances with Lease Application
In Queensland, Alice Queen has registered a Mining Lease Application (MLA 100454) for its Horn Island Gold Project, covering approximately 445 hectares and targeting gold, copper, and silver. The company is actively seeking a partner for this project, with the process managed by Perth-based Argonaut Corporate Finance. This strategic move aims to leverage external expertise and capital to advance the project’s development.
Corporate Developments and Capital Raising
On the corporate front, Alice Queen appointed Paul Williams as a Non-Executive Director. Mr Williams brings over 30 years of legal and commercial experience in mining and exploration, enhancing the board’s expertise in governance and business development.
To support its exploration activities and working capital needs, the company raised $1 million through the issue of unsecured convertible notes. These notes carry a 10% discount in lieu of interest and are convertible at $0.005 per share, with attaching options subject to shareholder approval. The funds raised will underpin the company’s ongoing programs, particularly at Viani and Horn Island.
Other Projects and Financial Position
Exploration at other projects such as Sabeto in Fiji and Mendooran and Boda East in New South Wales was minimal during the quarter, with tenements maintained in good standing. The company reported a net cash outflow from operating activities of $857,000 for the quarter and ended with a cash balance of $963,000. Alice Queen acknowledges the need for further capital raising to sustain its exploration momentum.
Looking ahead, the company plans to focus on identifying additional drill targets along the 5km strike at Viani and advancing the Horn Island partnership process, while maintaining a disciplined approach to capital management.
Bottom Line?
Alice Queen’s expanded gold footprint and strategic moves position it for a pivotal phase, but funding and drilling outcomes will be critical next steps.
Questions in the middle?
- Will upcoming assay results from ongoing sampling further extend the high-grade gold zones at Viani?
- How will the convertible notes impact shareholder dilution if converted?
- What progress and terms can be expected from the Horn Island partnership process?
