Alice Queen Secures Rig for Horn Island Multi-Phase Drilling
Alice Queen Limited has contracted a versatile drilling rig to kickstart a multi-phase exploration program at its Horn Island Gold Project, with operations set to begin mid to late July 2026.
- Dual purpose RC and diamond core rig contracted
- Multi-phase drilling campaign scheduled for July
- Funding supported by ongoing Entitlement Offer
- Focus on exploration, extension, and infill drilling
- Logistics and preparations underway for mobilization
New Rig Mobilisation Signals Active Exploration Phase
Alice Queen Limited (ASX:AQX) is gearing up to restart drilling at its flagship Horn Island Gold Project in Far North Queensland with the booking of a dual purpose, track-mounted rig. This rig, capable of both Reverse Circulation (RC) and diamond core drilling, will underpin a multi-phase campaign targeting exploration, resource extension, and infill drilling needs.
The selection of this versatile rig follows a competitive tender process and sets the stage for an aggressive drilling schedule commencing mid to late July 2026. Preparations and logistics are in the final stages to ensure timely mobilisation to the remote Torres Strait location.
Capital Raising Backing Supports Drilling Program
The upcoming drilling campaign is funded through Alice Queen's ongoing partially underwritten Entitlement Offer, which has been extended recently to 19 June. This capital raise is critical to advancing the Horn Island project, which remains the company's primary focus for resource growth and development.
With the rig contracted and funding secured, Alice Queen is positioning itself to build on the strong economic foundation outlined in its recent Project Definition Study, which highlighted robust project metrics including an 11-year production forecast and a pre-tax NPV of A$706 million.
Strategic Importance of Dual Purpose Rig
The dual purpose rig's capability to switch between RC and diamond core drilling offers operational flexibility, allowing Alice Queen to adapt drilling methods according to target requirements. This versatility is essential for both expanding known mineralisation and infilling to improve resource confidence ahead of feasibility studies.
Such a rig reduces logistical complexity and cost, particularly important in the remote Horn Island setting, and supports the company’s aim to efficiently progress through exploration phases without interruption.
Next Steps and Market Implications
As the drilling program approaches, market participants will be watching closely for initial results that could validate and potentially expand the existing 524,000-ounce gold resource. The campaign's success will be a key factor in shaping Alice Queen’s development timeline and capital requirements going forward.
With the rig mobilisation imminent and funding in place, the company’s execution over the coming months will be critical to maintaining momentum and delivering value for shareholders.
Bottom Line?
The confirmed rig contract and funded drilling program mark a pivotal step for Alice Queen, setting the stage for meaningful exploration progress at Horn Island in the second half of 2026.
Questions in the middle?
- Will initial drilling results validate the existing resource model at Horn Island?
- How will the dual purpose rig's flexibility impact operational efficiency in a remote location?
- What are the implications of the ongoing Entitlement Offer's success on project funding continuity?
